Beyond the Numbers: Leonard E. Gerber

(Jul, 2011)

Leonard E. Gerber, CPA/ABV, CVA, Partner has been with Dermody, Burke & Brown since 1997. He specializes in providing litigation support for matrimonial proceedings. He has been retained to provide valuation services and tax advice in litigated matrimonial proceedings, the divorce mediation process and the collaborative law process. In addition, Leonard has prepared numerous business valuations for estate and gift tax purposes. 

Tax Tidbits for 2011

(Jun, 2011)

With only six months remaining in the 2011 calendar year, it is a good time to discuss some key tax and financial planning ideas that you may want to consider.

A new law brings back the 100% write-off for heavy SUVs used entirely for business. Under the 2010 Tax Relief Act, if a taxpayer buys and places in service a new heavy SUV after September 8, 2010 and before January 1, 2012 and uses it 100% for business, the taxpayer may write off its entire cost in the year placed in service. A heavy SUV must have a gross vehicle weight (GVW) rating of more than 6,000 pounds.

Beyond the Numbers: Carolyn S. Sturick

(Jun, 2011)

Carolyn S. Sturick, CPA, Partner, has been with Dermody, Burke & Brown since 1989 and serves as the firm's Chief Operating Officer. Carolyn focuses on client service and satisfaction. She performs audits, accounting and consulting services to a wide range of clients. She is a member of the firm's Quality Assurance Committee and is involved in the development of the curriculum for new staff hires and continuing education.

Shooting the Jaywalkers: The IRS is Looking For Offshore Accounts

(May, 2011)

The Internal Revenue Service is in the midst of an initiative designed to bring offshore money back into the American tax system. The Swiss bank account has lost its luster for secrecy with settlements with UBS almost two years ago. Any taxpayer that has foreign accounts that exceeds $10,000 in the aggregate at any time during the year must file Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) by June 30 of the following year. Failure to properly file the FBAR is subject to a civil penalty up to $10,000.

Charitable Trusts A Charitable Alternative that Gives Back to the Donor

(May, 2011)

Charitable giving doesn't always have to be the annual check written on December 31 or weekly cash donated to a collection plate. Philanthropic minded people get more "bang for their buck" if they use an estate planning vehicle such as an intervivos (during life) charitable trust.

Beyond the Numbers: David de Silva

(May, 2011)

David J. de Silva, CPA, Partner, has over thirty years of experience providing accounting, auditing and consulting services to a wide range of not-for-profit organizations. David leads the firm's Not-for-Profit Specialty Niche that currently serves over 140 organizations in Upstate Central New York. He provides professional services to a variety of not-for-profit organizations, including fine arts, foundations, human service providers, and health care organizations and facilities.

Considerations to be Made After the Budget Cut

(Apr, 2011)

Due to cuts in state aid, many school districts are in the position where they have to budget for significant cuts to their staff. Whether by attrition or additional cuts in existing staff, school districts will have to conduct business very differently.

We all understand the initial impact of reducing the number of teachers, which results in larger class sizes, etc. However, what is often overlooked is the effect of reducing the number of administrators and administrative staff.

Health Savings Accounts (HSA): Some TIPS for your HSA!

(Apr, 2011)

Health Savings Accounts are a tax-advantaged personal savings account to be used now or in the future to pay for qualified healthcare expenses.

Many people contribute to the HSA and then use the amounts to pay for qualified medical expenses during the current year. For many of our clients, it may be more advantageous to use this as another form of tax deferred savings. Continue to fund your HSA but do not take any distributions from the HSA to pay current medical expenses. Think of this as a "medical" IRA account. The investment earnings on the account will grow tax-free.

Building a College Fund

(Apr, 2011)

As a parent, you may be concerned with setting up a financial plan to fund future college costs for your children. If your children are already of college age, your goal may be to pay for current college costs or those that are right around the corner. There are several approaches that can be pursued to take maximum advantage of tax benefits while also saving for these future college expenses.

Beyond the Numbers: John D. Burke

(Apr, 2011)

John D. Burke, CPA, MS, Partner is an audit partner at Dermody, Burke and Brown and serves as the firm's Chief Financial Officer. He has accumulated over thirty seven years of audit and accounting experience and has developed a wide range of industry specialties, including for-profit and closely held business. Jack currently serves on the firm's Executive Committee. He holds a Bachelor of Arts Degree in History from Niagara University and a Master's of Science in Accounting from Syracuse University.