 February 2010 - Joseph Blatt to Present at the National Business Officers Association of Independent Schools
Loeb & Troper LLP is pleased to announce that Joseph Blatt, CPA, Partner, has been invited by the National Business Officers Association of Independent Schools to present at their National conference in San Francisco, February 22-24, 2010. Joe will present The Holy Grail: Developing and Implementing a Policy and Procedures Manual. Joe is a highly regarded expert in the area of audit and accounting issues for private schools. He works closely with business managers, head masters and trustees in guiding them through a full spectrum of governance issues.
January 2010 - Just Released: Publication 420, Guide to the Metropolitan Commuter Transportation Mobility Tax
Effective March 1, 2009, certain employers and self-employed individuals engaging in business within the metropolitan commuter transportation district are subject to the Metropolitan Commuter Transportation Mobility Tax ("MCTMT"). The tax is administered by the New York State Tax Department and the proceeds from this tax are distributed to the Metropolitan Transportation Authority. The New York State Department of Taxation and Finance has just issued Publication 420, Guide to the Metropolitan Commuter Transportation Mobility Tax, which provides guidance with regard to computing, reporting, and paying the MCTMT. To view this document, please go to http://www.tax.state.ny.us/pdf/publications/mctmt/pub420.pdf.
January 2010 - Gerry Adest Named as Partner; Koy Dever Named as Principal
Loeb & Troper LLP is pleased to announce that Gerry Adest, CPA, has been named as a partner and Koy Dever, MPA, has been named as a principal of the firm. Both appointments are effective January 1, 2010. Loeb & Troper is proud of its long history of promoting from within. Both Gerry and Koy have been with the firm for over ten years. Learn more
January 2010 - Mandatory E-Filing of 2009 Form 5500
Effective January 1, 2010, all employee benefit plans must file their Form 5500, Annual Returns/Reports of Employee Benefit Plan, and Form 5500-SF, Short Form Annual Returns/Reports of Small Employee Benefit Plan, for 2009 and 2010 plan years, and any required schedules and attachments, electronically using EFAST2-approved third-party software or using iFile. Filing paper forms will no longer be an option.
EFAST2, which replaces the EFAST system, has been developed to streamline the reporting process, publicly disclose the reported information on the Internet, and provide Web-based forms that you can use to meet the electronic filing requirement at no additional cost to filers and the public. You can use third-party software that has been approved for use with EFAST2 or you can file directly through the iFile program on the EFAST2 Web site. Either way, you must register with EFAST2 for a new user ID and PIN (Personal Identification Number) starting January 1, 2010 which you can use each year for all plan filings.
For more information to help filers with the new EFAST2 system and the changes to the Form 5500, EBSA has an online tutorial, a list of approved third party software vendors, guidance, FAQs, a video, and other information available on the EFAST/EFAST2 Web site at www.efast.dol.gov. Also see EFAST2 FAQ and publications for additional guidance.
January 2010 - Allan M. Blum Presents at the 32nd Annual NonProfit Conference
Loeb & Troper LLP is pleased to announce that Allan M. Blum, CPA, Partner, will present: Form 990 Update, at the 32nd Annual NonProfit Conference, sponsored by the Foundation for Accounting Education. He will also serve as an expert panelist in the ever-popular Ask the Experts session. For more information about the conference, please go to http://www.nysscpa.org/page/continuing-education/fae-conferences.
December 2009 - Sales Tax in New York State for Exempt Organizations: Publication 843
The New York State Department of Taxation and Finance has issued Publication 843, A Guide to Sales Tax in New York State for Exempt Organizations, which provides useful information for organizations that are exempt from New York State and local sales and compensating use taxes (sales tax). The publication identifies these organizations and explains the procedures that prospective exempt organizations must follow in order to request sales tax exempt status. The publication explains the procedures that exempt organizations must follow in order to properly make tax exempt purchases. Furthermore, while many sales made by exempt organizations are exempt from sales tax, certain sales made by these organizations are subject to tax. This publication explains the selling rules for most types of exempt organizations. To view this document, please go to http://www.tax.state.ny.us/pdf/publications/sales/pub843.pdf.
October 2009 - Fred Rothman Appointed to AICPA TRP
Loeb & Troper LLP is pleased to announce that Frederick H. Rothman, CPA, JD LLM, Director of Tax Services has been appointed to the AICPA Exempt Organization Technical Resource Panel. The panel is charged with monitoring legislative and regulatory activity on exempt organization issues; suggesting legislative and regulatory modifications to simplify and clarify the exempt organization provisions; meeting and collaborating with counterparts at the IRS and other committees within the AICPA and developing products and services to assist members in tax practice, including contributing to The Tax Advisor.
July 2009 - Reminder Regarding Treasury Form TD F 90-22.1 (FBAR)
Even though the June 30, 2009 filing deadline for the receipt of FBARs has passed, the IRS announced a Voluntary Disclosure Program for Offshore Accounts and Income which permits the filing of late and amended FBARs for the previous six years under certain circumstances up through September 23, 2009. Organizations that recently learned of their FBAR filing obligation and had insufficient time to gather the necessary information to complete the FBAR by the deadline, should file the delinquent FBAR report according to the instructions and attach a statement explaining why the report is filed late. The statement should include a reference to the organization's tax-exempt status (and purpose) and include specific mention of the recent IRS interpretation of the reporting requirements of foreign hedge funds and private equity funds.
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June 2009 - Metropolitan Commuter Transportation Mobility Tax
New York has enacted legislation, which creates the Metropolitan Commuter Transportation Mobility Tax. This new payroll tax is imposed on certain employers and self-employed individuals engaging in business within the Metropolitan Commuter Transportation District (MCTD). Specifically, the tax applies to. . .
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May 2009 - $175 Million in Grants Available Under HEAL
The New York State Department of Health and the Dormitory Authority of the State of New York recently announced the availability of $175 million in grants under Phase 12 of the Health Care Efficiency and Affordability Law of New York State (HEAL 12). The grant seeks to fund the development of long-term care initiatives as alternatives to residential health care facility (RHCF) beds and a reduction of RHCF bed capacity.
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May 2009 - Loeb & Troper Exhibits at HCA
Loeb & Troper LLP is pleased to exhibit at the annual conference of the Home Care Association of New York State in Saratoga, NY, from May 17-19. Visit them at Booth #36.
May 2009 - Loeb & Troper Exhibits at NYAHSA
Loeb & Troper LLP is pleased to exhibit at the New York Association of Homes and Services for the Aging's 2009 Spring Training Institute and Exhibition in Saratoga, NY, from June 1-2.
April 2009 - 2009 Marks Loeb & Troper's 90th Anniversary
Founded in 1919 by Simon Loeb and Morris Troper, Loeb & Troper was formed during a time when not-for-profit organizations needed to demonstrate to donors that the funds they were committing would be used for mission-driven efforts and would be treated with the highest levels of integrity
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April 2009 - Loeb & Troper launches its CFR Benchmarking
By integrating its in-house specialized knowledge of the CFR with the information contained in the CFR database, Loeb & Troper has developed proprietary metrics that will permit them to help organizations develop key benchmarking analyses
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April 2009 - Kathleen E. Gill joins Loeb & Troper LLP
During her tenure at the DOH, she held various positions. Most recently she was the Director of Long Term Care Reimbursement in the Division of Health Care Financing. In this capacity she was responsible for the administration of over $10 billion in Medicaid funding to over 1,500 long term care providers including nursing facilities, home care providers, hospice programs, foster care programs, adult day care programs, assisted living programs and personal care programs
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