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Tax Planning Newsletter | 3rd Quarter
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In This Issue
Did You Know? Tax Planning is a critical part of being efficient from a cashflow perspective, as well as meeting your longer term wealth building objectives. Let me share with you: I have been privledged in working with clients and referral sources who understand how much I rely on them to assist me in growing my CPA practice through new client introductions. About the author. Paul Sinaly, MBA, CPA is the founder of P. Sinaly, CPA, P.C. and has recently formed a strategic partnership with the partners of Barry J. Kay & Co., Certified Public Accountants located in Great Neck N.Y. Paul has advised high net worth professionals and business owners for over 20 years. He has participated in a number of public speaking engagements on a variety of tax, accounting and advisory topics and has extensive industry and commercial lending experience. |
Greetings Ben I welcome you to read all three articles in my 3rd quarter Tax Planning newsletter. If you are a professional in the business of advising your clients, ask your client if they are meeting with their CPA regularly to understand your clients tax planning needs better. If you are the client, ask yourself the question on how involved are you and your CPA with your own Tax Planning Process, and if they are assisting you in meeting all of your wealth building objectives. Examine if newly enacted tax benefits are available for your Business.
Approved late in the first quarter of 2010, and beginning in the second quarter, covered within the Hiring Incentives to Restore Employment (HIRE) Act, two new tax benefits are available to employers who hire certain previously unemployed workers (qualified employees). Buy-Sell Insurance for Business and Professional owners to protect your assets.  With a closely held Partnership or corporation, partners, members or shareholders often are concerned with what might occur if a particular owner dies. Will the surviving owners have the economic resources to redeem the deceased owner’s ownership interest, and at what value? Will they now have the deceased owners surviving wife or husband as an active owner? Given these are simply a few of the concerns, Business and Professional owners are best served by entering into a Buy-Sell agreement while they are all alive and taking advantage of tax planning.
Business Real Estate & choosing the right entity.  I often come into contact with Business and Professional owners who were not provided the
best advice on how to structure the Real Estate
they own either as an Investment or occupied
with their business. The tax consequences discussed and evaluated right from the start can become very important decisions into the future, for you as an individual and often times for your other partners involved in real estate ownership.
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P. Sinaly, CPA, P.C. / 516-487-9500 / PSinaly@YourNYCPA.com Barry J. Kay & Co. Certified Public Accountants 17 Maple Drive Great Neck, N.Y. 11021 |
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