Satty, Levine & Ciacco, CPAs, P.C.

SL&C Bright Ideas

Pension & IRA Distributions For 2009

As many of you are aware, the required minimum distributions from qualified plans and IRA accounts were waived for the year 2009 by the Worker, Retiree and Employer Recovery Act of 2008. The purpose of this waiver was to allow some time for the assets of these retirement plans to recover from the stock market collapse that we recently experienced. Unfortunately, due to the late enactment of this legislation, many taxpayers received distributions from their retirement plans during the current year that they would have waived if they had had the opportunity.

The IRS has now issued Notice 2009-82 which allows a participant who received qualified plan or IRA distributions during 2009 to “rollover” these distributions to a qualified plan or IRA up to November 30, 2009. The normal rollover rules require that a rollover be completed within 60 days of the receipt of the distribution but this Notice now allows a longer period of time within which to “correct” a 2009 distribution.

This new provision is designed to allow taxpayers who received distributions "inadvertently" to correct the situation for the current year. It also allows a taxpayer whose financial condition has improved during the year to accomplish some tax planning this year without penalty. The rules regarding IRA rollovers have not changed, however, meaning that taxpayers can rollover only one distribution from an IRA account each year.

If you should have any questions on this or any other tax planning opportunity, please call us. We are always available to assist you.

Services

At SL&C we offer a broad range of services to a variety of businesses and industries. Besides traditional accounting services, SL&C's industry teams not only have the credentials, but the experience to provide your Organization with the best service, consulting and advice. These services include the following:

Here at SL&C we provide compilations, reviews and audits. A compilation involves taking the financial information a company provides us and putting the data in the form of a financial statement. A review is more detailed than a compilation, but not as extensive as an audit. We perform a review of a company's financial statements using specific analytical and inquiry procedures.

An audit provides an independent analysis of a company's financial position. It determines whether a company's financial statements are fairly presented. To say the least, this can be a daunting task. We not only revel in the opportunity, but once an audit is completed, we will work with you to help improve your business, organization or government entity.

Services

Audits, compilations and reviews
Fraud detection and forensic services
Internal control analysis
Employee benefit and retirement plan audits
SAS and GASB audits
OMD Circular A-133 audits
Consolidated Fiscal Report audits
Internal audit services

As always, accounting services are the heart of a certified public accounting firm's practice. Our primary goals are to assist our clients in achieving their financial objectives and to add value through quality client service. The SL&C Tax Team is comprised of highly qualified professionals and are actively involved in all engagements to ensure that our clients receive the expertise they deserve.

Our clients receive sophisticated tax advice from our professionals who are accessible and committed to watching over your financial future. Our seasoned tax professionals have one goal in mind when working with clients - to help them minimize their tax liability, while keeping them in compliance with ever changing tax laws.

Services

Corporate, partnership & individual tax preparation
Stock option planning
Estate, trust & gift planning
International tax matters
Tax planning
Tax planning between you and related entities
Analysis of tax implications on investments

IRS representation

Offers in compromise

Advice relating to mergers & acquisitions, reorganizations & liquidations

SL&C's team of experts understand what it takes to manage a profitable business. We've successfully managed our own business since 1949.

Having consulted with scores of business owners and decision makers over the years, we will use that experience to help you with the issues impacting your company. We guide our clients through the tough decisions they must to make to remain competitive and profitable.

Our extensive financial background, along with our management skills, enables us to help you reach your financial objectives. Our primary goal is to enhance the wealth and value of our clients and community.

Services

Assistance with loan financing
Business plans & financial projections
Business valuations
Client advisory program
Employee benefits analysis
Executive compensation planning
Financial planning
Investment advisory
Litigation support
Management consulting
Mergers & acquisitions
Retirement & elder care planning
Risk management & insurance consulting
Strategic planning
Succession planning

At Satty, we have years of experience conducting pension plan audits. Our team of auditors are trained and versed in the latest ERISA, DOL and generally accepted auditing standards (GAAS) requirements. Typically, Federal law requires employee benefit plans with 100 or more participants to have an audit as part of their obligation to file an annual return/report (Form 5500 Series).

Whether you have passed the 100 participant threshold or you have received a letter from the Department of Labor, we can help you navigate through the specialized world of plan audits. We understand the unique areas of testing that the DOL expects to see accomplished. A quality audit enables you to carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year.

Services

SAS 70 Audits
Limited scope plan audits
Full scope plan audits
Defined benefit audits
Pension plan audits
Defined contribution audits
401(k) audits

Pivotal Planning Group is an affiliated company of Satty, Levine & Ciacco, CPAs. Throughout SL&C's sixty years of service, many clients have expressed concern with the level of their personal financial planning. In response to this concern, Satty created Pivotal Planning Group to serve its clients in the financial and estate planning area.

For additional information, please visit the Pivotal Planning Group website, or Contact us using our online form .

Making the decision to buy or sell a business is one of the most important decisions a business owner will ever make. Because of the far-reaching ramifications of that decision and the complexity of the merger and acquisition (M&A) process, it is important to have trusting and experienced advisors in your corner.

The merger and acquisition (M&A) professionals at Satty, Levine & Ciacco, CPAs, P.C. provide a comprehensive menu of services to the individual or business looking to buy, sell or merge. Over the years, our firm has guided many clients in a wide range of industries through the complex merger and acquisition process.

While each transaction is unique, our firm's capabilities include:

Developing and implementing the M&A strategy. This first-step includes an examination of your short- and long-term business and personal goals, as well as your overall business strategy.
Conducting a thorough and accurate valuation of your business, which could uncover hidden value in the company.
For the seller, finding a motivated buyer through our network of contacts and an analysis of the market in which you operate.
Managing negotiations.
Structuring and arranging financing to support the acquisition.
Providing and assisting in required due diligence.
Developing the most advantageous tax strategy for the buyer or seller.
Managing the deal process which can be lengthy, volatile and frustrating. It is our job to keep the process on track.
Assisting with the integration of the businesses.

Becoming a tax exempt organization is a long and drawn out process, but our experts simplify the process by filling out all the forms, handling IRS questions, assisting in the development of bylaws and the organization's mission. Satty, Levine & Ciacco have years of experience with non profit taxation and accounting, and have helped Not-for-Profits all over the country incorporate and obtain their IRS tax exempt status.

With our extensive knowledge and experience in forming Not-For-Profit corporations and assisting clients with the IRS Form 1023 for tax exempt classification, we can:

Review your organizational structure to ensure that it falls within the IRS guidelines for 501(c)(3) organizations, and if not, determine which subsection of 501(c) your organization should be classified as.

Prepare your Form 1023 application for IRS tax-exempt status.

File your articles of organization (if necessary)
Write or revise your organization’s bylaws
Write a strong narrative based on your organization’s vision and mission

Preparation of your organization’s financial projections or report.

Assist you in developing your volunteer and fundraising plans
Provide resources and consultation on nonprofit management and daily operations.

For more information regarding Not-for-Profit Incorporation or completion of advanced ruling 501(c)(3), Call Alice Walsh at (516) 338-9500 ext 142, or Contact us using our online form.