Written by Helena Lynch | 15 February 2012

As a follow-up to the article in last month's newsletter regarding 2012 business tax provisions, below is the second article in our series which focuses on individual changes taking effect in 2012:

• Reduced alternative minimum tax (AMT) exemption amounts. Absent another AMT "patch," the AMT exemption amounts for tax years beginning after 2011 revert to the significantly lower "permanent" amounts of $33,750 for unmarried taxpayers, $45,000 for joint filers, and $22,500 for married filing separately.
• Reduced adoption credit. For 2012, the total expenses that may be taken as a credit for all tax years with respect to the adoption of a child by the taxpayer will be limited to $12,650 (down from $13,360 for 2011), and the credit for the adoption of a special-needs child will also be $12,650 (down from $13,360 for 2011). Furthermore, the adoption credit will no longer be refundable.
• No parity for exclusion from income for employer-provided mass transit and parking benefits. For 2012, unless Congress changes the rules, the exclusion for qualified parking rises from $230 to $240 due to an inflation adjustment, but falls from $230 to $125 for employer-provided transit and vanpooling benefits.

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Written by Smolin Lupin | 17 January 2012

There were recent changes made to the form 5500 that requires a separate filing of the form 8955-SSA for Plan administrator of plans subject to vesting standards of section 203 of ERISA. Your Third Party Administrator (TPA) should have prepared this form for you for filing. If you have not received this form you should either call your TPA or check your TPA's website for the prepared form. There is a filing due date of January 17, 2012.

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Written by Helena Lynch | 11 January 2012

There are many important tax changes taking effect in 2012, as well as some that took effect late last year and thus are "new." They are the result of tax legislation enacted in prior years, or are triggered by effective dates in regulations, rulings and other guidance, or will occur by default in 2012 in the absence of Congressional action. This article will be the first of three in a series regarding 2012 tax changes as follows: 2012 business tax changes, 2012 individual tax changes and 2011 expiring tax provisions.

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Written by Smolin Lupin | 15 December 2011

We'd like to introduce our latest hires who will help us better serve our clients beginning in December and January:

Susan Udasin joins the firm as a part-time manager. She has previously worked with Members of the Firm Phil Drudy and Ted Byer at a large regional accounting firm, and has also worked at both smaller and national firms. Udasin has a strong knowledge base in the medical industry where she has worked with many physicians and ambulatory surgical centers. She is a New York CPA and alumnus of SUNY Albany.

Michael O'Donnell will come on board with Smolin as an entry level accountant. He is a graduate of High Point University, NC.

Anthony Wrobel will be entering Smolin's intern program beginning in January while he continues his Master of Accountancy (MAcc) program at Rutgers University-Newark.

Raina Sabbia will be joining the Forensic/Litigation department under Manager Denise Klika. Sabbia will work out of both Smolin's Fairfield and Red Bank offices. Her primary responsibilities will be in Forensic/Litigation while also assisting with general staff accounting duties. Sabbia is a graduate of Wagner College, NY with a BS in Accounting and Minor Sociology/Anthropology.