 August 2010 - Noreen M. Ravish joins Loeb & Troper LLP
During her tenure at the DOH, Ms. Ravish held various positions at the following bureaus: Bureau of Long Term Care Reimbursement, Bureau of Financial Management and Information Support, and the Bureau of Financial Analysis and Review.
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July 2010 - Michael A. Blinstrub joins Loeb & Troper LLP
During his tenure at the DOH, Mr. Blinstrub held various positions in the DOH bureaus that have had the most significant impact on reimbursement and financial planning issues affecting the health care community, including Bureau of Hospital and Nursing Home Construction Financing, Bureau of Capital Cost Financing, Bureau of Financial Analysis, Bureau of Long Term Care Reimbursement, and most recently, the Division of Health Facility Planning.
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July 2010 - IRS Offers One-Time Special Filing Relief Program for Small Charities; October 15, 2010 Due Date to Preserve Tax-Exempt Status
Small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010, under a one-time relief program. The IRS posted on a special page of IRS.gov the names and last-known addresses of these at-risk organizations.
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July 2010 - Small Employer Health Insurance Tax Credit
Effective for taxable years beginning in 2010, recent health care reform legislation permits a tax credit to certain small employers that provide health insurance coverage to their employees. Both taxable employers and IRC section 501(c) tax-exempt employers may be eligible for the credit.
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July 2010 - Hiring Incentive to Restore Employment Act
Payroll tax holiday and up-to-$1,000 credit for employers who hire unemployed workers.
To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector employer that hires a worker who had been unemployed for at least 60 days from having to pay the employer's 6.2% share of the Social Security payroll tax on that employee for the remainder of 2010. As an additional incentive, for any qualifying worker hired under this initiative that the employer keeps on payroll for a continuous 52 weeks, the employer is eligible for an additional non-refundable tax credit of up to $1,000 after the 52-week threshold is reached, to be taken on their 2011 tax return. In order to be eligible, the employee's pay in the second 26-week period must be at least 80% of the pay in the first 26-week period.
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June 2010 - Report of Foreign Bank and Financial Accounts (FBAR) - IRS Issues Guidance on FBAR Filing Requirements
In general, a U.S. person must file Federal Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) if that person has a financial interest in, signature authority or other authority over any financial account(s) in a foreign country and the aggregate value of these account(s) exceeds $10,000 at any time during the calendar year. The filing deadline for FBARs for each year is June 30 of the following year.
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May 2010 - 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 2010 Spring Training Institute and Exhibition in Saratoga, NY, from May 24-26.
May 2010 - Koy Dever, Kathy Gill and Randi Roy Present at NYAHSA
Loeb & Troper LLP is pleased to announce that Koy Dever, Principal, Kathy Gill, Manager, and Randi Roy, Senior Health Care Consultant, have been invited to present, "Realizing the Vision: A Strategic and Financial Approach to Business Planning," at the New York Association of Homes and Services for the Aging's 2010 Spring Training Institute and Exhibition in Saratoga, NY, on Tuesday, May 25.
May 2010 - Loeb & Troper Exhibits at NYAIS
Loeb & Troper LLP is pleased to exhibit at the New York State Association of Independent Schools' Annual Business Officers Conference in New Paltz, NY, from May 4-6.
May 2010 - Allan M. Blum Presents at FMA
Loeb & Troper LLP is pleased to announce that Allan M. Blum, CPA, Partner, will present, "Mergers and Collaborations" at the 23rd Annual Financial Managers of NY Conference in Cooperstown, NY, on May 5.
May 2010 - Brian O'Reilly Presents at FMA
Loeb & Troper LLP is pleased to announce that Brian O'Reilly, CPA, Partner, will present, "Keeping Your Education Program in Line with SED Guidelines" at the 23rd Annual Financial Managers of NY Conference in Cooperstown, NY, on May 5.
April 2010 - Gerry Adest and Margaret Greeley Present at Southern New York Association Seminar
Loeb & Troper LLP is pleased to announce that Gerry Adest, CPA, Partner, and Margaret Greeley, Clinical Director, will present, "Integrating a Multi-Disciplinary Approach to Achieving Improvement in Medicaid Case Mix Index Scoring" at the Southern New York Association Seminar on April 27.
April 2010 - Loeb & Troper Sponsors NYAHSA's Vision 2020 CEO Summit
Loeb & Troper LLP is pleased to sponsor the New York Association of Homes and Services for the Aging's Vision 2020 CEO Summit April 19-20.
March 2010 - IRS Update -- IRS to Honor Medical Resident FICA REfund Claims
The Internal Revenue Service (IRS) has made an administrative determination to accept the position that medical residents are excepted from FICA taxes based on the student exception for tax periods ending before April 1, 2005, when new IRS regulations went into effect. Institutions that employed medical residents and individual medical residents are eligible to receive refunds if they are covered by timely filed FICA refund claims. Individual medical residents can be covered under FICA refund claims they filed themselves or under claims filed by the institutions that employed them. The IRS plans to contact hospitals, universities and medical residents who filed FICA (Social Security and Medicare tax) refund claims for these periods with more information and procedures. Employers and individuals with pending claims do not need to take any action at this time. For more information, please visit http://www.irs.gov/charities/article/0,,id=219547,00.html.
For further information, please contact Eva Mruk, Director of Tax Compliance, at emruk@loebandtroper.com.
March 2010 - Tax Update -- District Court Holds: Severance Payments Are Not Wages for FICA Taxation
A federal district court found that severance payments are not wages subject to taxation under the Federal Insurance Contributions Act (FICA). Given the district court's decision and pending possible appeal, certain taxpayers may consider filing protective refund claims with respect to employer and employee FICA payments made in connection with the involuntary severance payments. In issuing its ruling, the district court concluded that the payments at issue were not wages, and thus not subject to FICA. In reaching its conclusion, the court noted that the IRS itself has changed its position over the past 54 years as to whether such payments constituted wages, concluding most recently in 1990 that they do. The court reasoned that the severance payments at issue were "supplemental unemployment compensation benefits." The court disagreed in an IRS Revenue Ruling and a U.S. Court of Appeals decision, which held that benefits such as those at issue were wages subject to FICA taxation. The court stated that "where severance payments are intended to serve the same purpose as Social Security benefits, i.e., support for workers in lieu of a lost ability to earn wages, the collection of social benefit taxes on the wage-replacement benefits makes little sense." The court believed that the severance payments at issue were properly viewed as wage-replacement social benefits and not taxable remuneration for the employees' services or wages. As a result of the decision, employers should consider whether the severance benefits they are paying former employees are subject to FICA taxation. Until Congress or the courts resolve the issue, taxpayers should pay the FICA taxes and subsequently file a refund claim as a protective measure. For further information, please contact Eva Mruk, Director of Tax Compliance, at emruk@loebandtroper.com.
March 2010 - Anna Rizzo Presents "Medicaid Rate Developments for 2009/2010" at the NYAHSA Downstate Financial Managers Conference
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.
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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