5th Annual Tax Update

Join us for the latest IRS and NYS initiatives including an update on IRS audit procedures and current audit focus areas, NYS tax reform (estate tax, credits, etc.), and a few topics relevant to businesses operating in other New England states.

CPE Series

Click Here for More Information and Registration

When: Tuesday, June 17, 2014, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per person
Presented By: Presented by Harlan J. Kwiatek, CPA, JD, LLM, Partner – New York, State and Local Tax, McGladrey LLP

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Estate Planning Tip: Grantor Trust Information Reporting Requirements

Trustees of grantor trusts need to be aware of additional expenses associated with meeting information reporting requirements.

Grantor trusts are disregarded for tax purposes and are commonly used in many estate plans, but they can be confusing. Many trustees believe that since the trust is disregarded for tax purposes it does not have any information reporting requirements. However, the trustee is required to report the items of income, expense, and credit to the IRS and to the grantor of the trust.

Man Filling out Tax Form (more…)

Let Me Pour You a Drink!

2014 Guest Bartender

Really! I’ll be tending bar at The Grill at ONE to benefit the Flower City Habitat for Humanity Women Build on Wednesday, April 30, 2014.

Each year Insero & Company’s employees raise funds and volunteer their time to help build a home for a low-income family right here in Rochester. That’s why I’ve volunteered to step behind the bar and donate all cash tips from 5:30pm to 8:30pm. The event will also feature live music, free parking and drink specials.

I do hope you’ll join me and Team Insero for an evening of fun for a great cause!

Sincerely,
Steve

Who: Steve Mills

When: Wednesday, April 30, 2013, 5:30pm to 8:30pm
(I’ll be behind the bar from 6:30pm to 7:30pm)

Where: The Grill at ONE, 1 Ryan Alley, Rochester, NY 14607 (map)

Women Build Button

Insero & Company Named one of Rochester's Top Workplaces

Insero & Company CPAs, P.C. is pleased to announce that it has been ranked 3rd in the Small Business category of Rochester’s Top Workplaces and was the highest ranked accounting firm across all three categories.

2014 Top Workplaces Logo

“We are thrilled to receive this honor,” said Nancy Catarisano, Managing Partner of Insero & Company. “We believe that investing in our people is integral to our business, and we truly care about each person’s development and success. It takes every employee to make this a top workplace and I feel we have an awesome team!”

Top Workplaces Celebration 03.27.14

The Top Workplaces are determined based solely on employee feedback. The employee survey is conducted by WorkplaceDynamics, LLP, a leading research firm on organizational health and employee engagement. WorkplaceDynamics conducts regional Top Workplaces programs with 40 major publishing partners across the United States. Over the past year, more than 5,000 organizations and 1 in every 88 employees in the U.S. have turned to WorkplaceDynamics to better understand what’s on the minds of their employees. Through its workplace improvement offerings, WorkplaceDynamics provides solutions, training and tools to help clients improve their workplace. 870 local businesses were invited to participate in the Rochester’s Top Workplaces survey and over 12,000 employees were ultimately surveyed. The Small Business category included companies with between 35 and 124 employees in the region, Midsize with between 125 and 399, and Large with 400 or more.

For more information about the Top Workplaces lists and WorkplaceDynamics, please visit www.topworkplaces.com and www.workplacedynamics.com.

Insero & Company is one of the leading accounting and business advisory practices serving Western, Upstate and the Southern Tier of New York with offices in Rochester and Corning, New York. A full-service public accounting firm with Tax, Audit and Outsource Accounting practices, Insero’s specialty services include Small Business, Employee Benefit Plan Audits and Outsourced and Virtual Accounting Services for businesses and not-for-profit organizations of all sizes.

5 Ways to Accelerate Your Receivables in QuickBooks

The QBC: QuickBooks® Client Newsletter

Increasing your income is good. But even if you can’t, you can still take steps to collect the money you’re already owed faster. Here are five.

Let customers pay invoices electronically

Let customers pay invoices electronically

If you asked five small business owners to name the top three roadblocks they face in their quest for ongoing profitability, it’s likely that all five would point to slow payments.

It’s everyone’s problem. Accounts receivable requires constant monitoring. As satisfying as it can be to dispatch a group of invoices, you know that it’s going to take some work to bring in payment for at least some of them.

For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Client Update Newsletter: Spring 2014

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • IRS Audits: What you need to know
  • IRS issues “repair regulations”
  • What can you deduct when customers don’t pay?
  • 2014 Tax Numbers
  • If you make gifts, you may have to file a gift tax return
  • New rule on tips for 2014
  • FSA rules modified

Click Here to Download the Newsletter

Coffee and Tablet

Accounting Firms Launch Defense Consulting Practice

Nancy Catarisano, Managing Partner of Rochester-based accounting firm Insero & Company CPAs, P.C. and Thomas Filomeno President of Filomeno & Company. P.C. CPAs of West Hartford, CT, announced today the launch of a new consulting practice, Defense Contracting Consultants, LLC.

Fighter jet

With Catarisano as majority-owner and managing member, Defense Contracting Consultants is a woman-owned small business registered with the U.S. Small Business Administration. Denise Metivier (Pittsford, NY) and William T. Laramee (South Windsor, CT) have been named as leaders of the group.

“Our goal is to provide collaborative long-term relationships designed to support the unique compliance needs and challenges faced by each of our clients,” said Metivier, who has been a consultant to companies with federal contracts for the past 18 years. The group will provide a wide variety of services including current state assessments, contract review and federal market business development consulting.

“Companies who can prove they meet the new federal compliance regulations are winning contracts and being rewarded with additional business opportunities,” said Laramee. “That being said, companies engaged in federal government contract work continue to face intense scrutiny.” Mandatory reporting under the Federal Funding Accountability and Transparency Act (FFATA) as well as FAR and DCAA accounting regulations require all contractors, including Tier 1, Tier 2 and Tier 3 sub-contractors, to be in compliance with DCAA standards. Failure to comply can lead to monetary liability, loss of contracts and ineligibility to perform on future contracts.

Achieving DCAA and FAR compliance is a complex process encompassing the totality of a Federal Contractor’s operation relevant to each contract. This can be especially daunting for small and mid-size companies entering the federal market space for the first time. For existing federal contractors, the stringent, complex and ever-changing scrutiny of accounting and contract regulatory requirements place additional strain on already tight in-house human resource and operational budgets. The cost to train and maintain federal DCAA expertise across an entire company’s operation has become prohibitive.

Insero & Company CPAs, P.C. and Filomeno & Company, P.C. CPAs are both full-service public accounting firms providing assurance, tax and consulting services.

For more information, please visit www.defensecc.com.

2014 Health Care Law Update

The Affordable Care Act (the ACA) – the health care law known as “Obamacare” – got off to a rough start. It was passed amidst contentious debate in Congress in 2010, faced legal challenges before the U.S. Supreme Court upheld it in 2012, and sputtered at the end of 2013 when technical glitches on the government’s website deterred enrollment in health insurance plans. So where does the ACA stand in 2014?

Male Doctor Hand Abstract with Lab Coat and Stethoscope.

It’s the law of the land. Some ACA changes are already in place, some have been postponed and some are still scheduled for the near future.

Changes for individuals: Certain tax-related provisions – including the imposition of a new 3.8% Medicare surtax on the net investment income of upper-income taxpayers – went into effect in 2013.

Various consumer protections were triggered dating back to 2010, while a prohibition against discrimination based on pre-existing conditions became effective on January 1, 2014.

Significantly, if you don’t have access to health insurance, you can now acquire it directly from healthcare.gov. Open enrollment for 2014 lasts until March 31, 2014. At that point, individuals are generally required to be enrolled in a plan offering “minimal essential health insurance coverage” or face penalties from the IRS.

Changes for businesses: A tax credit can be claimed by a qualified small business providing health insurance coverage to a staff with fewer than 25 full-time employees and average wages of less than $50,000. The maximum credit, which has been 35% since 2010, increases to 50% in 2014.

A provision in the ACA initially required a business with 50 workers or more to offer health insurance or pay a fine. This mandate for businesses, which was initially scheduled to take effect in 2014, has been postponed to January 1, 2015.

Reminder: Other key ACA deadlines will arrive after 2014. Be aware that this law could affect your tax planning for years to come.

Use IRS Adjusted Numbers for 2014 Tax Planning

Certain tax numbers are adjusted by the IRS for inflation each year. Here are some of the 2014 tax numbers you’ll need to use as you get started with this year’s tax planning.

Plan Ahead

  • The standard mileage rate for business driving decreases to 56¢ per mile for 2014. The rate for medical and moving mileage decreases from 24¢ per mile to 23.5¢ per mile. The general rate for charitable driving remains at 14¢ per mile.
  • The maximum earnings subject to social security tax in 2014 increases to $117,000. The earnings limit for those under full retirement age is $15,480. For those at full retirement age, there is no earnings limit.
  • The “nanny tax” threshold increases to $1,900 for 2014. If you pay household workers more than this amount during the year, you’re responsible for payroll taxes.
  • The “kiddie tax” threshold for 2014 remains unchanged at $2,000. If your child under age 19 (under age 24 for students) has more than $2,000 of unearned income this year (e.g., dividends and interest income), the excess could be taxed at your highest rate.
  • The maximum individual retirement account (IRA) contribution you can make in 2014 remains at $5,500 if you’re under age 50 and at $6,500 if you are 50 or older.
  • The maximum amount of wages employees can put into a 401(k) plan remains unchanged at $17,500. The 2014 maximum allowed for SIMPLE plans remains at $12,000. If you are 50 or older, you can contribute up to $23,000 to a 401(k) and $14,500 to a SIMPLE plan.
  • For 2014, the maximum amount that can be contributed to a health savings account (HSA) increases to $3,300 for individuals and $6,550 for families. Those 55 and older can contribute an additional $1,000.
  • The alternative minimum tax exemption for 2014 is $52,800 for singles and $82,100 for couples filing joint returns.

Give a Woman a Power Tool and She Can Change the World

Insero & Company is pleased to announce that 2014 will be our 5th year participating in Flower City Habitat for Humanity’s Women Build.

Give a Woman a Power Tool and She Can Change the World

This program is dedicated to empowering women and breaking the cycle of poverty by providing a hand up (not a hand out) to a family right here in Rochester. Our team includes employees, clients, friends and family, so if you are interested in joining us, please contact us today to learn more:

[contact-form subject=’Interested in Joining Insero%26#039;s Habitat Team’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Comment’ type=’textarea’ required=’1’/][/contact-form]

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