November 2018 E-Newsletter



Eliot Lebenhart Quoted in The Cooperator

Eliot H. Lebenhart, a CPA and Partner with KVLSM LLP, was recently quoted in The Cooperator New York article "Capital Gains and Your Co-op or Condo."

To read the article, click here.


Time to Launch Your Tax Strategy
Consider conducting a final tax planning review now to see if you can still take actions to minimize your taxes this year. Here are some ideas to get you started.

Assess your income.
Begin by determining how your income this year will compare to last year.

Keys to Creating a Satisfying Retirement
You've done your retirement homework. Your assets are reviewed, you know your financial needs, and your retirement tax plan is in place. Are you ready to enjoy retirement? Probably, but not without a plan to address what happens to many after they retire — boredom.

Fraud? Negligence? Know the Difference!
Each year the IRS opens thousands of investigations looking for possible tax fraud. In 2017 alone, the Criminal Investigation (CI) arm of the IRS identified $2.5 billion in potential tax fraud with a 91.5 percent conviction rate. While the IRS takes tax fraud seriously, they also understand that mistakes happen.

Six Ideas to Help Your Business Survive AND Thrive
If you are like millions of taxpayers trying to make a living running a small business, you know it is tough out there. Here are six ideas to help your business survive and thrive.

1. Understand your cash flow.
One of the biggest causes of business failure is lack of positive cash flow.

Find Your Sleep Sweet Spot
We've all heard it before — sleep is important, and you probably aren't getting enough of it. But did you know that too much sleep can be just as harmful? The Mayo Clinic recommends the ideal sleep range at 7-9 hours per night for adults. According to the National Sleep Foundation, here are some tips to create your ideal night's sleep.

Hustling for Extra Income
Don't Forget the Taxman!

Conduct an online search of the phrase "side hustle" and you will find websites with countless ideas on how you can make some money on the side. The ideas range from carpet cleaning to podcasting. What a lot of these sites fail to inform you, is the tax implications that come from the additional income.


  • Income Tax Preparation for all types of businesses and individuals
  • IRS, State and Local Audit Representation
  • Trust, Estate and Gift Compliance
  • QuickBooks setup, support and training
  • Business startup services
  • Monthly bookkeeping
  • Financial statements
  • Family Office
  • Nonprofit Administration

Additional Updated Information

October 2018 E-Newsletter

September 2018 E-Newsletter

November 2018 Q & A

Q: The IRS informed me it's auditing my company. What should I do?

A: Your first step should involve talking to your accounting professional, who can offer advice that fits your situation. If you keep good records and receipts of expenses and income, the audit should go smoothly. It may involve nothing more than receiving a notice by mail and answering concerns by mail within 30 days. Be aware that the first notice of an audit happens only by mail, not by phone. In-person meetings, if required, may be held in your business, an IRS office or your accountant's office.

Q: Do the new tax laws give me more time to repay my 401(k) plan loan?

A: Yes, they do. A new provision that flew under the radar during the recent federal tax overhaul is one that changes the deadline for repaying a 401(k) loan. When a 401(k) loan term expires, often after five years, the IRS typically treats the unpaid loan amount as a distribution for tax purposes. Additionally, the deadline for paying these loans in full is only 60 days if you left the company. But for loans treated as distributions due to employment termination in 2018 and later, the repayment period is now the due date of your federal income tax return, including any extensions.



According to research released by the Federal Reserve Bank of New York this year, it pays to major in engineering. Practitioners in aerospace, chemical, computer and electrical engineering all earn a median of $100,000 or more mid-career. Mechanical engineers just missed, with a median income of $98,000. Pharmacy majors topped the list with a median income of $115,000. Biochemistry and physics majors had the highest percentage of graduate school degrees at 71% and 70.6%, respectively.


Compensation costs for private industry workers increased 2.9% in the year ending June 2018. Over the same period, wages and salaries increased 2.9% and benefits costs increased 2.8%. Employment costs have risen steadily during the past two years.


The Producer Price Index (PPI) increased 3.3% for the 12 months ending July 2018. The PPI measures the average change over time in the prices received by domestic producers, or wholesalers, for their output. Movement in this indicator could prove an early sign of increasing (or falling) consumer prices.


A Gallup Poll shows the lowest rate of smoking (16%) since the question was first asked in a 1944 poll, when smoking rates were in the 40%-and-higher range. This drop is not only good health news but also good financial news for individuals who buy and companies that offer health insurance, as smoking is one of the leading causes of runaway healthcare costs.

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