Category: Firm Updates

Important Update Regarding the Corporate Transparency Act (CTA)

Dear Valued Clients,

Re: Important Update Regarding the Corporate Transparency Act (CTA)

I hope this letter finds you well. At KVLSM LLP, we value the trust and partnership we have built with our clients over the years, and we are committed to keeping you informed about important developments that may affect your business. Today, we would like to bring your attention to the upcoming implementation of the Corporate Transparency Act (CTA) and its potential impact on your operations.

The Corporate Transparency Act, which was passed by Congress in 2021 represents a significant change in the regulatory landscape for businesses across the United States. The primary goal of the CTA is to enhance corporate transparency and combat financial crimes, such as money laundering and the financing of terrorism. To achieve these objectives, the CTA introduces new reporting requirements that will apply to ALMOST ALL businesses, beginning in 2024.

 

Here are some key aspects of the CTA that you should be aware of:

  1. Reporting Beneficial Ownership: Under the CTA, certain businesses will be required to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This information includes details about individuals who own or control the company, helping to prevent the use of anonymous shell companies for illicit purposes.

 

  1. Applicability: The CTA applies to a wide range of business entities, including corporations, limited liability companies (LLCs) including single member LLC’s, and other similar entities. The specific reporting requirements and exemptions may vary depending on your business’s size, structure, and activities.

 

  1. Privacy and Security: We understand that privacy and data security are paramount concerns for our clients. Rest assured that we are committed to safeguarding your sensitive information and ensuring compliance with all relevant data protection regulations.

 

  1. Information required to be reported:

Information for the Entity:

    1. Legal name and Trade name or DBA
    2. Address
    3. Jurisdiction formed in
    4. Federal ID Number

 

Information needed for all the Beneficial Owners (and/or controlling individuals):

    1. Name
    2. Address
    3. Birthdate
    4. Percentage of beneficial ownership
    5. Identifying Number from a Driver’s License or other approved document
    6. Image of that document that the number is from (e)

 

  1. If you form a Corporation, S-Corporation, Partnership, or Limited Liability Company (LLC) (either Multi-member or Single-Member LLC) at any time in 2024 OR if you change the ownership of an existing entity listed above, or if there is a change to the personal information of any beneficial owner (name, address or ownership %), you will have a filing due to FINCEN within 90 days of the date of that change.

 

At KVLSM LLP, we are actively monitoring developments related to the CTA and working to ensure that our clients are aware of this new regulatory filing requirement.  Currently, the exact filing procedures are not yet finalized.

As the implementation of the CTA progresses, we will continue to provide you with updates, guidance, and resources to help you remain in compliance and minimize any potential disruptions to your business operations.

Thank you for entrusting KVLSM LLP with your business needs. We value our relationship with our clients and remain dedicated to helping you succeed in this evolving regulatory landscape.

Sincerely,

KVLSM LLP

Anthony Viola from KVLSM and Other Tax Experts Give Advice to Self-Employed Workers

Anthony Viola of KVLSM and other tax experts spoke to Newsday about “gig economy” workers, self-employed workers, and other independent contractors. Among the most important tips is reminding self-employed workers that they have taxes they need to pay on top of regular income taxes, and they need to be wary of their tax burden. You also need to be wary of tax write-offs, and making sure you know what you can really take off as business expenses.

You can read the article here.

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. Prior to the move, the firm was located at 125 Jericho Turnpike in Jericho.

KVLSM LLP is a full-service accounting firm on Long Island with a staff of professionals available to guide its clients through every facet of business and personal tax processing. The firm provides the highest level of professionalism and guidance across many industries, including fashion, entertainment, restaurant, automotive, technology and retail business, for both large- and small-sized corporations. The firm’s services include, but are not limited to, financial statement preparation, audit services, mergers and acquisitions, estate and trust consulting, tax preparation, IRS representation, cash flow and budget analysis, financial and retirement planning, and CFO services. The firm will be headed by four former partners with Katz Viola Lebenhart Mauro, LLP and three former partners with Lipner, Sofferman & Co., LLP. All partners are members of the American Institute of CPAs and the New York State Society of Certified Public Accountants.

Michael D. Katz, CPA, ATA, the Managing Partner at KVLSM (formerly Katz Viola Lebenhart Mauro, LLP), is responsible for managing the day-to-day operations of the firm and overseeing all of the staff. He has over 25 years of experience in the accounting industry. His expertise is in small business and personal income taxation, business consulting, tax analyses and planning, audit representation and new business startups. His clients work in various businesses, including bakeries, restaurants, medical professionals, contractors, investment advisors, information technology consulting, jewelry, property managers, real estate investors, telecommunications firms and personnel agencies.

Eliot H. Lebenhart, CPA, worked at various CPA firms that provided tax services to the sports and entertainment industries. In 1983, he formed his own firm, Eliot H. Lebenhart, CPA, PC in Plainview, New York, which concentrated in the fields of fashion modeling, entertainment, and sports. He later developed a practice in the medical field, along with a diversified clientele. In 2014, he merged his firm with Sanders Thaler Viola & Katz, which became Katz Viola Lebenhart Mauro, LLP in November 2017.

Jay Lipner, CPA, has more than 30 years of experience in the accounting industry. His areas of expertise include automotive, amusement parks, stockbrokers and other industries, and specializes in taxation, business consulting, payroll and sales tax and business formation. He has a Bachelor of Arts degree from the University of Maryland and a Master of Business Administration degree from Adelphi University.

Kenneth E. Lipner, CPA, is a third-generation CPA with over 30 years of audit and tax experience. He has an extensive background in the areas of real estate, estates and trusts, not-for-profits, and automotive accounting. He also works extensively with condo and co-op boards, restaurants, car washes, wholesale diamond and jewelry manufacturers, attorneys and doctors. He holds CPA licenses in New York, Florida, and Virginia.

Robert J. Mauro, CPA, joined Sanders Thaler Viola & Katz, LLP in 2013. In November 2017, he became a partner and the firm changed its name to Katz Viola Lebenhart & Mauro, LLP. His areas of expertise include audits, reviews, compilations, cash flow analysis, budgeting, internal controls, accounting software and tax planning.

Randy Sofferman, CPA, was one of the Founding Partners of Lipner, Sofferman & Co., LLP and is proficient in all facets of taxation and estate planning, specializing in the automotive, stock brokerage, and real estate industries. He has been frequently asked to consult with other CPA firms, attorneys, and automotive dealers on a wide variety of topics, including management advisory services, litigation support, information technology, buy/sell, and all areas of taxation. In working with stockbrokers, he is recognized by the Financial Industry Regulatory Authority as a Resolution Arbitrator.

Anthony J. Viola, CPA, has over 35 years of experience in the accounting industry. Although he is proficient in all facets of taxation and estate planning, his passion lies in tax planning and business consulting. He has spoken before Fortune 500 executives on the tax ramifications of stock options and at seminars for the New York State Society of Certified Public Accountants.

Last year, Katz Viola Lebenhart Mauro, LLP was formed as part of its rebranding effort, being formerly known as Sanders Thaler Viola & Katz, LLP. In 2014, Sanders Thaler merged in the practice of Eliot H. Lebenhart, CPA, PC in Plainview, allowing the firm to expand its practice areas by providing tax, accounting and business management services to the medical, sports, and entertainment industries.

“It is wonderful to have two accounting firms become one entity and service a wide variety of industries like never before,” Mr. Viola said. “This merger will also allow us to expand our services to a growing, more diverse clientele. It is wonderful to see these two firms come together and continue to provide an exceptional level of service for our clients.”

The new phone number is (516) 294-0400. For more information, visit our new website, www.kvlsmcpa.com.

Skip to content