The Certified Public Accounting firm CMJ, LLP is pleased to announce that Frank Battiste received his CPA designation. CPAs in New York State are licensed by the New York State Department of Education after passing four rigorous exams and completing two years of accounting experience.
Mr. Battiste joined CMJ in 2010 and is an Associate in Accounting, Assurance and Advisory services. He received a B.B.A. degree in Accounting from Siena College. He currently resides in Glens Falls, NY and is a native of Queensbury, NY.
Paul Curtis, CPA, CVA, CMAP, and Bill Jeffreys, CPA, CVA, partners in the Certified Public Accounting Firm of CMJ, LLP, are pleased to announce the firm has successfully completed an independent peer review of its accounting and auditing practice. The reviewer concluded that the firm’s system of quality control for the accounting and auditing practice has been suitably designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professionals standards in all material respects.
Should you send your child off to college with a credit card? Opinions are divided, both among parents and financial advisors. It's a situation that can work out really well or really badly, depending on the student and the parents.
WHAT'S MORE IMPORTANT - SAVING FOR CHILDREN'S COLLEGE OR YOUR RETIREMENT?
A college education. Retirement. What do these major life events have in common?
One shared characteristic is that each comes with a price tag. Here's another: If you have school-age kids, you might be facing the challenge of having to decide which goal to save for. They're both important. So how do you make the choice?
Do you know anybody who's tripled his money investing in the IPO (initial public offering) of a hotshot new company? It can happen. And many investors thought the recent Facebook IPO was a way to quick riches.
Yet the truth is, most investors don't make money playing IPOs. It's just that no one brags when they lose money. Nonetheless, investors of all kinds are lined up for a shot at the next IPO. So it pays to know the facts before diving in.
First bit of advice: Don't bet the farm. The problem is that generally IPOs are issued by companies with no track record, inexperienced management, and few assets. And, unfortunately, the underwriters for these IPOs are motivated to complete the transaction, collect their fees, and move on. Their compensation is linked not to the quality of the firms they take public, but rather to the number of deals they sell to the public.
To protect yourself, you must do your homework, as you would for any investment. A company planning an IPO writes a prospectus that describes the business and details management's plans for what they intend to do with the money, how fast they intend the company to grow, and what profits they expect. The prospectus also discusses the competition and markets, and, most importantly, describes the risks of investing in the IPO.
Do the necessary research, and be sure you understand the risks before you make an investment in an IPO.
There is no income tax withholding on self-employment income, but that doesn't mean you're not required to pay taxes during the year. Self-employed individuals generally must make quarterly estimated tax payments due April 15, June 15, September 15, and January 15 of the following year.
Summer is a good time to do business entertaining – an outdoor barbecue at your home for business clients, for example. Keep records of the cost, the date, the attendees, and the business purpose. Your tax deduction is limited to 50% of the cost.
Check the tax savings of combining business and pleasure on the same trip this summer. Within the U.S., if the primary purpose of the trip is business and you add on a side trip or an extra few days for pleasure, you can deduct all the travel costs to and from your business destination and all other business-related costs. You can't deduct costs related to the pleasure portion.
Do you own a boat or recreation vehicle? Are you thinking about buying one? As long as the vehicle has sleeping space, a bathroom, and cooking facilities, you may be able to claim it as a second home and deduct the interest payments on your loan.
Buying rare and precious coins can be an exciting hobby and, for some, a lucrative investment. Unfortunately, it's also a business that's rife with potential for con artists. As always, it's wise to proceed with caution. Following a few simple guidelines can offer protection from unethical sellers.
· Did you make any payments in 2011 that would require you to file Form(s) 1099?
· If “Yes”, did you or will you file all required Forms 1099?
In the past, many businesses ignored the rules, or were complacent regarding accurate and timely filing of these informational reports. However, penalties for failing to comply with the reporting requirements have increased significantly.