Schunk, Wilson and Company CPA's PC
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General Information
Locality: Buffalo, New York
Phone: +1 716-839-4900
Address: 701 Seneca St, Ste 604 14210 Buffalo, NY, US
Website: SWCCPAS.COM
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As we approach the final two months of the year, we would like to remind everyone that has to take a required minimum distribution from a retirement plan to withdraw their required amounts before the end of the year. Failure to withdraw these amounts on time can result in penalties and increased taxes in the year when the funds are finally distributed. If you would like to discuss the required minimum distributions from your retirement accounts, please call your tax professional at Schunk, Wilson & Company.
The Treasury Department recently released the 2018 limits for retirement plans. Elective deferral limits have increased to $18,500 for all, but the catch-up limit for those age 50 or older remains at $6,000. The overall defined contribution plan limit increased to $55,000. SIMPLE retirement account limits are unchanged for 2018, with a regular contribution limit of $12,500 and a catch-up limited to $3,000. The deferral of taxes on the appreciation of the funds held in these accounts is a key item in your overall retirement plan. Please call your professional at Schunk, Wilson & Company to discuss how these accounts can fit into your retirement plan.
In a policy change for 2017 tax returns, the IRS has announced that they will reject or refuse to process any tax returns that do not address the health care coverage requirements of the Affordable Care Act. All returns must indicate that all individuals listed on the tax return either had health insurance, qualified for an exemption, or the shared responsibility penalty has been calculated.
Schunk, Wilson & Company would like to wish a warm welcome to the two newest additions to our staff: Andrew Dole and Nicholas Young. We wish them the best as they start their journey in the accounting field.
New York has recently released some additional information on the Paid Family Leave program that officially starts in 2018: 1) Benefits received will be taxable non-wage income 2) Taxes will not be automatically withheld but employees can request voluntary tax withholding from benefits... 3) Premiums will be deducted from employees on an after-tax basis 4) Employee contributions will be reported as state disability insurance taxes withheld on employee W-2s 5) Benefits received will be reported to employees on a Form 1099
On the timely note of casualty losses, whether by flood, tornado, or any other uninsured property damage, a tax deduction may be available. An itemized deduction is available to the extent that your loss exceed 10% of your adjusted gross income. The most important thing to receive this deduction is documentation of the loss. The more documentation that you have at the time of the loss to prove that there was a loss and the amount of the loss, the better it is for your claim. Please call us at 716-839-4900 to discuss your specific issues.
For those who have or are thinking about splitting time between a high tax state like NY and a lower state tax for reduced taxation, be aware that high tax states are aggressive when it comes to determining whether or not you are a resident of the state. Short of leaving and never looking back, you will need the facts and appearances to be convincing that you are not a resident of the high tax state. Your accounting professionals at Schunk, Wilson & Company are here to discuss your residency concerns. Please call us at 716-839-4900 to discuss your specific issues.
Since we are at the middle of the year, it is a good time to assess where your income and tax planning compares to your goals. Are you significantly ahead or behind your planned income? Are you selling all or a portion of your business? Your accounting professionals at Schunk, Wilson & Company are here to advise and assist you. Please call us at 716-839-4900 to discuss your specific needs.
Schunk, Wilson & Company welcomes Christopher Norcia, who has joined us as a part of our summer internship program. We wish him well for an educational and fun summer.
New York’s Paid Family Leave Benefits Law is effective beginning January 1, 2018. It will provide paid family leave benefits through the state’s existing Disability Benefits Law. Benefits will be funded exclusively through employee payroll deductions. These deductions may start as early as July 1, 2017 to lessen the employer financial burden since many disability policies are paid in advance.
Do you have unrealized losses in your investment accounts? It may be time to consider selling those losing investments with a tax-loss harvesting strategy. One caveat, you cannot sell shares to lock in a loss with the intention of buying them back right away. The IRS "wash sale rule bars claiming losses if investors buy the same or a substantially identical investment within 30 days of the sale. Please call your tax advisors at Schunk, Wilson & Company at 716-839-4900, if you wish to discuss your planning.
With everyone concerned about the rapidly rising cost of health insurance, one of the ways to keep your current costs down is to combine a high deductible health insurance plan with a health savings account (HSA). The HSA contributions may be tax deductible and the distributions are not taxable as long as the distributions are used to pay medical expenses. If you want to discuss your possible benefit of a health savings account, please contact us at 716-839-4900.
Many states, including New York, are increasing their audit focus in the area of abandoned property. Abandoned property is any property held after a dormancy period that legally belongs to another. The most common abandoned property items are items you might not even consider such as uncashed payroll checks, uncashed accounts payable checks, and gift certificates. The audits result in a liability that is 100% of the value of the abandoned property plus interest and penalties. If you want to discuss your potential exposure to an abandoned property audit, please contact us at 716-839-4900.
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