October 2019 E-Newsletter



How to Spot Financial Abuse by Anthony Viola
One of the most difficult roles we serve as accountants, is to "mediate" financial matters as it relates to spouses, partners, and other emotionally tied relationships. While the safe and the correct way to handle such matters is to just tell the truth and to give our honest assessments of the situation at hand, we also have a responsibility to bring compassion and understanding into our presentation in delivering the truth.

All too often, as we have seen over the years, one side of the relationship is contributing financially to the household, while the other is either contributing little in the way of dollars, or not at all. This, in of itself, does not create the problems that relationships may face.

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New Overtime Rule Raises Salary Cut-Off to $35,568
Employees who make less than $35,568 are now eligible for overtime pay under a final rule issued today by the U.S. Department of Labor (DOL). The new rate will take effect Jan. 1, 2020.

Get Ready For Small Business Saturday
5 Surprising Taxable Items
While Black Friday – the day after Thanksgiving – has become one of the biggest sales events of the year for the largest retailers, small business owners look forward to Small Business Saturday – the next day - as one of their busiest days.

Select the Right Health Insurance for Your Business
If you have employees, you know how important health insurance is for your benefits package. It also takes a big bite out of your budget. Selecting the right insurance for your company is extremely important for employee retention and maintaining your bottom line.

Surviving A Bear Market
In the wake of a record stock market, the last thing most investors think of is a coming bear market. Expect one, though, because history shows that what goes up almost always comes down. The steps you take now will determine how well you survive the next bear market.


  • 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

September 2019 E-Newsletter

August 2019 E-Newsletter

October 2019 Q & A

Q: I own a small business, but I'm required to give my personal social security number when I apply for business credit. Do I need to know my business credit score, too?

A: It can't hurt. Many small business owners receive credit based primarily on their personal credit strength, but building a business credit rating can help some firms grow. Dun & Bradstreet is a primary source of business credit reports, which other companies often seek to determine the creditworthiness of future business partners and their ability to pay their bills. Creditors can also decide lending rates for your business with this report, while insurance companies may use it to figure premiums.

Q: Last year I paid the Alternative Minimum Tax (AMT) and I wonder how I might avoid paying it again for 2019. I heard there are a few things I can do.

A: There are. For starters, make sure you itemize on your tax return. Then, increase qualified retirement contributions up to the maximum your plan or account allows. Consider increasing contributions to a Health Savings Account (HSA) and qualified charities, too. Talk to your tax professional to learn other ways to save and, for that matter, whether you even have to pay the AMT in light of generous new limits.



Running a business can be expensive, but costs have remained stable, despite almost full employment in the workplace. Compensation costs for civilian workers increased 2.8% for the 12-month period ended March 2019, compared with a compensation cost increase of 2.7% during the previous year. Wages and salaries increased 2.9% during the latest period, up from 2.7% the year before, while benefit costs rose 2.6%. Wages comprised 70% of total costs, with benefit costs making up the rest.


While compensation costs were tame, the 2019 second quarter increase of 3.7% year over year for full-time wage and salary workers indicates business costs could be rising. This increase was more than double the coinciding inflation increase (see next Item). The median weekly earnings during this time were $908. Broken down, that was $1,000 for men and $814 for women, or 81.4% of what men earn, indicating more room for progress.


Inflation remains tame, according to the Bureau of Labor Statistics. The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.6% for the year ending June 2019. Prices for all items, less food and energy, rose 2.1% during this time, while food prices increased 1.9%. The good news was that energy prices fell 3.4% over the last 12 months.


The U.S. Bureau of Labor Statistics reported 164,000 new nonfarm jobs in July, with unemployment remaining unchanged at 3.7%. The Bureau added that job growth occurred in the professional and technical services, health care, social assistance, and financial activities sectors.

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