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Tax Planning Newsletter | January 2010
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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. About the author. Paul Sinaly, CPA, MBA 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 Acountants located in Great Neck N.Y. Paul has advised high net worth, professionals and business owner clients 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 {First_Name} I welcome you to read all three articles on Tax Planning. January is another important month for this internal review with you and your CPA. If you are in the client business, ask if they are in the process of completing this to understand your clients 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. Roth IRA Planning to see if a conversion benefits you.
The change taken place in 2010 for the Roth IRA conversion opportunity is clearly a retirement plan tax strategy for the affluent. Before January 1, 2010, there were both income and marital status limitations that prevented many corporate executives, business owners and professionals to consider using the Roth IRA as part of a comprehensive tax planning strategy. Now according to... Subcontractor versus an Employee withholding Tax 
Many businesses have attempted to classify workers as independent contractors when they were, in fact, employees. Some businesses have been put out of business by the Internal Revenue Service for doing so. If you make a misclassification and the IRS audits you, they will reclass the employee and recalculate the taxes you should have withheld Estates & Trusts: Points for the month. Beginning January 1, 2010 there are several sweeping changes in the estate and gift tax world. Both the federal estate tax and Generation skipping tax are temporarily repealed for one year. |
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Barry J Kay & Co. | 516-487-9500 barryjkaycpas.com or yournycpa.com 17 Maple Drive Great Neck, N.Y. 11021 |
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