Beyond the Numbers: William J. Harmatuk, CPA, Partner

(Oct, 2009)

William J. Harmatuk recently joined Dermody, Burke & Brown with 20 years of public accounting experience. He is a graduate of Syracuse University. Bill has extensive accounting and tax experience with corporations, Subchapter “S” corporations, partnerships and individuals. Bill concentrates his practice in the areas of accounting, auditing, tax compliance and planning, and business consulting with service organizations, assisted living and adult care facilities, not-for-profit organizations, and closely held businesses.

Business Valuations: Well Worth It!

(Sep, 2009)

A common question we receive from closely-held business owners is "what is my business worth?" The answer to that question is simple: It depends on who you ask. Ask a potential buyer of the business and no doubt their initial answer will be lower than what the seller perceives it to be worth. If four equal shareholders agree the business is "worth" $1 million, each shareholder could conclude that their individual share is worth $250,000. Unfortunately, the actual "value" of their stock could be significantly less than that amount.

Step Right Up - IRS Prizes

(Sep, 2009)

As the days of summer all too quickly passed by, many of us found ourselves strolling the grounds of the local county fairs or the Great New York State Fair. We viewed the livestock, pies and produce all vying for that blue ribbon prize. We heard the barkers call "step right up" and we were tempted to slap down a dollar bill with hopes of winning the stuffed animal or bowl of goldfish. The Internal Revenue Service has what could be a valuable prize for the lucky person.

Beyond the Numbers: Patricia Greenhouse, CPA

(Sep, 2009)

Pat came to Dermody, Burke & Brown in January 2005 with approximately 10 years of experience in public accounting at a national firm in the fields of accounting, auditing and tax. Pat provides comprehensive service to our closely held businesses focusing on Quickbooks support, compilations and corporate and partnership tax compliance. Additionally she serves the needs of numerous individual and fiduciary tax clients. Pat is a 1983 graduate of the Binghamton University and a member of the New York State Society of CPAs, and the American Institute of CPAs. 

Are You Playing Audit Roulette?

(Jul, 2009)

The IRS has recently upped the odds of being audited, partly due to the downturn in the economy and partly due to a "tax gap" estimated to be in excess of $345 billion. The "tax gap" is the difference between what taxpayers should pay (i.e., what they owe) and what they actually pay on a timely basis. 

New York State Tilts the Playing Field

(Jul, 2009)

The change to the Empire Zone program from this year's state budget has grabbed the headlines and attention of the business community in New York. Less noticed are the other changes affecting a variety of taxes and new tools given to our public servants in Albany charged with enforcing our complex tax laws.

New York is serious about filing information returns in a timely manner. Failure to file can result in a $1,500 civil penalty. If you are sixty days late the amount is $2,000 and if you are a repeat offender the amounts are doubled.

Beyond the Numbers: Kurt Ohliger, Jr., CPA, Partner

(Jul, 2009)

Kurt joined Dermody, Burke & Brown in October 2007 with over 20 years of experience in public accounting, specializing in a broad array of fields. In addition to serving high net worth individual tax clients, Kurt provides comprehensive federal, state and international corporate tax services to both public and private entities in a wide variety of industries. Kurt is a 1986 graduate of Le Moyne College and is currently a member of the College's Board of Regents. Kurt is also a member of the New York State Society of CPAs, the American Institute of CPAs and Bellevue Country Club.

Desperately Seeking Cash

(Jun, 2009)

Ensuring adequate capitalization is the question du jour as the list of victims of the economic turmoil grows rapidly. So how are businesses getting more cash to boost liquidity and ward off economic problems? There is an opportunity now for those who have cash on hand to capitalize if you are willing to hang on for a while. Areas such as real estate, stocks and more are available at never before seen opportunities.

Here are some thoughts on taking "cash is king" to heart:

If Nobody Gets the (EZ) Credit, Who Gets the Blame?

(Jun, 2009)

April 15th. The end of the traditional income tax "busy season". The first day of the year that tax CPAs begin to seriously think about white sandy beaches and green rolling fairways. And then came the email alert!

The New York State Department of Taxation and Finance ("DTF") issued TSB-M-09(5)C announcing legislative changes to the Empire Zones (EZ) Program. The TSB-M, issued April 15, 2009, is effective for tax years beginning on or after January 1, 2008…..yes, 2008!

Welcome to The Focus- A Monthly Tax e-Newsletter

(Jun, 2009)

Welcome to the inaugural issue of The Focus, a monthly tax e-newsletter designed to keep you up to date on all the timely financial information and key issues affecting you and your business. In each issue we’ll feature current and relevant articles written by the tax department staff. We hope you find the information keeps you proactive about your planning and business strategy. With each issue, you will learn a bit more about the talented professionals working for you every day and the importance of our personalized approach to how we do business.