Blogs

Looking for a valuation of a pizza shop in Central NJ.

By Arnold M. Mayberg, CPA posted 12-10-2019
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A lawyer acquaintance of mine is looking for a valuation of a pizza shop in Central NJ, for an estate matter. Our firm does not do them. If interested, please call Seth Kurs, ESQ at 609-448-2500. Thank you!
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Is PMI deductible in 2018

By Raymond B. Cohen, CPA posted 02-15-2019
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Hello, I thought I read that PMI is deductible for 2018 income tax returns. . Articles mention this. IRS.gov/Extenders . does not discuss this. What is the answer? Thank you. Ray
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Independence when fees are due

By Joseph J. Gormley, CPA posted 07-23-2018
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I know the answer but i cannot find a site for it. I have a client who owes me more than one year in fees. I want to present him with documentation showing that I cannot issue a financial statement under those circumstances. Can anyone guide me in the appropriate direction?
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Tax Attorney New York

By Peter P. Gilleece, CPA, CFE, CGMA, MS posted 12-01-2017
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I am hoping the membership can help me. A friend of a friend is looking for a Tax Attorney as he has not filed tax returns in a number of years as is looking to make things right. The taxpayer is a Unionized Tradesman and lives in New York State and works in NYC and New York State and lives in Dutchess County. Any referrals would be greatly welcomed. Sincere thanks to the membership for their continued help. Thanks, Pete
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Performance Metrics to Keep Your Firm Healthy

By Ira S. Rosenbloom, CPA posted 11-03-2017
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Tracking the right performance indicators and addressing what they reveal will make a big impact on your firm's health. I recently shared some metrics in a blog post for the CPA Firm Management Association, and thought others might find them useful, as well. Read more here .
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Accounting Student - Struggling to find my place in the industry

By Michael D. Purrazzella, CPA posted 02-15-2017
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Hello and welcome! This is a general blog to talk about my problems breaking into the industry of Accounting. So let me start at the beginning of my college career. I started my college career in Computer Programming (C++) and did alright in it. While I enjoyed it has a hobby I didn't see it as a career path for me. Eventually the death of my mother gave me grief time to revaluate my life. A professor at my community college, an auditor by trade, talked with me after class some nights. I understood debts and credits easier then most others and liked the idea of Accounting and he told me I was one of the few he could see becoming an Accountant.. This then ...
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The Top Policy Issues in New Jersey

By Ralph Albert Thomas, CPA (DC), CGMA posted 05-06-2016
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The legislative news and tracking website CQ Roll Call recently asked local reporters and policy observers one question: “What are the top 5 policy issues in your state?” According to Matt Arco of The Star-Ledger , New Jersey’s top 5 policy issues are: Pensions: No consensus as pension problem grows Transportation: The well has nearly run dry Budget/Taxes: All silent on the tax front Gambling: The tale of Atlantic City Elections: A lame duck governor with little support Not surprisingly, the NJCPA has taken positions on several of these policy issues. Here’s a summary: PENSIONS The NJCPA opposes a constitutional ...
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Acting NJ State Treasurer Opens Up a Conversation to Empower New Jersey Businesses

By Ralph Albert Thomas, CPA (DC), CGMA posted 03-14-2016
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The New Jersey Chamber of Commerce and the New Jersey Business and Industry Association hosted an event on March 9 where New Jersey’s acting State Treasurer Ford M. Scudder shared his remarks about the economic issues affecting the state, including the estate tax, inheritance tax, public pensions and other issues stunting economic growth. Scudder says the administration created the 2017 Fiscal Year budget to be business positive and resident friendly. On Taxes, Outmigration and the State's Economy Scudder argued that taxes are what people should pay to earn the right to live where they are. Taxes shouldn't be designed to penalize behavior. The ...
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Taxes and Infrastructure Dominate the N.J. Business Summit

By Ralph Albert Thomas, CPA (DC), CGMA posted 09-28-2015
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Business and government leaders from across the state flocked to the Borgata in Atlantic City on September 17 and 18 for the New Jersey Chamber of Commerce’s Business Summit . The first-of-its-kind event, attended by more than 500 guests, highlighted four key issues: transportation and infrastructure, workforce readiness, taxes and regulations and mandates. The selected topics stem from the results of a survey conducted earlier this year of more than 400 New Jersey-based executives. I had the privilege of moderating the tax panel on Day 1 . The panelist were: Jay Biggins , Executive Managing Director, Biggins, Lacy, Shapiro & ...
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Join me at the NJ Business Summit, 9/17-18

By Ralph Albert Thomas, CPA (DC), CGMA posted 09-01-2015
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I will be moderating a panel at the New Jersey Chamber of Commerce's New Jersey Business Summit, being held September 17-18 at Borgata in Atlantic City. I encourage you to join me and fellow business executives from across New Jersey for this first-of-its-kind event. The goal of the Summit will be to examine key issues that New Jersey leaders need to address in order to increase the state's positive economic momentum and improve our competitiveness both nationally and internationally. This two-day summit will feature an unprecedented collaboration of many of the state's chambers of commerce, business trade associations, representatives of the Christie administration ...
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Taxes, the TTF and Mandates Dominate the Conversation at the First NJ Business & Economic Roundtable

By Ralph Albert Thomas, CPA (DC), CGMA posted 06-16-2015
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Uncertainty. Frustration. Cautious optimism. Those were some of the sentiments expressed by a panel of thought leaders from business groups, government, academia and the media at the NJCPA’s first NJ Business & Economic Roundtable. The panel, brought together last Friday at the 10 th annual NJCPA Convention & Expo in Atlantic City, was moderated by New Jersey politics and media veteran Jim McQueeny. The roundtable included: Tom Bracken , President and CEO of the NJ Chamber of Commerce NJ Senator Steve Oroho (R) Dr. Siamack Shojai , D ean of the Cotsakos College of Business at William Paterson ...
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CPA Poll Finds State Economy Stuck in Neutral

By Ralph Albert Thomas, CPA (DC), CGMA posted 12-02-2014
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The third annual survey of CPAs commissioned by the New Jersey Society of Certified Public Accountants (NJSCPA) and the Pennsylvania Institute of Certified Public Accountants (PICPA) finds the economy in a relative holding pattern among respondents when it comes to state economic indicators. Nearly 9 in 10 respondents (87 percent) believe that NJ’s tax structure is worse than most states. It’s not surprising, then, that they cite high taxes as the number one reason (35 percent) for hindering future economic growth in NJ and the number two reason (33 percent) contributing to the state’s high unemployment rate. As for NJ respondents’ number one recommendation ...
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Health Care Planning; Simplified

By Tony Novak, CPA posted 11-07-2014
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It is easy to conclude that health care planning is anything but easy. Issues of affordability, portability and sustainability can appear overwhelming. Certainly the complexity of the system and all its variations are enough to cause many people, including professional advisers, to throw up their hands and skip the topic altogether. But I believe that by approaching the topic from the perspective of distinct market segments and then focusing on a few common core values of each, real value is possible from health care planning. This is the simple approach that I use. Definitions We can define "lower income" here as those who qualify for Medicaid. I would ...
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Helping your Clients to manage or Grow their business at no cost to them

By Adel Elgoneimy, CPA posted 05-13-2013
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The Small Business Administration, through its SCORE Chapters, provides free guidance and direct mentoring to small business owners in various areas including Marketing, Business plans, Financial Projections, Government Contracting, etc. These services are provided by qualified volunteers mentors. Making your clients aware of this free of charge business mentoring, and later help them implement the results of the mentoring, they receive would add a positive impact of your role beyond the typical accounting, auditing and tax services, and may also, lead to more services your clients may request. Link to SCORE at National level, http://www.score.org/ ...
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12 Reasons for Obtaining an Extension

By Edward Mendlowitz, CPA/ABV/PFS/CFF posted 04-04-2013
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12 Reasons for Obtaining Extensions Those that know me know that I do not like extensions. However, there are valid reasons for extensions and here are twelve of them. You did not receive K-1s or 1099s or other documents with information that is needed to be reported by you You did not receive letters confirming charitable contributions that are required to be in your possession by the due date of your tax return There is pending litigation and reporting certain transactions might prejudice your position, or you are awaiting resolution which might cause or affect an adjustment or estimate made for last year You ...
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Not a People Hater!

By Eddie Lee Rivera, CPA, MST posted 03-12-2013
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On March 4, Yahoo! posted an online education article, “ Top Careers for People Haters ,” which unfortunately included accountants. While the following response is from one CPA in New Jersey, there are thousands of accountants (and their clients) across the U.S. who no doubt share his sentiments. Greetings, As an accountant, I found the Yahoo! online education, " Top Careers for People Haters ," both amusing and inaccurate. I strongly disagree with the inclusion of accountant on this list and only wonder what accountants the author, Amy Chang, has encountered so as to form such an erroneous impression. Yes, accountants review and analyze ...
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Forensic Accountant

By Jackie Goldman, CPA posted 01-04-2013
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I have a client in Monmouth County looking for a Forensic Accountant. Any referrals would be appreciated. Thanks, Jack Goldman, CPA
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Filing 927 and WR30

By Tracey A. Fabrico - Basile, CPA posted 10-29-2012
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Does anyone know what the procedure is for filing due to storm? I'm already with out power and I'm concern with filing my clients returns timely. I still had some remaining.
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Quick Answers for QuickBooks

By Edward Mendlowitz, CPA/ABV/PFS/CFF posted 06-05-2012
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Review of Intuit QuickBooks Enterprise Edition 12.0 Cookbook for Experts by Jaime Campbell, CPA, MBA, CTT, MCT This is a fantastic book for a busy QB user that gets stuck on something and needs a quick “how to” answer in a well written and illustrated format. Ms. Campbell identifies the issue or problem, shows with clearly listed steps how to do or fix it, explains how it works and provides some added tips you might not have thought about. I found the table of contents a very valuable feature. Rather than going through the index, the TOC lists all the topics covered in the book. Using this book just once to help you move forward will give you an ROI ...
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Funny money vs reality

By Edward Mendlowitz, CPA/ABV/PFS/CFF posted 02-02-2012
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Funny money vs reality Monday’s WSJ had two consecutive Business & Finance summaries on its front page. One mentioned the $2.3 billion loss UBS suffered from unauthorized bets. The other was ABB’s offer to acquire Thomas & Betts (TNB) for $4 billion. It got me thinking about value and the meaning of wealth and its relation to reality. Coincidentally, TNB’s sales are $2.3 billion. So one trader’s losing bets caused a damage equivalent to an entire year’s sales of a basic manufacturing company providing a living to 8700 families, and $190 million profits to its shareholders after payment of $68 million taxes. UBS’s loss is so large ...
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