Members in the News
Barry Kleiman (Manhattan/Bronx)
Smart End-of-Year Tax Moves For Clients
Financial Advisor Magazine
September 12, 2017
The last quarter is a good time to fine-tune clients’ tax situations before the year runs out. Though the U.S. tax code has relatively few breaks expiring at the end of 2017, looming tax legislation reinforces the importance of some fundamentals of tax planning, advisors say. “One basic principle of tax planning is to defer income and accelerate deductions,” says Barry Kleiman, CPA at Untracht Early in Florham Park, N.J. “This holds true even more in today’s environment given the proposals to reduce individual income tax rates and eliminate or cap certain itemized deductions.”
David Lifson (Manhattan/Bronx)
Art Collectors, Pay Your Taxes
Wall Street Journal
September 11, 2017
States are cracking down on art collectors who aren’t paying taxes owed on their purchases. States don’t release details about investigations into evasion of taxes on art purchases. But according to lawyers representing defendants in such cases, state attorneys general and revenue departments around the country have stepped up their investigations and prosecutions for failure to pay sales and use taxes on art purchases.
Scott Adair (Rochester)
Federal Reserve and your interest rates
WROC Rochester First
September 11, 2017
CPA Scott Adair discussed the Federal Reserve and the impact it has on interest rates Monday during News 8 at Sunrise. "The Federal Reserve is the central back of the United States," Adair explained. "Effectively, it's comprised of a Board of Governors and twelve regional independent banks. When I say independent, I mean independent from the U.S. government, but also attached to our enabled body, from that perspective." The primary function of the Federal Reserve is setting or establishing interest rates that we are all impacted by when we borrow money. "They buy and sell federally-backed securities," said Adair.