The Importance of a Written Investment Policy Statement

Joe Chorba A4497206

By Joseph Chorba, CPA

Community Trends March 2015 Issue 

The Importance of a Written Investment Policy Statement 

The stakes are getting higher! As associations continue to accumulate replacement reserve funds, the dollar impact of investment risks multiply. Combine this with a board entrusted with the fiscal management of such funds, and although they may not be trained or experienced in the business of investing and you can imagine the possibilities. Reducing the risk of error or economic loss given these circumstances, should be high priority to association board members.

Private Versus Public Clouds

Jeff Levy             Tom Hasard

By Jeffrey A. Levy, CPA, and Thomas Hasard

New Jersey CPA March / April 2015 Issue 

Private Versus Public Clouds 

When CPA firms evaluate going to the cloud, a glance at the horror stories of hackers and breaches of sensitive information can be all it takes to make those cotton puffs look more like dangerous storm clouds.

New Jersey Sales and Use Tax Considerations for Apartment Owners

Len Nitti  A496631                    Sefi Silverstein  A4497069

New Jersey Sales and Use Tax Considerations for Apartment Owners

by Len Nitti, CPA, MST and Sefi Silverstein, CPA

NJAA January / February 2015 Issue

An important aspect of managing an apartment complex is understanding the applicability of sales and use tax laws to purchases of services and tangible personal property. This article will focus on a number of common transactions by an apartment complex that are subject to sales and use tax.

The Taxation of Cloud Computing

Len Nitti  A496631

By Leonard J. Nitti, CPA

New Jersey CPA November / December 2014 Issue 

The Taxation of Cloud Computing 

As technology continues to rapidly improve and change, states struggle to keep up with how to tax new products and services. New technologies typically do not fit into a predefined product or service for which the states have provided guidance. One of these recent technological areas is cloud computing. The question of how cloud computing is taxed is a challenging one for businesses and practitioners, since there is no uniformity between the states on how to tax these items. This leads to potentially drastic differences from state to state.

Investments in People Propel CPA Firm

2014 NJBIZ Business Profile photo

Managing Shareholder Edward I. Guttenplan, CPA, CGMA, MBA, surrounded by Wilkin & Guttenplan’s Partner Group. From left, Michael LoVerde, CPA, CGMA; Karen A. Schirmacher, CPA, MST; Brian D. Geissler, CPA; Carol Donatiello Iocca, CPA; Annette Murray, CPA, CVA; William J. McDevitt, CPA, CVA; H. Edward Wilkin III, CPA; Vinay S. Navani, CPA, CGMA, MBA, MST; Sefi Silverstein, CPA; Jules C. Frankel, CPA, MBA; and Deborah A. Norwicke, CPA are featured in an article that originally appeared in the NJBIZ Business Profiles: Taking an Inside Look at Business in New Jersey magazine.


Investments in People Propel CPA Firm

One firm knew from the start that the best investment a business can make to ensure success is an investment in its people. Wilkin & Guttenplan P.C. built an entire accounting and consulting firm around that philosophy. Thirty years in, the firm’s leaders can confidently report that the approach works.

Generational Viewpoints: Xers and Millennials Together

The Two Youngest Generations Find Common Ground

    Len Nitti  A496631     Tom Pederson  A4497148     Kaitlin     

Len Nitti, CPA, MST; Thomas Pedersen, CPA; and Kaitlin Hodnicki, CPA; are featured in this article that appears in The Accounting Today Magazine

"This edition of Generational Viewpoints features four individuals from Wilkin & Guttenplan, an East Brunswick, N.J., firm with approximately 80 employees. We asked Generation X accountants Thomas Pedersen and Len Nitti, born in 1981 and 1974, and Millennial accountants Kaitlin Hodnicki and Elizabeth Perry, born in 1988 and 1989, the following: "How well do the Generation X and Millennial team members in your firm relate? What are the similarities and differences between your generations and how do they impact work?"

Published: July 2014


The Cooperator: Dollars & Sense

Shareholder Jules C. Frankel was featured in this article that originally appearedJules Frankel  A4496678 in The Cooperator Magazine.

"Even before the economic meltdown and the media storm swirling around the thievery of money men like Bernie Madoff, financial mismanagement and fraud have been destructive problems for many co-op and condo owners. A co-op or condo is a major investment and for many people – it is their largest investment."

Click here to read the full article.

Published: February 2014

The Cooperator: Letting it Slide...

Shareholder Jules C. Frankel was featured in this article that originally appearedJules Frankel  A4496678 in The Cooperator Magazine.

"It’s the same dilemma that single-family households across the U.S. are facing:  What bills need to be paid immediately and what bills can wait? And should we  stretch ourselves thin, taking more out of our bank accounts to pay for private  schools and that desperately needed vacation? Or should we cut back on  restaurants and renovations to put more into savings? The same goes for co-op  and condo buildings. While it may be tempting to delay payment on some bills,  or delay expenditures on maintenance or needed repairs, in the long run this  may end up costing far more than we ever realized."

Click here to read more.

Published: February 2013

The Economic Times: Missed to report a PFIC? Here's what Indian Americans can do

Shareholder Vinay S. Navani, CPA, MBA, MST Vinay 97984was featured in this article that originally appeared in The Economic Times.

(From "If you are an Indian American with investments in Indian mutual funds, the PFIC reporting is something you just cannot afford to miss. Foreign mutual funds in the US fall under the category of Passive Foreign Investment Company (PFIC) and must be reported on your income tax return in Form 8621. Form 8621 basically seeks to tax any notional, undistributed gains on your foreign mutual funds. This applies to US citizens, US residents as well as Green Card holders who have invested in foreign mutual funds."

Click here to read the full article.

The Star-Ledger: Delayed start to tax season no reward to early filers, accountants

Tax Manager Len Nitti was featured in this article that originally Len Nittiappeared in The Star-Ledger.

"For many early tax filers, that refund check is coming a little later this year.

It’s all thanks to the congressional wrangling over tax reform that kicked off 2013. Because of the last-minute compromise that led to the American Taxpayers Relief Act of 2012 – the law that kept the U.S. from falling off the so-called fiscal cliff in January – the Internal Revenue Service was forced to rush a number of unexpected fixes to its forms and internal systems to reflect the changes in tax code."

Click here to read the full article.

Community Trends: Hurricane Sandy Information for Condominiums, HOAs & Cooperatives

Shareholder Jules C. Frankel was featured in this article that originally appearedJules Frankel  A4496678 in Community Trends the Magazine of the Community Associations Institute.

First and foremost, all of us at Wilkin &Guttenplan want to express our sympathy and concern for all who have been impacted by Super Storm Sandy. Most of our team members were also affected by the storm, and many have been collecting items for donation and volunteering at shelters in order to aid in the recovery effort. We understand that only time can heal the wounds created by the storm, but working together we will come back, stronger than before.

Click here to read more. (Page 6)

Published: January 2013 


NJ Business Magazine: Employee Investments

Managing Shareholder, Edward Guttenplan, CPA, MBA, was featured in this Ed Guttenplan  A4496700article which originally appeared in NJ Business Magazine.

There are many things to consider when thinking about expanding your employee base. "You have to look at hiring from a long-term perspective, not short-term pressures." advises Ed Guttenplan, CPA, co-founder and managing shareholder at WIlkin & Guttenplan PC, East Brunswick. "Having a strategic plan for your company's growth will help you make the right staffing decisions."


The Star-Ledger: Fiscal Cliff Fix Won't Stop Jump in Social Security Tax

Len NittiTax Manager Len Nitti was featured in this article originally appeared in The Star-Ledger. 

The good news is that Congress's fiscal cliff fix keeps income tax rates from rising on the vast majority of Americans.

The bad news is that most Americans will end up paying higher federal taxes anyways.

That's because as part of the wrangling that produced Tuesday night's law to avoid both automatic tax increases and reductions in government spending, Congress also let expire a tax holiday for Social Security withholdings. For the past two years, most wage-earners have been paying only a 4.2 percent tax to Social Security. The new law does not extend that holiday, thus restoring the rate to 6.2 percent on wages up to $113,700.

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