Events

Tax and Estate Planning Issues for High Net Worth Individuals

Come hear about the Hottest Tax Issues in 2010 for High Net Worth Individuals.

News

New Location for our Los Angeles Office

Our Los Angeles office is moving!

Salibello & Broder is pleased to announce that beginning March 1, 2010, our new Los Angeles office will be located at:

6300 Wilshire Boulevard
Los Angeles, CA 90048

Joseph A. Capparelli has joined the firm as an Assurance Partner. Joseph was formerly a Partner at Ernst & Young LLP where he specialized in all aspects of audit and business advisory services to both public and private middle market companies. He led E&Y's Northeast Practice's Entrepreneur of the Year program that recognized and rewarded successful entrepreneurs for their contributions to the Northeast business sector.

NEW YORK (November 18, 2009) - Salibello & Broder (S&B) presented its ninth annual breakfast seminar entitled "U.S. Tax Issues for Resident and Nonresident Aliens and U.S. Citizens Working Abroad" on Tuesday, 8:00 a.m. at Japan Society in New York City to a crowd of more than 100 people. Presenting was Ross Rizzo, Partner and Director of Tax at S&B along with colleagues Dan Zeman, Partner, and Jim Wetzold, Senior Manager. Patrice Morrison, Partner from Nixon Peabody LLP and leader of the Nixon Peabody Immigration team spoke on relevant immigration issues.

Salibello & Broder continues to reach out to its clients and friends in the digital world by joining Twitter. Our user name is SB_CPA. Our Twitter page will feature our weekly tax tips, tax alerts, Take a Minute stories and other articles of interest.

NEW YORK - Standing in a room before 200 delegates representing 90 independent accounting firms from around the world, Sal Salibello, managing partner of Salibello & Broder, kicked off BKR International's Annual Worldwide Meeting at the Waldorf Astoria in New York City on Monday.

Salibello & Broder Presents Ninth International Tax Seminar

NEW YORK (August 25, 2009) - Salibello & Broder (S&B) will present its ninth annual breakfast seminar entitled "U.S. Tax Issues for Resident and Nonresident Aliens and U.S. Citizens Working Abroad" on Tuesday, November 17, 2009, 8:00 a.m. at Japan Society in New York City. Ross Rizzo, Partner and Director of Tax at S&B will speak along with colleagues Dan Zeman, Partner, and Jim Wetzold, Senior Manager. Also speaking will be Patrice Morrison, Partner from Nixon Peabody LLP. Ms. Morrison is the leader of the Nixon Peabody Immigration team.

The Year-End Tax Planning Guides for 2009 are Now Available

The 2009 Year-End Tax Planning guide is now available for download. To request a hard copy, please use the "Subscribe to Our E-mail Services" link located above this story.

July 21, 2009

Report from Salibello & Broder's Employee Benefits Exchange, in partnership with Herbert L. Jamison

Ensuring your Employees’ Retirement Plans are 401 “O(k)”

June 23, 2009

Salibello & Broder's second roundtable discussion of 2009 focuses on common plan operational issues, Form 5500 - Schedule Changes, Plan Governance, FAS 157 and Recordkeeping Considerations for 401(k) plans.

May 21, 2009

Financial, human resources and benefits professionals attended a roundtable discussion on 403(b) plans presented by Tony Calabrese, Gary Broder and the Employee Benefits Group of Salibello & Broder LLP today.

May 21, 2009

Almost 200 people filled room to hear the tax experts of Salibello & Broder LLP (S&B) discuss this year's stimulus bill and strategies to cope with the Madoff scandal as the firm held its fifth annual Tax and Estate Planning Issues for High Net Worth Individuals on Tuesday, May 19, 2009 at the University Club in New York City.

Sal Salibello elected to the Board of Directors of the Italy-America Chamber of Commerce

NEW YORK - Sal Salibello, Managing Partner of Salibello & Broder LLP, has been elected to the Board of Directors of the Italy-America Chamber of Commerce.

Take a closer look at Form 1099-R

March 9, 2010

Forms 1099-R - they arrive in your mailbox this time of year, taxing reminders of your retirement account decisions during 2009. Right there, in box one, is the total amount you withdrew from your pension, annuity, IRA, or other retirement plan.

But before you enter that figure as income on your federal tax return, it may pay to review your reasons for the withdrawal, especially in the case of IRA distributions.

Did you receive Form 1099-C?

March 1, 2010

What is that mystery form?

If you borrowed money that your lender says you no longer have to repay, you may have received a tax information statement you've never seen before. Form 1099-C, which lenders send to you and to the IRS, shows the amount of the cancelled debt - an amount that may be taxable income to you.

Or maybe not, depending on the type of debt cancelled.

Missing a W-2?

February 23, 2010

Accept no substitute.

Fortunately, you can forget that slogan when events like natural disasters or bankruptcies cause your employer to neglect issuing your W-2. The IRS will accept a substitute in situations that leave you unable to obtain year-end wage statements.

Who has to file an income tax return?

February 16, 2010

Your father asks if it's true people over age 70 no longer need to send in tax forms. Your workout buddy wonders whether everybody has to file, even when no tax is due. Your college freshman wants to know if she'll need to prepare a return for 2009 since she's a full-time student and you'll be claiming her as a dependent.

Taxes are the topic of conversation this time of year and questions like these are common. So who does have to file a federal income tax return?

New law allows early deduction for Haiti relief donations

February 8, 2010

A law signed by President Obama on January 22 lets you take an early tax deduction for contributions you make for earthquake relief to Haiti. And if you use your cell phone to donate via a text message, the new law gives you an easier method for substantiating your contribution.

The dependency exemption: What you need to know

February 2, 2010

Who depends on you? When the people counting on you for support are qualifying children or relatives, you may be eligible for a dependency exemption of $3,650 on your 2009 federal income tax return.

Not sure who meets the definition? Consider these tips.

What's your status?

January 26, 2010

While gathering information to complete your income tax return, you may give little thought to your filing status. But there's a reason "filing status" choices appear at the beginning of tax forms: They're important.

Why? Because filing status can impact exemptions, reportable income, deductions, credits, tax rates, liability, the type of form you file, and whether you need to file at all. In addition, some states require that you use the status reported on your federal return, which can affect the amount of state tax you pay.

Here are facts to consider when determining filing status.

Payroll - A 2010 employer update

January 19, 2010

When it comes to employment tax, 2010 is a year when many things change - and much remains the same.

Here's an overview of what's new and what's not.

Review payroll reporting for 2009

January 13, 2010

Would you be ready if your business was one of the 6,000 companies expected to be randomly chosen for employment tax audits beginning this February?

As you wrap up 2009 payroll reporting, taking time to review your policies and procedures can save headaches down the road.

Here are tips.

What to expect on your 2009 return

January 5, 2010

So what's new? If the question is about your 2009 federal income tax return, the IRS has been ready with the answer since June, when a draft copy of this year's Form 1040 was released.

Check these vehicle tax breaks for 2009

December 27, 2009

Did you contribute to the popularity of the "Cash for Clunkers" program or the recently announced profitability of a major car company? If so, keep the paperwork for your new vehicle handy. You might be eligible for deductions on your 2009 federal income tax return.

Know the rules for backup withholding

December 23, 2009

As you organize your payroll records for year-end processing, it's a good time to make sure you're complying with backup withholding rules. These rules come into play when you make payments such as rents, commissions, or fees to businesses or individuals who have not supplied you with a valid taxpayer identification number (TIN).

Tax issues come with gifting stock

December 17, 2009

Unless you're giving gift cards, you probably remove the price tags from presents you buy for others. But there's at least one situation when admitting how much you paid is not a social faux pas: when you give stock. In that case, telling the recipient what you paid for the investment, its current worth, and how much gift tax you paid on the transfer can save tax dollars down the road.

Hiring seasonal employees? What you need to know

December 3, 2009

Thinking of bringing seasonal workers on staff to help out during your busy season?

Keep in mind that these temporary workers are typically subject to the same employment tax rules as your regular employees. You'll generally have to withhold social security and Medicare taxes, as well as federal income tax from their wages. You'll also have to follow payroll tax deposit rules and employment return filing requirements.

Don't get tripped up by a wash sale

November 30, 2009

Are you eyeing your portfolio with year-end investment loss harvesting in mind? Before you place those sell orders, take a moment for a brief arithmetic quiz.

New law includes two important tax changes

November 18, 2009

Are you wondering if any part of the Worker, Homeownership, and Business Assistance Act of 2009 will affect your 2009 federal income tax return? The answer is... maybe.

Here's an overview of two tax provisions in the law, which became effective November 6, 2009.

Two IRA tax breaks are scheduled to expire soon

November 10, 2009

Holidays and gifts go together. If you have an IRA, that's especially true for 2009, the last chance to benefit from two federal income tax breaks that can affect year-end planning. The "holiday" for required minimum distributions and the provision for tax-free withdrawals to make charitable gifts both expire December 31.

Here's an overview.

Take a tax deduction for worthless stock

November 4, 2009

Financial firms, car manufacturers, clothing retailers. As an investor, you know businesses in these industries went through bankruptcy proceedings in recent months - events that are painful to remember if you owned stock in a now defunct company. Once the investment is worthless, you might prefer to forget about it.

Not so fast! Even if a stock has no value on a securities exchange, you may still get some benefit in the form of a tax deduction.

Withdrawals from your SIMPLE IRA may not be so simple

October 29, 2009

Are you familiar with the SIMPLE IRA two-year rule? If you're thinking of withdrawing money from your SIMPLE IRA, running afoul of this special rule could cost you money.

Savings bonds can help pay for college

October 21, 2009

Amid the evolving assortment of education tax breaks is a benefit that has survived since 1988 with few changes: the education savings bond program. When you qualify for this federal income tax exclusion, the interest you receive from bonds redeemed to pay for certain college expenses may be tax-free.

Tax tips for first-time employers

October 13, 2009

So you're planning to hire your first employee? Congratulations on reaching the next level of success with your business! As a soon-to-be employer, you're probably wondering about your payroll tax responsibilities.

Here are four key employment tax concepts to get you started.

First-time homebuyer credit to expire November 30

October 6, 2009

Going, going.... soon to be gone. The first-time homebuyer credit, a federal income tax credit of up to $8,000, will expire November 30, 2009. If you're in the market for a home, you need to make sure the deal closes before December 1 to get the benefit.

Closing your business has tax implications

October 1, 2009

If the reality of entrepreneurship differed from the dream, you might be thinking of wrapping up your business venture and pursuing other opportunities. As you're assessing the legal and operational aspects of closing your business, take time to consider the tax implications.

You need basis to deduct an S corporation loss

September 22, 2009

Losses can be hard to take - so if you think your S corporation will show a loss for 2009, now's the time to plan to make sure you'll get the full tax benefit.

Unemployed? Pay health premiums from your health savings account

September 17, 2009

Health savings accounts (HSAs) have been around since 2004, so you're probably familiar with how they work: You combine a high-deductible health insurance policy with a special savings account used to pay qualified out-of-pocket medical expenses.

But did you know that when you're unemployed you may be able to make tax- and penalty-free withdrawals from your HSA to pay for health insurance premiums?

Some IRA terms you should know

September 8, 2009

Conversion, recharacterization, reconversion - when you want to make changes to your IRA, it may seem as though you need to learn a foreign language. But the best way to avoid penalties is to know the right term for the action you intend to take.

Here's a review.

Employee or independent contractor? Don't misclassify workers

September 1, 2009

Are your workers properly classified as independent contractors? Or are they employees?

Take a penalty-free IRA withdrawal for medical expenses

August 25, 2009

Are you considering withdrawing funds from your traditional IRA to pay unexpected medical costs?

Your business vehicle expenses are deductible

August 18, 2009

You plot the fastest route to your client's office with an on-board navigation system. You use a hands-free cell phone to leave last-minute instructions for your staff on the way to the meeting. Your computer, presentation materials, and an extra shirt are in the back seat. In short, your vehicle is your office on wheels.

It's also a tax deduction.

Here's what you need to know to reap the benefits.

Plan for the phase-out of tax breaks

August 11, 2009

Are you familiar with PEP and Pease? Though they sound like a pop duo, the terms refer to tax rules known as phase-outs that can impact how much federal income tax you owe.

Phase-outs are reductions in the amount of deductions, credits, and other breaks you can claim on your tax return. Though generally based on adjusted gross income, phase-outs vary in rate, amount, and how they're calculated.

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Events

Links

News

New Location for our Los Angeles Office

S&B Welcomes New Partner

Salibello & Broder Presents Ninth International Tax Seminar

Follow Salibello & Broder on Twitter!

Salibello & Broder participates as host firm for BKR’s 2009 Worldwide Meeting

Salibello & Broder Presents Ninth International Tax Seminar

The Year-End Tax Planning Guides for 2009 are Now Available

Current Developments and Cost Containment Strategies Impacting Non-Profits’ Health and Retirement Programs

Ensuring your Employees’ Retirement Plans are 401 “O(k)”

Salibello & Broder hosts roundtable discussion to shed light on new 403(b) Plan Requirements

Nearly 200 people attend Salibello & Broder’s Fifth Annual High Net Worth Seminar

Sal Salibello elected to the Board of Directors of the Italy-America Chamber of Commerce

Articles of Interests

Take a closer look at Form 1099-R

Did you receive Form 1099-C?

Missing a W-2?

Who has to file an income tax return?

New law allows early deduction for Haiti relief donations

The dependency exemption: What you need to know

What's your status?

Payroll - A 2010 employer update

Review payroll reporting for 2009

What to expect on your 2009 return

Check these vehicle tax breaks for 2009

Know the rules for backup withholding

Tax issues come with gifting stock

Hiring seasonal employees? What you need to know

Don't get tripped up by a wash sale

New law includes two important tax changes

Two IRA tax breaks are scheduled to expire soon

Take a tax deduction for worthless stock

Withdrawals from your SIMPLE IRA may not be so simple

Savings bonds can help pay for college

Tax tips for first-time employers

First-time homebuyer credit to expire November 30

Closing your business has tax implications

You need basis to deduct an S corporation loss

Unemployed? Pay health premiums from your health savings account

Some IRA terms you should know

Employee or independent contractor? Don't misclassify workers

Take a penalty-free IRA withdrawal for medical expenses

Your business vehicle expenses are deductible

Plan for the phase-out of tax breaks

Want these tips sent by e-mail?