In This Issue
Firm News:
Merger of Two Accounting Firms Results in the Formation of KVLSM LLP
CPA News:
Raise Capital For Business
Living Together After 50
When You Need Care
Going it Alone Individual-Business
Overcoming Disability Business
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Additional Updated Information
July 2018 Newsletter
June 2018 Newsletter
August 2018 Q & A

Q: I am going back to school for an advanced degree. Can I deduct the costs for continuing education?

A: Unfortunately, the deduction for work-related education was among a series of deductions eliminated after the Tax Cuts and Jobs Act of 2017 was enacted, so you can no longer deduct the costs of continuing education. To help defray costs, you might look into tax-advantaged savings vehicles like the Coverdell Education Savings Account (income limits apply) or a 529 plan. Also find out if your employer reimburses qualified education expenses. They're typically tax-deductible to the business, but all or a part may be taxable to the employee receiving them.

Q: I own a restaurant and recently served an unruly customer, who then trashed my food and service on social media. How do I prevent this comment from hurting my restaurant's reputation?

A: With online ratings websites and social media ever-present, many retail businesses depend on good reviews to increase sales. Many of these sites allow owners to respond to reviews. The best way to deal with a bad one is head-on. Acknowledge the bad review, apologize if warranted and consider offering a discount for a return visit. But don't fight fire with fire. Your more satisfied customers and potential new ones will recognize your efforts.

Merger of Two Accounting Firms Results in the Formation of KVLSM LLP

Katz Viola Lebenhart & Mauro, LLP and Lipner, Sofferman & Co., LLP have announced that they have merged to form KVLSM LLP. Lipner, Sofferman & Co., LLP relocated to 415 Crossways Park Drive, Suite C in Woodbury on December 1, 2017.

Raise Capital For Business

No matter how long you've been in business, there may come a time when you need to find the capital to fund growth, modernize equipment, increase your marketing dollars or make up for unanticipated cash flow challenges.

Living Together After 50

According to the Pew Research Center, the number of U.S. adults living with a partner continues to rise. While half of the approximately 18 million cohabitants are younger than age 35, almost one in four was age 50 or older.

When You Need Care

As America ages, more people are confronting the challenges of finding and paying for adequate long term care. Baby Boomers, in particular, face this challenge on two fronts as they care for aging parents while considering their own potential future care.

Going it Alone Individual-Business

A one-participant 401(k) plan, often known as a solo or self-directed 401(k), is generally a good retirement plan option for solo entrepreneurs. Although this plan typically has the same requirements as any 401(k) plan, providers may offer solo retirement programs that are less complex and more cost-friendly.

Overcoming Disability Business

If you are a small business owner and have a partner, you may have agreements about what will happen to business ownership should one of you die or voluntarily leave. A buy-sell agreement should address these events and should also include the possibility of an owner's major disability.

Short Bits

Identity theft is a growing problem and clearing up the damage done by it can be costly and time-consuming. At least the Federal Trade Commission (FTC) and IRS now offer some help expediting matters, if thieves use your tax identification number. Report the theft online at IdentityTheft.gov to file IRS Form 14039. And don't forget to work with your tax professional, who can provide you with personal assistance.

The Bureau of Labor Statistics reports that between July 2016 and June 2017, consumers spent 3.9% more than they did the year before. Cash contributions and education expenses were the two double-digit increases during this time period.

Hurricane season is now entering its peak, which is as good a time as any to review some disaster readiness tips offered by the IRS. Among the tips: Update your emergency plans, create electronic copies of key documents, and photograph or videotape valuables. If you're an employer, make sure your payroll provider has a fiduciary bond to protect you in case it is impacted and plan how employees will be paid if you're affected.

Gallup's annual Economy and Personal Finance poll shows that two-thirds of Americans think home prices will rise. The poll, conducted in April 2018, finds more optimism in the West and the least in the East. The 64% who believe prices will increase is the highest since the real estate bubble burst a decade ago.

To learn more about KVLSM LLP,
visit www.kvlsmcpa.com.

415 Crossways Park Drive • Suite C • Woodbury, New York 11797 • (516) 294-0400

© 2018 KVLSM LLP - Certified Public Accountants and Advisors - New York

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