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New York Chapter

Edward Arcara, CPA
465 Franklin Street
Buffalo, NY 14202-1301
Phone: 716.884.2492

Chapter Announcements

  
  
  
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Picture Placeholder: Mark Yakren, AFSP
  • Mark Yakren, AFSP
12/7/2018 7:11 PM

​Anybody impacted by changes made to Online Service Accounts earlier this month?

George D Powers, EA4/8/2018 6:39 PMNo
  
Picture Placeholder: Marion L Wu, AFSP
  • Marion L Wu, AFSP
02/21/2018 4:43 PM

​Any one use voluntary disclosure and compliance program? could you reinstate fast.

2/21/2018 4:43 PMNo
  
Picture Placeholder: Dora L Torres, EA
  • Dora L Torres, EA
41/14/2017 8:28 PM

​I received a notice from my software provider telling me that New York State will now require NY State issued driver's   license information or NY State-issue id with all e-filed NY state returns.

Does anyone know or heard of this before.

                                                             

Larry Pratt, AFSP2/21/2018 11:15 AMNo
  
Picture Placeholder: Ileana Duran, EA
  • Ileana Duran, EA
22/13/2018 6:28 PM

I have a client who received a distribution from NYS ​& Local Employees Retirement.​ She is 56 yo. is this amount taxable for NYS? the 1099R form states EXEMPT for State tax withholding. 

Larry Pratt, AFSP2/21/2018 11:13 AMNo
  
Picture Placeholder: Marion L Wu, AFSP
  • Marion L Wu, AFSP
02/21/2018 8:47 AM

​What is the fastest way to get State to reinstate the corporation?

We are catching up on the corporation tax.


Any one use voluntary disclosure and compliance program.

2/21/2018 8:47 AMNo
  
Picture Placeholder: Virginia Vitale
  • Virginia Vitale
01/22/2018 11:36 AM

Client signed with a pro-team in FL. Received W-2 (Form with Box 1,2,3,4,5,6 filled in.  Also Box 11 Nonqualified plans.) 

​Client left for spring training in FL. June 16.  Spent rest of June, July, August, September and up until October 16 playing for the Miami Marlins.  The intention of this client is to be a Florida Resident.  The client did not change residence for driver's license or purchase property, the client was put up in long term hotel housing. After October 16th this client was not needed but still employed by the Florida minor league. Client decided to visit members of family here in New York for the rest of the year.

Requesting help with residence status.

1/22/2018 11:36 AMNo
  
Picture Placeholder: Angelo P Cellini, EA
  • Angelo P Cellini, EA
412/17/2015 1:21 PM

​TAXPAYER GIFTS HIS PERSONAL RESIDENCE TO HIS CHILDREN AND RETAINS A LIFE ESTATE. TAXPAYER FILES A GIFT TAX RETURN.  WHEN TAXPAYER PASSES AWAY, IS THE PERSONAL RESIDENCE (TITLED TO THE CHILDREN BEFORE THE TAXPAYER'S DEATH) PART OF HIS GROSS ESTATE FOR NYS SUROGATE COURT FEES? IF THE ANSWER IS YES, DOES THE ESTATE REPORT THE SALE OF THE PERSONAL RESIDENCE ON FORM 1041?  IF THERE IS A LOSS FROM THE SALE IS IT A CAPITAL LOSS OR A PERSONAL NON-DEDUCTIBLE LOSS (THE RESIDENCE REMAINED VACANT DURING THE PERIOD OF ESTATE ADMINISTRATION)? IF THE ANSWER IS NO, DO THE CHILDREN REPORT THEIR SHARE OF THE SALE OF THE PERSONAL RESIDENCE ON THEIR 1040 AS A NON-DEDUCTIBLE PERSONAL LOSS? UNFORTUNATELY, I GET DIFFERENT ANSWERS TO THIS.

Paula L. Miller, AFSP10/29/2017 3:40 PMNo
  
Picture Placeholder: Kerry I Englander
  • Kerry I Englander
311/17/2016 3:09 PM

is 8 CPE credits given to an RTRP who is in the ASFP program

George D Powers, EA10/16/2017 8:38 PMNo
  
Picture Placeholder: Deborah J Dolan, AFSP
  • Deborah J Dolan, AFSP
45/4/2017 7:55 AM

NYS is attaching a request on notices my client's have received for 2016 Returns - did taxpayer use paid preparer; if so, supply name, business name, adddress and fee paid.

#1 - the return contains all requested information except fee

#2 - so why?

Charles W Erb, EA8/24/2017 2:09 PMNo
  
Picture Placeholder: Shai Tzach, EA
  • Shai Tzach, EA
14/27/2017 12:13 PM
Two of my clients got refunds from NY based on the stad deduction though they itemized on the Fed.

The state sent a letter saying if you want the difference show evidence of every item on SCH A.
They wanted document for real estate tax, mortgage int, EE deductions, and donations.

In a way the tax payer is treated as "guilty until proved innocent". Do you agree? Also one of the clients said he is not going to send the info. Like so many others, he does'nt want to deal with the tax dept.

I wonder if anyone knows if the state will treat this as a change of return and share the info with the IRS and later the IRS will send a similar reuqest for tax.

Thoughts? ideas? do share

Deborah J Dolan, AFSP5/4/2017 7:44 AMNo
  
Picture Placeholder: Janet K Slack, AFSP
  • Janet K Slack, AFSP
03/3/2017 4:13 AM

Here in WNY, lots of individuals bought shares in FNFG when it went public back in 2002.  Now in 2016, Key Bank bought out First Niagara Bank (FNFG).  Everyone who owned stock in FNFG was given $2.30 per share plus .68 shares of KEY stock.  Then they got a 1099-B showing a sale of their shares of FNFG at $2.30 per share - holding period undertermined, basis not reported, and "non-covered security" is checked. 

I need help wrapping my head around this and how it gets reported on Sch D.  Is the $2.30 per share simply a short term capital gain with zero basis?  And does their original cost basis in the FNFG stock transfer over and now become their cost basis in the KEY shares they now own? 

Thanks, in advance, for your assistance with this!  I hate these issues that "tax" my brain at the height of tax season!

Updated 3/4/17 - After reading the investor section on the KEY website, it says to treat the $2.30 per share as LT Cap Gain with zero basis....

3/3/2017 4:13 AMNo
  
Picture: Roman Bellusci, CPA
  • Roman Bellusci, CPA
168/11/2016 8:06 PM
James Oliveri, AFSP12/6/2016 4:30 PMNo
  
Picture Placeholder: Richard Rottkamp, EA
  • Richard Rottkamp, EA
111/1/2016 10:05 AM

​As Chairman of the 2017 Education Committee I invite anyone that is able to invest the time and effort to join us as we start to work on the Seminars we plan to offer next year.  ​If you are considering joining us or have any questions please contact me.  Thank you for your interest in our Chapter.

Rick
 
Richard H. Rottkamp, EA
466 Ashland Avenue
Baldwin, NY 11510-2534
(516) 868-0023
Fax (516) 377-7712
 ​


Joseph M O'Hara, Sr, MST,CPA,EA,PFS11/1/2016 5:32 PMNo
  
Picture Placeholder: Kathryn M Keane, EA
  • Kathryn M Keane, EA
212/2/2015 9:45 AM

​The NY Chapter is considering hosting a Tax Office Bootcamp in 2016. The Bootcamp would cover practice management, client retention, marketing, team building for office staff and best practices for a successful tax practice.

The Bootcamp would be taught over two (2) days and would offer attendees a chance to learn and grow their business while networking with other tax professionals in their area. No CE would be offered.

Please take our NEW SURVEY to let us know!

https://www.surveymonkey.com/r/NYChapterBootcamp

Joseph Behrman, EA10/20/2016 11:27 AMNo
  
Picture Placeholder: Joy Palazzola, CPA
  • Joy Palazzola, CPA
19/9/2016 11:56 AM

Will there be any courses coming to the hudson valley area this Fall?  I am in need of some credits and would like to have a date information will be available.  Thank you,

Joy Palazzola

Goshen, NY​

Edward L Arcara, CPA9/9/2016 5:39 PMNo
  
Picture Placeholder: Larry A Burlingame, EA
  • Larry A Burlingame, EA
36/14/2016 1:25 PM

What is happening with the NY Chapter? I have not seen any correspondence in months. Is anybody from the NY Chapter going to the National Conference this year?​

Edward L Arcara, CPA8/14/2016 7:26 PMNo
  
Picture Placeholder: Edward L Arcara, CPA
  • Edward L Arcara, CPA
26/17/2016 7:42 AM

Emails and announcements have been going out regarding our Summer Series Educational Seminars.  This year we will be doing the Seminars in Rochester, NY, Saratoga Springs, NY, NYC & Hauppauge, LI.  Look for our announcements!​

Edward L Arcara, CPA7/1/2016 11:42 AMNo
  
Picture Placeholder: Maureen A Whelan, CFP(R)
  • Maureen A Whelan, CFP(R)
01/27/2016 11:24 AM

NY State is telling me that I need to complete 16 hours of Continuing Education. 

I am NOT an EA or CPA or Attorney (nor do I play one on TV).  I HAVE completed more than 10 NY State Income Tax returns in 2014, 2013 and 2012.  It was my understanding that my CE requirement was 4 hours.  (Thanks to the NATP NY chapter for clarifying the 4 courses I had to take.)

Is my understanding of the requirements correct?

(Yes - I've left it to the last minute - but when I saw that they were having systems problems I thought my inability to complete the registration process was the problem they were trying to correct!)  Never assume.

Thanks,

Maureen Whelan

1/27/2016 11:24 AMNo
  
Picture Placeholder: Suzanne Meagher, EA
  • Suzanne Meagher, EA
01/22/2016 11:52 AM

​Hello

I have become concerned regarding email hacking and overall computer security.  I am looking for more than software, possibly a firm that could address issues/concerns.  Has anyone used a firm within the NYC metro area that they would recommend?

1/22/2016 11:52 AMNo
  
Picture Placeholder: Paul L Cellio
  • Paul L Cellio
11/9/2016 8:09 AM

​I recently participated in an Ultra Tax Annual Update Webinar Class and it was mentioned that NYS will not process an E-File return unless the taxpayer(s) enter a driver's license number or an ID card number.  I can not find anything further on this.  Is this true... Is it optional.  

Edward L Arcara, CPA1/16/2016 2:42 PMNo
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