Stuart G. Lang, CPA, P.C. Certified Public Accountants Baldwin Long Island New York

News - Stuart G. Lang, CPA, P.C. is a Certified Public Accounting (CPA) firm located in Baldwin, Long Island, New York, servicing all parts of the New York Tri-State area offering accounting; auditing; business formation; business projections; business valuations; estate planning; IRS representation; litigation support services; management consulting; mergers and acquisitions; probate administration; tax planning; tax preparation; peer review services to accounting firms; coop and condominium accounting; not for profit organizations including churches; governmental accounting including school districts.

‘Reasonable’ bonus upheld by court of appeals
The Court of Appeals for the 7th Circuit has handed closely held corporations a major victory on the issue of deducting compensation paid to shareholder-employees. In the case of Menard, Inc. v. Commissioner (No. 08-2125, 7th Cir. 3/10/09, rev'g T.C. Memo 2005-3), the appeals court overturned a contrary decision rendered by the United States Tax Court and allowed a deduction for more than $17 million paid as a bonus to the CEO and controlling shareholder of a home improvement retailer.

Let the government help you go green with new tax credits
The American Recovery and Reinvestment Act of 2009 provides a number of energy incentives for individual taxpayers.

Tax breaks may ease the pain of job hunting
As the current recession lumbers through its second year, the unemployment rate continues to climb. Apart from other considerations, if your company finds that it must lay off employees, you may want to soften the blow by informing these employees that the first $2,400 of their unemployment benefits in 2009 is not taxable. It also may be a good idea to review some of the tax breaks that are available to those who find themselves in the job market – for whatever reason.

Moving for a new job? Don’t overlook tax deductions
If you anticipate laying off employees, arm them with the knowledge they need to diminish the financial setback. They should know that, if a new job requires them to move, they may be entitled to a moving expense deduction. This tax deduction is available even to non-itemizers.

The technical information here is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.