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Important 2014 Second Quarter Federal Tax Developments

By |Friday, July 18, 2014

 

During the second quarter of 2014, there were many important federal tax developments. This letter highlights some of the more significant developments for you. As always, contact our office if you have any questions.
Tax legislation
Tax legislation continued to move forward in the House during the second quarter of 2014 but appeared to stall in the Senate. The House passed bills to make permanent the research tax credit, Code Sec. 179 enhanced small business expensing, and some tax incentives for S corporations. However, the Obama administration expressed its opposition to the House bills because they were not offset and would […]

Where did Social Security numbers come from?

By |Tuesday, March 25, 2014

Social Security numbers: Most people in the U.S. have them, considering you need them for so many things. Kids need them so their parents can claim them as dependents for tax reasons, you need one to apply for a job, and they’re necessary for collecting many government benefits. If you’ve applied for a credit card or loan, you’ve entered it on your application. Because it’s tied to some of the most important, sensitive data about you, a Social Security number itself is incredibly delicate information, which is why you need to be cautious about whom you give it to.

Why […]

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    Governor Cuomo Announces Initial Results of Tax Scofflaw Driver License Suspension Initiative

Governor Cuomo Announces Initial Results of Tax Scofflaw Driver License Suspension Initiative

By |Tuesday, March 25, 2014

Licenses of nearly 9,000 tax evaders suspended; $56 million collected exceeds projections by 34 percent

Albany, NY (March 17, 2014)

Governor Andrew M. Cuomo today announced that 8,900 New Yorkers had their driver licenses suspended for failing to pay taxes they owe the State. The crackdown is the result of legislation signed into law last year aimed at encouraging individuals who owe more than $10,000 in back taxes to settle their bills with the Tax Department.

“We are sending a clear message to tax delinquents that they either have to pay the taxes they owe, or face real consequences,” said Governor Cuomo. […]

The worst U.S. states to die in

By |Wednesday, March 5, 2014

With the current relatively generous federal estate tax exemption of $5.25 million for 2013 and $5.34 million for 2014, you surely don’t have any estate tax worries. Right? Not necessarily! It turns out that 19 states and the District of Columbia impose their own estate and/or inheritance taxes, and most of them have exemptions well below the federal amount. If you live in one of these places, your estate might be exempt from the federal estate tax but still exposed to a significant state death tax hit. Yikes! Here’s what you need to know.
14 states and D.C. have their […]

Nassau County loses tax case against local governments

By |Tuesday, February 18, 2014

New York State’s highest court, the Court of Appeals, ruled today against Nassau County in the case of “Baldwin Union Free School District, et al., v. County of Nassau”.  In a unanimous decision, the high court upheld a 2013 ruling by the Appellate Division and struck down Nassau County’s 2010 Local Law 18, dubbed “The Common Sense Act“, declaring it “unconstitutional, invalid, unenforceable and void”.  Nassau County’s Local Law 18 would have shifted the payment of tax certiorari judgments from the County to local governments, including school districts and special districts.  Nassau County will have to look to the […]

America’s Quirkiest Tax Laws

By |Tuesday, February 18, 2014

Consumer tax season officially kicked off last Friday when the IRS began accepting individual returns for processing. Though my posts are generally focused on corporate tax issues, the looming personal tax deadline got me thinking about the current tax situation for individuals and just how confusing it can be for a single person – let alone a multinational corporation – to file their taxes accurately each year. One of the benefits of working in a large company is that I have access to lots of interesting data and information from our internal teams. With the individual tax return deadline […]

William J. Oterson, CPA has been promoted to Supervisor

By |Friday, February 7, 2014

William J. Oterson, CPA, of Holbrook has been promoted to Supervisor at Cullen & Danowski, LLP. He is a member of the audit team and specializes in governmental and not-for-profit audits.  William is a graduate of St. Joseph’s College and holds a BBA in accounting.

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    William P. Watkins, CPA has been promoted to Senior Accountant

William P. Watkins, CPA has been promoted to Senior Accountant

By |Friday, February 7, 2014

William P. Watkins, CPA, of Manorville has been promoted to Senior Accountant at Cullen & Danowski, LLP. He is a member of the tax team.  William received his MBA in accounting at St. Joseph’s College.

Raul E. Perez, III, CPA has been promoted to Supervisor

By |Friday, February 7, 2014

Raul E. Perez, III, CPA, of Patchogue has been promoted to Supervisor at Cullen & Danowski, LLP. He received his BBA from Dowling College.  Raul is an avid outdoorsman who is involved with various charitable events each year including a solo 116 mile hike in 2012 in which he raised money for 3 charities.

Thomas J. Mager has been promoted to Senior Accountant

By |Friday, February 7, 2014

Thomas J. Mager of Rocky Point has been promoted to Senior Accountant at Cullen & Danowski, LLP.  He is a member of the municipal accounting team. He received his MBA, in accounting, from Sacred Heart University.  Thomas is also an adjunct professor of accounting at Stony Brook University.