Events

U.S. Tax Issues for U.S. Resident and Nonresident Aliens and U.S. Citizens Working Abroad

Our tenth annual complimentary breakfast program will be held on Thursday, November 18, 2010 at the University Club in NYC. Details to follow.

News

Salibello & Broder Presented Annual High Net Worth Tax Seminar on May 20, 2010

NEW YORK (June 1, 2010) - In response to this year's shifting tax landscape, Salibello & Broder LLP (S&B) presented crucial tax planning strategies for high net worth individuals at the firm's sixth annual breakfast seminar, "Tax and Wealth Planning Challenges for High Net Worth Individuals in 2010," on Thursday, May 20 at The University Club.

The Salibello & Broder team completed the firm's sixth annual March of Dimes March for Babies Walk on Sunday, April 25, 2010.

The walk raised money to support programs and research to prevent premature births, "the most serious prenatal health problem in our nation," according to the March of Dimes. According to the March of Dimes, in 2006, 1 in 8 babies were born preterm in New York and the number is increasing.

Our Los Angeles office is moving!

Salibello & Broder is pleased to announce that beginning March 1, 2010, our new Los Angeles office will be located at:

6300 Wilshire Boulevard
Los Angeles, CA 90048

Joseph A. Capparelli has joined the firm as an Assurance Partner. Joseph was formerly a Partner at Ernst & Young LLP where he specialized in all aspects of audit and business advisory services to both public and private middle market companies. He led E&Y's Northeast Practice's Entrepreneur of the Year program that recognized and rewarded successful entrepreneurs for their contributions to the Northeast business sector.

NEW YORK (November 18, 2009) - Salibello & Broder (S&B) presented its ninth annual breakfast seminar entitled "U.S. Tax Issues for Resident and Nonresident Aliens and U.S. Citizens Working Abroad" on Tuesday, 8:00 a.m. at Japan Society in New York City to a crowd of more than 100 people. Presenting was Ross Rizzo, Partner and Director of Tax at S&B along with colleagues Dan Zeman, Partner, and Jim Wetzold, Senior Manager. Patrice Morrison, Partner from Nixon Peabody LLP and leader of the Nixon Peabody Immigration team spoke on relevant immigration issues.

Salibello & Broder continues to reach out to its clients and friends in the digital world by joining Twitter. Our user name is SB_CPA. Our Twitter page will feature our weekly tax tips, tax alerts, Take a Minute stories and other articles of interest.

NEW YORK - Standing in a room before 200 delegates representing 90 independent accounting firms from around the world, Sal Salibello, managing partner of Salibello & Broder, kicked off BKR International's Annual Worldwide Meeting at the Waldorf Astoria in New York City on Monday.

Salibello & Broder Presents Ninth International Tax Seminar

NEW YORK (August 25, 2009) - Salibello & Broder (S&B) will present its ninth annual breakfast seminar entitled "U.S. Tax Issues for Resident and Nonresident Aliens and U.S. Citizens Working Abroad" on Tuesday, November 17, 2009, 8:00 a.m. at Japan Society in New York City. Ross Rizzo, Partner and Director of Tax at S&B will speak along with colleagues Dan Zeman, Partner, and Jim Wetzold, Senior Manager. Also speaking will be Patrice Morrison, Partner from Nixon Peabody LLP. Ms. Morrison is the leader of the Nixon Peabody Immigration team.

The Year-End Tax Planning Guides for 2009 are Now Available

The 2009 Year-End Tax Planning guide is now available for download. To request a hard copy, please use the "Subscribe to Our E-mail Services" link located above this story.

July 21, 2009

Report from Salibello & Broder's Employee Benefits Exchange, in partnership with Herbert L. Jamison

Ensuring your Employees’ Retirement Plans are 401 “O(k)”

June 23, 2009

Salibello & Broder's second roundtable discussion of 2009 focuses on common plan operational issues, Form 5500 - Schedule Changes, Plan Governance, FAS 157 and Recordkeeping Considerations for 401(k) plans.

May 21, 2009

Financial, human resources and benefits professionals attended a roundtable discussion on 403(b) plans presented by Tony Calabrese, Gary Broder and the Employee Benefits Group of Salibello & Broder LLP today.

May 21, 2009

Almost 200 people filled room to hear the tax experts of Salibello & Broder LLP (S&B) discuss this year's stimulus bill and strategies to cope with the Madoff scandal as the firm held its fifth annual Tax and Estate Planning Issues for High Net Worth Individuals on Tuesday, May 19, 2009 at the University Club in New York City.

Sal Salibello elected to the Board of Directors of the Italy-America Chamber of Commerce

NEW YORK - Sal Salibello, Managing Partner of Salibello & Broder LLP, has been elected to the Board of Directors of the Italy-America Chamber of Commerce.

The kiddie tax: A basic review

Got college-bound kids? Then you might have questions about the kiddie tax, since these federal rules can apply to the unearned income of full-time students up to age 24.

Follow IRA withdrawal rules

"You put your money in, and you take your money out." Unfortunately, the rules for taking withdrawals from your IRA are not as simple as those for performing the classic children's dance.

Homebuyer tax credit extension

If you signed a contract before May 1 to buy a home, but have been unable to close the deal, you still have time to apply for the homebuyer tax credit. The deadline for finalizing the paperwork on your new home has been extended through September 30, 2010.

Collectibles face special tax rules

Thinking of selling part of your memorabilia collection or investing in an exchange traded gold fund? While these items are generally considered capital assets, tax rules can differ from those that apply to other investments.

Rental property tax rules are complicated

Whether you're an intentional landlord or an accidental one, you may have questions about how to report rental income and expenses. That's understandable. The rules are complex. Even the IRS admits it, saying errors related to rental real estate activities contribute to what's called the "tax gap," a measure of tax law compliance.

Payroll tax update

As the second calendar quarter of the year winds down, a business owner's thoughts turn to... payroll tax.

Here are three changes to keep in mind as you complete this summer's payroll reports.

Don't overlook the Roth five-year holding requirement

The new, less restrictive rules in effect this year for Roth conversions may have you pondering whether now's a good time to convert your traditional IRA funds to a Roth IRA. While your decision involves many factors, one wrinkle to consider is the five-year holding period for converted assets.

Can you qualify for the small business health insurance credit?

Graphics, videos, and four million postcards from the IRS. The small business tax credit that you might qualify for when you provide health insurance coverage to your employees has gotten a lot of publicity.

Military tax breaks are available

National Military Appreciation Month trivia question: How many military tax benefits can you name?

Here's an overview of three.

Do you need to file an FBAR?

Remember the FBAR!

No, it's not a reminder for law school students or a rallying call for a historical event. FBAR is the acronym for the Report of Foreign Bank and Financial Accounts, a form you have to file each year by June 30 if you have an interest in a foreign bank or brokerage account.

Roth IRA conversion: Act now, pay later?

Are you thinking of converting your traditional IRA, SEP IRA, SIMPLE IRA, or other qualifying retirement plan to a Roth IRA this year?

Depending on your tax bracket and financial situation, acting in 2010 could be a good idea. One reason: For conversions made this year, a change in the law provides a one-time "act now, pay later" option.

Start your 2010 planning with your 2009 tax return

Have you been too busy to start this year's income tax planning? Would having an already completed reference guide help?

If so, pull your just finalized federal income tax return from the stack of to-be-filed paperwork. The forms offer valuable insight into your finances.

Don't ignore employer penalty notices

So, did you reconcile your payroll reports for 2008? If not, you may want to check your figures.

Here's why: April is the month the IRS and the Social Security Administration (SSA) begin to match the payroll information reported on prior year quarterly and annual employment reports, and to generate notices based on discrepancies.

The HIRE Act offers tax breaks for hiring

Are you thinking of hiring new employees, or rehiring previously laid-off workers? You may qualify for a payroll exemption as well as a business credit under the newly enacted Hiring Incentives to Restore Employment Act (HIRE Act).

Here are details.

Direct deposit: Should you buy savings bonds?

Everything old is new again.

Forty years ago, you could choose to have your federal tax refund sent to you in the form of U.S. savings bonds. That option, among others, is once again available on your 2009 return.

The Patient Protection and Affordable Care Act reforms health care

April 7, 2010

The recently signed health care legislation has an official name, but you probably think of it simply as health care reform. And now that it's law, you may be wondering what tax changes are in store.

Here's a recap of some rules included in the two health care bills that will affect your individual and business tax returns.

Can you take a home office deduction?

March 29, 2010

Can you take a home office deduction?

As you celebrate "National Organize Your Home Office Day" in March, you might discover a tax break under the clutter: the home office deduction. The deduction is available when you use part of your home regularly and exclusively as your primary place of business, or for meeting clients.

Deducting interest expense: What you need to know

March 23, 2010

Where does your interest lie? If interest you paid during 2009 rests in a tax-deductible category - or sprawls across several of them - you may be able to reduce your tax bill.

Did you receive Form 1099-C?

March 1, 2010

What is that mystery form?

If you borrowed money that your lender says you no longer have to repay, you may have received a tax information statement you've never seen before. Form 1099-C, which lenders send to you and to the IRS, shows the amount of the cancelled debt - an amount that may be taxable income to you.

Or maybe not, depending on the type of debt cancelled.

Missing a W-2?

February 23, 2010

Accept no substitute.

Fortunately, you can forget that slogan when events like natural disasters or bankruptcies cause your employer to neglect issuing your W-2. The IRS will accept a substitute in situations that leave you unable to obtain year-end wage statements.

Who has to file an income tax return?

February 16, 2010

Your father asks if it's true people over age 70 no longer need to send in tax forms. Your workout buddy wonders whether everybody has to file, even when no tax is due. Your college freshman wants to know if she'll need to prepare a return for 2009 since she's a full-time student and you'll be claiming her as a dependent.

Taxes are the topic of conversation this time of year and questions like these are common. So who does have to file a federal income tax return?

New law allows early deduction for Haiti relief donations

February 8, 2010

A law signed by President Obama on January 22 lets you take an early tax deduction for contributions you make for earthquake relief to Haiti. And if you use your cell phone to donate via a text message, the new law gives you an easier method for substantiating your contribution.

The dependency exemption: What you need to know

February 2, 2010

Who depends on you? When the people counting on you for support are qualifying children or relatives, you may be eligible for a dependency exemption of $3,650 on your 2009 federal income tax return.

Not sure who meets the definition? Consider these tips.

What's your status?

January 26, 2010

While gathering information to complete your income tax return, you may give little thought to your filing status. But there's a reason "filing status" choices appear at the beginning of tax forms: They're important.

Why? Because filing status can impact exemptions, reportable income, deductions, credits, tax rates, liability, the type of form you file, and whether you need to file at all. In addition, some states require that you use the status reported on your federal return, which can affect the amount of state tax you pay.

Here are facts to consider when determining filing status.

Payroll - A 2010 employer update

January 19, 2010

When it comes to employment tax, 2010 is a year when many things change - and much remains the same.

Here's an overview of what's new and what's not.

Review payroll reporting for 2009

January 13, 2010

Would you be ready if your business was one of the 6,000 companies expected to be randomly chosen for employment tax audits beginning this February?

As you wrap up 2009 payroll reporting, taking time to review your policies and procedures can save headaches down the road.

Here are tips.

What to expect on your 2009 return

January 5, 2010

So what's new? If the question is about your 2009 federal income tax return, the IRS has been ready with the answer since June, when a draft copy of this year's Form 1040 was released.

Check these vehicle tax breaks for 2009

December 27, 2009

Did you contribute to the popularity of the "Cash for Clunkers" program or the recently announced profitability of a major car company? If so, keep the paperwork for your new vehicle handy. You might be eligible for deductions on your 2009 federal income tax return.

Know the rules for backup withholding

December 23, 2009

As you organize your payroll records for year-end processing, it's a good time to make sure you're complying with backup withholding rules. These rules come into play when you make payments such as rents, commissions, or fees to businesses or individuals who have not supplied you with a valid taxpayer identification number (TIN).

Tax issues come with gifting stock

December 17, 2009

Unless you're giving gift cards, you probably remove the price tags from presents you buy for others. But there's at least one situation when admitting how much you paid is not a social faux pas: when you give stock. In that case, telling the recipient what you paid for the investment, its current worth, and how much gift tax you paid on the transfer can save tax dollars down the road.

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Events

Links

News

Salibello & Broder Presented Annual High Net Worth Tax Seminar on May 20, 2010

Salibello & Broder Participates in the Walk to Save Babies

New Location for our Los Angeles Office

S&B Welcomes New Partner

Salibello & Broder Presents Ninth International Tax Seminar

Follow Salibello & Broder on Twitter!

Salibello & Broder participates as host firm for BKR’s 2009 Worldwide Meeting

Salibello & Broder Presents Ninth International Tax Seminar

The Year-End Tax Planning Guides for 2009 are Now Available

Current Developments and Cost Containment Strategies Impacting Non-Profits’ Health and Retirement Programs

Ensuring your Employees’ Retirement Plans are 401 “O(k)”

Salibello & Broder hosts roundtable discussion to shed light on new 403(b) Plan Requirements

Nearly 200 people attend Salibello & Broder’s Fifth Annual High Net Worth Seminar

Sal Salibello elected to the Board of Directors of the Italy-America Chamber of Commerce

Articles of Interests

The kiddie tax: A basic review

Follow IRA withdrawal rules

Homebuyer tax credit extension

Collectibles face special tax rules

Rental property tax rules are complicated

Payroll tax update

Don't overlook the Roth five-year holding requirement

Can you qualify for the small business health insurance credit?

Military tax breaks are available

Do you need to file an FBAR?

Roth IRA conversion: Act now, pay later?

Start your 2010 planning with your 2009 tax return

Don't ignore employer penalty notices

The HIRE Act offers tax breaks for hiring

Direct deposit: Should you buy savings bonds?

The Patient Protection and Affordable Care Act reforms health care

Can you take a home office deduction?

Deducting interest expense: What you need to know

Did you receive Form 1099-C?

Missing a W-2?

Who has to file an income tax return?

New law allows early deduction for Haiti relief donations

The dependency exemption: What you need to know

What's your status?

Payroll - A 2010 employer update

Review payroll reporting for 2009

What to expect on your 2009 return

Check these vehicle tax breaks for 2009

Know the rules for backup withholding

Tax issues come with gifting stock

Want these tips sent by e-mail?