NYPMIFA for Endowment Funds Signed Into Laws in NYS

(Dec, 2010)

On September 17, 2010 New York State enacted the New York Prudent Management of Institutional Funds Act (NYPMIFA) into law, the 48th state to do so. NYPMIFA amended current state law (NY’s 1978 UMIFA) relating to institutional funds (e.g.-endowment funds) that had proven outdated or difficult to administer, and applies to charitable institutions and other entities incorporated under New York Not-for-Profit Corporation Law. These would include public charities, private foundations, religious corporations, social welfare organizations, and others.

Christmas Comes Early Tax Compromise Bill Signed By President

(Dec, 2010)

The much anticipated tax bill was signed into law late in the afternoon on December 17. The law extends the Bush era tax rates through 2012 which includes lower rates for individuals, maximum rates of 15% on qualified dividends and long-term capital gains, marriage penalty relief and removal of itemized deduction and personal exemption limits on taxpayers with adjusted gross income above $169,550.

Reading the Tea Leaves

(Nov, 2010)

The November elections are over with the Republicans winning historic gains and improving their position in the Senate. This will change the political dynamics in the next Congress starting in January. In the meantime, the Democrats are still in charge of both houses until the end of the year and will consider a variety of issues that will affect every taxpayer in the country, rich, poor and middle class.

IRS Taxpayer & Tax Preparer Initiatives: Going (for the) “Green”!

(Nov, 2010)

“Going Green” is all the rage these days as individuals and businesses strive to be more eco-friendly and reduce their “carbon footprints”. The Internal Revenue Service (IRS) is doing its part to become more environmentally friendly. For example, they won’t be mailing you a 1040 booklet this year. Yes, they are saving trees! But that is not the primary “green” initiative the IRS is currently undertaking. In addition to “going green”, they have and will continue to implement new initiatives with a focus towards “going for the green”, as in money!

Beyond the Numbers: Karen M. Matticio, CPA

(Nov, 2010)

Karen M. Matticio, CPA, Partner, is a certified public accountant at Dermody, Burke & Brown, CPAs, LLC with 20 years of consulting, accounting, tax and audit experience. She currently leads the Firm’s Medical Management Services Niche. Her concentrations include physician and dental practices and closely-held Family Businesses. Karen is a graduate of the University of Massachusetts at Amherst and is a member of the AICPA, NYSSCPA, and is also a member of the Medical Group Management Association.

The Troubled Trust and Estate Profession Navigating Turbulent Times

(Oct, 2010)

Most tax professionals that specialize in trusts and estates have never before experienced such an uncertain tax environment. Prior to 2010, estate and gift tax legislative changes were incremental in amounts and mostly predictable in nature. However, now the future looks bleak at best and alarmingly chaotic at worst.

Legislative History. In 2001, Congress passed the Economic Growth and Tax Relief Reconciliation Act (“EGTRRA”). Some positive effects of the legislation for taxpayers were:

Small Business Jobs Act of 2010

(Oct, 2010)

On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (2010 Jobs Act). This package, thought to spur job growth through $12 billion in tax incentives and business lending initiatives, has been touted by President Obama as “a great victory for entrepreneurs.” Much of the measure involves extending or modifying tax breaks that were in place under the much-maligned Bush Administration. Political affiliations aside; however, anything that spurs U.S. economic growth in a sustainable and responsible manner is welcome relief.

Beyond the Numbers: Valerie L. Hamlet

(Oct, 2010)

Valerie L. Hamlet recently joined Dermody, Burke & Brown as a Tax Associate in the Estate and Trust Department. Valerie has over 25 years of experience as a paralegal and accountant specializing in trusts and estates. 

Prior to joining Dermody, Burke & Brown, Valerie provided accounting and freelance paralegal work to many local attorneys through her own company. Her focus has been to assist attorneys with the proper administration of an estate and the preparation of all required tax returns for the estate and its related individuals. 

Sales Tax in New York State

(Sep, 2010)

New York State is looking for additional sources of revenue to close its substantial budget gaps. Increased rates and stepped up enforcement have had their effects on our clients. Sales tax enforcement is one area that has been particularly active in the past few years and the costs of non-compliance can result in substantial taxes and penalties paid to our friends in Albany.

Research and Development Credit

(Sep, 2010)

As December 31, 2010 comes and goes so will many of the tax benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). In addition, the Research and Development Tax Credit expired as of December 31, 2009, unless Congress extends the credit once again. The credit was introduced in 1981 and has been renewed on a temporary basis ever since. In September of 2010, the White House proposed making the research and development credit permanent and possibly expanding the credit.

Pages