mar.apr.13 nysscpa suffolk newsletter layout 1
TRANSCRIPT
NYSSCPASUFFOLKSUFFOLK Chapter NewsChapter News Vol. 42 No. 7 • Mar./Apr. 2013
President’s Message
BBy now I’m sure you are all wellinto your busy season and longingfor the sunny and warm days ofSpring. On that note, pleasemake sure you mark yourcalendars for the some of theupcoming biggest and best socialevents of the year, delivered toyou by the Suffolk Chapter.
The Annual Spring NassauSuffolk Joint Chapter meeting,hosted by the Cooperation withthe Bankers and Credit GrantorsCommittee, is scheduled forMarch 21 at the Crest HollowCountry Club. Please make sureyou register in advance for thisone night break during the busyseason. This event provides aforum for you to interact withcontacts in the banking andfinancial community as well asyour CPA friends and colleagues.
The Annual Banker/CPA GolfOuting is scheduled for May 13 inBay Shore. Please find theenclosed registration flyer (page14). This event provides a much-needed relaxing day for ourmembers to have some fun,mixed with business. It has been
a great event for manyyears and we would liketo make this year’sevent the biggest andbest ever.
Don’t miss the AnnualMembership Eventscheduled for May 23 atIsland Hills Golf Club.Please save the date and registerin advance for this event. Detailson page 16. There is no cost tomembers and you will have theopportunity to network with yourfellow CPAs and find out how theChapter can benefit you in yourpractice and your career.
Please take the time to add some(or all!) of the events, listed onpage 11, to your calendar. Wehave over 3,000 members inthe Suffolk Chapter and oursuccess depends upon servingyour needs – with meaningful,relevant, and timely events thatare well attended. As always, ifthe Society can be of anyassistance to you please feel freeto contact me at any time [email protected].
Mark Cirelli
Within this issue...2 Special offers from the Suffolk
Chapter
3 Congrats! Nominating Committee Report
4-5 Successor Liability: Let the Buyer of Corporate Assets Beware
6-7 2012 Toys for Tots Campaign:After the Storm – A Rainbow
8 NYSSCPA/Newsday Tax Panel
9-10 Committee Reports
11 Calendar of Events
22 Contacting Us
23 Fun & Games
24 Time for YOU to Get Involved– Mark A. Cirelli
NYSSCPASUFFOLK
2.
PRESIDENTMark A. Cirelli, CPA/PFS, CFPPRESIDENT-ELECTLawrence Lucarelli, CPAVICE PRESIDENTElizabeth A. Vuozzo, CPATREASURERFelix Russo, CPASECRETARYBrian Michels, CPAIMMEDIATE PAST PRESIDENTHarold Deiters, CPA/ABV, CFEEXECUTIVE BOARDJerome Hehir,CPAThomas S. Pirro, CPAMelissa Portelli, CPAPasquale Rafanelli, CPAJoel Schleifer, CPAAmanda Sexton, CPA, CFESTATE SOCIETY DIRECTORREPRESENTING SUFFOLKJohn Shillingsford, CPAGOVERNMENTAL RELATIONS KEY PERSONSKenneth R. Cerini, CPAGerald M. Flynn Jr., CPAGeorge T. Foundotos, CPAJames F. Preston, CPAJoel Schleifer, CPA
COMMITTEE CHAIRPERSONSAccounting & AuditingPaul Becht, CPAMichael T. Joy, CPA
Cooperation with AttorneysPasquale Rafanelli, CPA
Cooperation with Bankers & Other Credit GrantorsJames LaRocca, CPAPaul Bella, CPA
Cooperation with Educational InstitutionsMelissa Portelli, CPAVeronia Valdez, CPA
Construction Contractors &Real EstateKarl Janhsen, CPAIra Kantor, CPA
CPEPamela Hannwacker, CPA
Emerging TechnologiesMichael Muzzy, CPA
Employee BenefitsMara Citrin, CPATina Isbitsky, CPAFelicia Paura, CPA
Estate/Financial PlanningMark A. Cirelli, CPA/PFS, CFPSeymour Goldberg, CPA, MBA, JD
General TaxationKenneth B. Laks, CPAElizabeth A. Vuozzo, CPA
Golf OutingJohn C. DeFalco, CPARobert T. Quarté, CPA
Management of an Accounting PracticeJohn Shillingsford, CPABob Quarté, CPA
Members in IndustryColleen Cappelli, CPA
MembershipMark A. Cirelli, CPA/PFS, CFP
NominatingPaul Becht, CPA
Not-For-Profit & GovernmentAccounting & AuditingKenneth R. Cerini, CPAJoel Schleifer, CPA
Public RelationsMark A. Cirelli, CPA/PFS, CFP
Small BusinessLawrence Lucarelli, CPA
SponsorshipPaul Becht, CPAJohn Shillingsford, CPA
Young CPAsJohn Hermus, CPAAmanda Sexton, CPA, CFE
Special Offers from the Suffolk Chapter
2012-13 SUBSCRIPTION PLANBecome a subscriber and save as much as $300 on meetings! Thetremendously discounted price of $99 covers the following chapter meetings:
September 2012 Banker/CPA EventOctober 2012 Student NightOctober 2012 Town Hall Meeting/Ethics panelNovember 2012 To Be DeterminedMarch 2013 Banker/CPA Event May 2013 To Be Determined
Act now to get the full savings! Contact the Suffolk Chapter Treasurer:Felix Russo, (631) 724-7900, [email protected]
SPONSORSHIP PROGRAMHere’s your chance to make the most of your membership! Sponsor one of ourevents and get in front of colleagues, referral sources, and potential clients.
Step One: Choose an event.• golf outings• networking events• technical workshops
Step Two: Become a sponsor. At a cost of $1,000 you receive:• recognition in the Suffolk Chapter newsletter• logo/recognition in all event flyers• opportunity to speak at the event• booth or table display space
To take advantage of this great offer, contact one of our Sponsorship Chairs:Paul Becht: (631) 719-3224; [email protected] Shillingsford: (631) 434-9500; [email protected]
Firm: ____________________________________________Address: __________________________________________City, State, Zip: ____________________________________Telephone: ________________________________________E-mail: _________________________________________# of Subscriptions: ____________ (Can be used by any member of the firm)
Please make checks payable to NYSSCPA Suffolk Chapter and mail to:
Felix Russo, CPACharles A. Barragato & Co., LLP9 Brooksite DriveSmithtown, NY 11787
March/April 2013
NYSSCPA 3.
SUFFOLK
Congratulations!Report of the 2012-13 Nominating Committee
NOMINATING COMMITTEE:Chairman: Harold L. Deiters III, CPA/ABV/CFF, CFE, CFFA Committee Members: Arnold Haskell, CPA
Robert Quarté, CPAAlternate: Ken Cerini, CPA
The Nominating Committee is proud to announce the Slate for the 2013-2014 Year:
OFFICERS:President-Elect Elizabeth A. Vuozzo, CPAVice President Felix Russo, CPATreasurer Brian Michels, CPASecretary Amanda Sexton, CPA, CFE
DIRECTORS:John Hermus, CPA Two Year Term Ending 5/31/15Thomas S. Pirro, CPA Two Year Term Ending 5/31/15Pasquale Rafanelli, CPA, CFE Two Year Term Ending 5/31/15
The following are automatically selected:Past President Mark A. Cirelli, CPA/PFS, CFPPresident Lawrence C. Lucarelli, CPA
The election of the officers will take place at theJoint Chapter Meeting to be held on March 21, 2013 at the
Crest Hollow Country Club, Woodbury, NY
March/April 2013
NYSSCPA 4.
As the economy continues its downwardspiral, more and more companies are facedwith increased liabilities that they simplycannot pay. When faced with thispredicament, a majority of these companieswill consider the more common options ofdeveloping payment plans with creditors orfiling for bankruptcy protection. However,certain companies may believe that they canescape their financial obligations by simplyconveying their assets to a newly-formedcompany owned by the same shareholdersand employing the same personnel, whileleaving the liabilities behind in a judgmentproof shell. However, this strategy may runafoul of New York law.
Both New York law and common lawsupport the general rule that a corporationthat purchases the assets of anothercorporation is generally not liable for theseller’s liabilities. However, this general ruleis subject to certain well-defined exceptions.Within the context of these exceptions, courtshave held that the buyer of a corporation’sassets will be liable as its successor if: (1) itexpressly or impliedly assumed thepredecessor’s liability; (2) there was aconsolidation or merger of seller andpurchaser; (3) the purchasing corporationwas a mere continuation of the sellingcorporation; or (4) the transaction is enteredinto fraudulently to escape obligations.
To the extent that a creditor can establishany one of the above exceptions, it is likelythat a court will enforce against the successorcompany the obligations owed to that creditorby the predecessor company. A briefdiscussion of each exception is set forthbelow.
1. Express or Implied Assumption ofPredecessor’s Liability
Perhaps the least litigated of the fourexceptions to the general rule againstsuccessor liability is the express or impliedassumption of predecessor liability.
As might be expected, a purchasingcorporation that expressly agrees to assumethe liabilities of a selling corporation will beheld responsible for the seller’s liabilities.Indeed, a cursory analysis of the underlyingasset purchase agreement (the operativedocument that memorializes the transfer ofcorporate assets) will often identify theexistence of such an express agreement.However, this exception is less apparent insituations where there is no expressagreement for the assumption of liabilities,but the purchasing corporation voluntarilypays certain debts of the selling corporation.In certain circumstances such payments,coupled with the existence of other externalfactors, can serve as a basis for a creditor toargue that the voluntary assumption of somedebts by the purchasing corporation obligatesthe purchasing corporation to compensatecreditors for all debts of the sellingcorporation.
To determine whether an impliedassumption of liabilities has occurred, theacquirer must manifest an intent to pay thedebts of the selling business. This requires acase-by-case analysis of the facts andcircumstances of the transaction.Importantly, the fact that a buying corporationhas paid certain debts of the sellingcorporation on a voluntary basis is not,standing alone, grounds to find an impliedassumption of liability. However, voluntary
SUFFOLK
Successor Liability: Let the Buyer ofCorporate Assets Beware
Stuart Gordon, Matthew Spero, and Michael Cannata; Rivkin Radler LLP
(continued on next page)
March/April 2013
NYSSCPA 5.
debt payments coupled with admissions onthe part of a buying corporation that itassumed liability for the predecessors’ debtmay yield a different result. The impact onthe creditors of the selling corporation is alsofactored into the analysis.
2. Consolidation or Merger The law treats the de facto merger as a
traditional consolidation or merger and willhold the successor corporation responsible forthe predecessor corporation’s liabilities.
Courts conduct an analysis of fourindependent factors to determine whetherbusinesses have engaged in a de factomerger. Under common law, the fourhallmarks of a de facto merger are: (1)continuity of ownership; (2) cessation ofordinary business and dissolution of theacquired corporation as soon as possible; (3)assumption by the purchaser of the liabilitiesordinarily necessary for the uninterruptedcontinuation of the business of the acquiredcorporation; and (4) continuity ofmanagement, personnel, physical location,assets, and general business operation.
Although the establishment of the firstcriterion is essential to a finding of a de factomerger, the court will balance each of theremaining factors before determining whethera de facto merger has taken place.
3. Mere Continuation of the SellingCorporation
The mere continuation exception seeks toaddress successor liability within the contextof a corporate reorganization. To that end,successor liability will attach to the acquiringcompany if it is no more than a merecontinuation of the selling company and thefocus of the transaction is simply to effect acorporate reorganization. As stated by onecourt, “[t]he mere continuation exception
refers to a continuation of the sellingcorporation in a different form, and notmerely to a continuation of the seller'sbusiness. It applies where a purported assetsale is in effect a form of corporatereorganization.” In determining whether thepurchasing corporation is a mere continuationof the selling corporation, courts look toseveral factors including: (1) a commonidentity of directors; (2) a common identity ofstockholders; and (3) whether only onecorporation exists at the conclusion of thetransaction. A finding of successor liability islikely where the selling corporation ceases toexist after the transaction, as this is indicativeof a corporate reorganization.
4. Fraudulent TransactionA successor company will be responsible
for the obligations of the predecessorcompany if a court determines that thetransaction was entered into fraudulently inorder for the predecessor to escape certainliabilities. To determine whether successorliability attaches under this exception, courtsanalyze certain “badges of fraud,” whichinclude: 1) a close relationship among theparties to the transaction; 2) a secret andhasty transfer not in the usual course ofbusiness; 3) inadequacy of consideration; 4)the transferor's knowledge of the creditor'sclaim and the transferor's inability to pay it;5) the use of dummies or fictitious parties;and 6) retention of control of the property bythe transferor after the conveyance.
ConclusionBusinesses must carefully consider their
course of conduct if they find themselves insituations where they are encumbered byliabilities that they simply cannot afford topay. Acquiring companies must be mindful ofthe fact that any conduct that is perceived tobe an attempt to defraud creditors will bescrutinized.
SUFFOLK
Successor Liability (continued from previous page)
March/April 2013
NYSSCPA 6.
2012 Toys for Tots Campaign:After the Storm – A RainbowThe entire Northeast region wasdevastated by the affects of HurricaneSandy. So many of us were affected in amultitude of ways that changed our livesforever.
They say that after every storm, there isa beautiful rainbow. Well, theoutpouring of generosity that wasdemonstrated by this past toy collectionis certainly evidence that this saying istrue. We are proud to once again havethe largest pick up in Suffolk County!
On Friday, December 14, approximately20 members of the United StatesMarine Corps Reserves from Amityvilledescended upon the offices of Sheehanand Company CPA, PC in Brightwaterswith a tractor trailer as they had in pastyears. Over the years, the Marines havechanged their method of pick up as thecollection has grown in epic proportions.Years ago they arrived with a five-tontruck, then added rented vans, then a 7-ton truck, and now they come fullyprepared with a tractor trailer.
The NYSSCPA Toys for Tots program hasgrown tremendously over the years.What began as a grassroots effort by theSuffolk Chapter Young CPA’s Committeein 1995 with ten member firmsparticipating, has grown to encompassdrop off sites in Nassau, Queens,
Brooklyn and Manhattan in addition toSuffolk with over one hundred boxes.
As always, one of the key factors thatcontributed to the success of the 2012Toys for Tots campaign was the supportprovided by Sheehan & Company, CPA,PC, member firms, local businesses, allbranches of The First National Bank ofLong Island, several branches of ValleyNational Bank, C.W. Post AccountingSociety, and several client offices thatparticipated in the drive. We werepleased to have members of the LongIsland Railroad join our efforts this yearas well.
This year we were extremely fortunate tohave so many volunteers to the program,it is impossible to name them all withoutmissing someone. Volunteers wereneeded to obtain boxes from grocerystores, assemble and wrap the boxes,distribute and pick the boxes up fromthe many locations, coordinate thecollection efforts at each location, shopfor toys, and arrange the collection forthe Marines.
Several volunteers enlisted the efforts oftheir children this year and educatedthem on how to help those that are lessfortunate.
SUFFOLK
Continued on next page
March/April 2013
NYSSCPA 7.
SUFFOLK
Over the course of the past 65 years(1947 – 2012), the Marines havedistributed nearly a half a billion toys toclose to 250 million needy children andthe NYSSCPA-Suffolk Chapter has beenan important part of the Long Islandcollection for the past 17 years. Forseveral years, Marine Toys for Tots
Foundation was ranked in the Chronicleof Philanthropy’s “Philanthropy 400.”
The committee extends their sincereappreciation to the following firms, localbusinesses and their employees andcustomers for helping make a differencethis holiday season for underprivilegedchildren on Long Island:
2012 Toys for Tots Campaign
Albrecht, Viggiano, Zureck & Company, P.CAnthony Dushaj Esq.Armao, Costa & Ricciardi CPAs PCBDO SeidmanC.W. Post Accounting Society-Beta Alpha PsiCastellano, Korenberg & Co., CPA’sCastle Financial Advisors, LLCCerini and AssociatesCharles Barragato & CompanyCovati and Janhsen, CPA’s PCC-Tech CollectionsCullen & Danowski, LLPDara’s ChocolatesDeTolla & DeTolla DDS, LLPDr. SeymourFairfield PropertiesFirst National Bank of Long IslandForest Hills Financial GroupFrendolph ConstructionFuoco Group LLPGaseteriaGiambalvo, Giammarese, & Stalzer CPA, PCGrassi & Co., CPAs, P.C. GTJ REIT, Inc.GuildnetHoltz Rubenstein Reminick LLPIGA – Fort SalongaIsrealoff Trattner & Co. PCJH CohnJohnson & Meyer, CPAs, LLPKids First Pediatrics
Knights of Columbus - SmithtownLambda Phi Sorority – St. John’s UniversityLighthouse 444 LPLong Island Arrhythmia AssociatesLong Island RailroadMargolin, Winer & Evens LLPMoomjian & Waite, LLPNew York Spine and Brain SurgeryOwen Petersen & Co. LLPPhillip J Palladino CPA PCRobert J. Eckhardt & Co., P.C.Sabino & McIntyre CPA, PCSatty Levine & Ciacco CPA, PCSchwartz & Co, CPASheehan & Company, CPA, P.C. SITAStony Brook University Medical CenterStorage AmericaSuffolk County District Attorney’s OfficeSuffolk OphthalmologySynergy Gym - MassapequaTD BankTopiderm, Inc.Toys R Us – Bay ShoreTutor Time – SmithtownValley National BankWeiserMazars, LLPWestbury PartnersWild Maney & CameraWoodhaven Nursing Home
(continued from previous page)
March/April 2013
NYSSCPASUFFOLK
8.
NYSSCPA/Newsday Tax PanelIn February, Rob Busweiler from the NYSSCPA recruited volunteers for a free taxhelp panel in conjunction with Newsday. NYSSCPA volunteers answered taxquestions via a live web chat from Long Island residents and business owners.Similar programs run throughout the state during busy season, and this is thesecond year our chapter has participated.
Newsday hosted the live web chat and people logged on and asked their taxquestions. The volunteer CPAs took turns answering the questions that werebeing submitted. Newsday had a tech support person in the room to make sureeverything went smoothly.
The panel took place at Newsday's office in Melville on February 25 and 26.The first session focused on personal tax questions, and the second sessionfocused on small business tax questions. Over the course of the two days thestate society answered about 130 tax queries for Long Island residents.
You will be able to see many of the questions and answers from both days in afollow up story that is expected to run in the Sunday, March 10 business sectionof Newsday. Last year this story took up two full pages, so hopefully there willbe another good story this year.
Thank you to all the volunteers from both the Suffolk and Nassau Chapters ofthe NYSSCPA.
March/April 2013
NYSSCPASUFFOLK
9.
Catching Up With...Our tax update on January 17, “The Fiscal Cliff and Your Company,” wassponsored by and held at Empire National Bank in Ronkonkoma. The session
was well attended and all appreciated the insights of John M. SpatolaCPA/ABV/CFF, CVA, CFE, ATP of Nawrocki Smith, LLP.
We also had a meeting on February 21 at Valley National Bank (whoalso sponsored the event). The speakers, Matt Spero, Esq. and Stuart
Gordon, Esq. of Rivkin Radler, informed the group about bankruptcy basics.Some comments were: “Very clear and informative” and “the speakers did anexcellent job.”
We hope to see you at our next event, Thursday, March 21 at Valley NationalBank in Huntington Station. Topic: Why PCI Compliance? PCI & IRS 6050WCompliance. Details on page 12.
Members inMembers inIndustryIndustry
March/April 2013
We are proud to report that on Friday, January 18, the NYSSCPA's Nassau andSuffolk Chapter Taxation Committees held their first joint conference. The
NYSSCPA statewide Personal Financial Planning Committee also joined infor part of this seminar via webinar from the NYSSCPA offices inManhattan and by conference call from other locations. This seminaraddressed extremely relevant topics in the current tax climate.
Robert S. Barnett CPA Esq. of Capell, Barnett, Matalon & Schoenfeld LLP,presented “Casualty Losses,” which so many attendees found to be informativeand helpful for their clients in our area.
And Robert L. Goldfarb CPA of Schoenfeld , Mendelsohn, Goldfarb LLPpresented on the “American Taxpayer Relief Act of 2012.” Mr. Goldfarbelaborated on the new act, which so many of us were anxiously anticipating.
The conference proved to be a great success thanks to our remarkable speakersand the participation of our members.
Taxation Taxation
NYSSCPASUFFOLK
10.
Catching Up With...
March/April 2013
On January 10, the Suffolk Young CPAs Committee brought back itsNetworking and Casino Night. The event was held at the Smithtown Sheraton
and gave attendees a fun environment to network with other professionalsfrom a variety of backgrounds. Long Island Casino & Poker was on handwith blackjack, craps, and roulette and made sure everyone had a greattime. Originally scheduled for early November, this event wasrescheduled due to the aftermath of Hurricane Sandy - we were happy to
see everyone make the new date! The event had 51 attendees.
The Committee sends a special thank you to Capital One for sponsoring thisfun night!
The Young CPAs Committee provides a forum to assist younger members inthe Society in becoming acclimated to the NYSSCPA and allows them to learnhow to plan and organize events, develop their public speaking skills,establish a network among their peers, and participate in community service.Traditionally, the committee hosts three annual networking events, which areattended by CPAs, bankers, attorneys and other professionals. We support anannual Toys-for-Tots campaign and a Treats for Troops Drive to benefit U.S.soldiers. And, through our work with the Cooperation with EducationalInstitutions, our committee provides opportunities for members to reach out tocollege and high school students during student nights and high school visits.
For more information regarding our upcoming events or to join the YoungCPAs Committee, please contact co-chairs John Hermus,[email protected] or Amanda Sexton, [email protected].
Young Young CPAsCPAs
NYSSCPASUFFOLK
11.
Mark Your Calendar...MARCH 21, 2013 Members in Industry Committeemeeting: PCI & IRS 6050WCompliance. Details on page 12.
MARCH 21, 2013 Cooperation with Bankers andOther Credit Grantors Committeemeeting. Joint Nassau/SuffolkNetworking. Details on page 13.
APRIL 18, 2013 Meeting of the Young CPAsCommittee. At 8 a.m. at theParadise Diner. More info:[email protected]
MAY 13, 2013 Banker/CPA Golf Outing. Detailson page 14.
MAY 21, 2013 Banker/CPA Panel Discussion:I Need a Loan. Now What? Detailson page 15.
MAY 23, 2013 Annual Membership Event. Detailson page 16.
JUNE 6, 2013 Employee Benefits Committeemeeting: Auditing 401(k) Plans –Basic (8 CPE). Details on page17.
JUNE 17, 2013 Employee Benefits Committeemeeting: Auditing 401(k) Plans –Advanced (8 CPE)
JUNE 21, 2013 Long Island Ducks Outing & Picnic.Details on page 18.
AUGUST 8, 2013 Joint Suffolk/Nassau NYSSCPAYoung CPA committee meeting:Super-Sized Networking Night.Details on page 19.
SEPTEMBER 26, 2013 Young Professionals Golf Classic.Details on page 20.
NOVEMBER 14, 2013 Technical Event with the YoungCPAs of the Suffolk and NassauChapters. Details on page 21.
For up-to-the-minute chapter activities, visit
www.nysscpa.org/leadership/listing.cfm?ID=130&App=150
Committee Chairs!Make sure to get allfuture meeting datesto Elizabeth A. Vuozzoat [email protected]
March/April 2013
12.NYSSCPASUFFOLK
PCI Compliance...
Why PCI Compliance? Why PCI Compliance? PCI & IRS 6050W CompliancePCI & IRS 6050W Compliance
Thursday, March 21, 20138:00 – 9:45 a.m.(registration at 7:45 a.m.)
at Valley National Bank580 Jericho Turnpike, Huntington Station
Free to members | Light breakfast will be served
Speakers:Speakers:Andy Rosenberg, First DataDavid Stein, Eisner Amper
March/April 2013
The Members in Industry Committeeinvites you
RSVP:RSVP:to
Savina Indelicato [email protected]
or (631) 979-0700
2 CPE Credits Course Code: 29090321
The Payment Card Industry (PCI) Data Security Standard is a set ofrequirements designed to ensure that ALL companies that process, store
or transmit credit card information maintain a secure environment.
13.NYSSCPASUFFOLK
Networking with Bankers...
Please make checks payable to NYSSCPA Nassau Chapter and mail to:
Neal Korenberg, CPACastellano, Korenberg & Co., CPA’s, P.C.313 W. Old Country Road, Ste. 1Hicksville, New York 11801(516) [email protected]
Please attach a list of names/business cards if paying for more than one attendee:
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: ________________________________________
I am a member of the Nassau Suffolk Chapter Subscription Program (check not enclosed).
The Cooperation with Bankers and Other Credit Grantors Committeeinvites you to the
Annual Spring Joint Nassau/Suffolk Chapter Meeting:Annual Spring Joint Nassau/Suffolk Chapter Meeting:
An Evening of NetworkingAn Evening of Networking
Thursday, March 21, 2013Crest Hollow Country Club • Woodbury, NY
6:00 – 8:30 p.m.Networking, cocktails, buffet dinner
$60 in advance | $70 at the door (not pre-registered)
RSVP REQUIRED by March 14, 2013
Open to all NYSSCPA members, bankers, and other professionals
Featured Speaker:Featured Speaker:State Senator Jack Martins
March/April 2013
14.NYSSCPASUFFOLK
Golf Season Begins!
The Committee on Cooperation with BankersAnd Other Credit Grantors presents
NYSSCPA – Suffolk Chapter’sNYSSCPA – Suffolk Chapter’s
4242ndnd Annual Golf OutingAnnual Golf Outing
Monday, May 13, 2013Southward Ho Country Club, Bay Shore
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: ________________________________________
Questions? Contact Outing Chairman Robert Quarté or Irene Howell at (631) 434-9500.
Golfer #2: ____________________________
E-mail: ____________________________
Golfer #3: ____________________________
E-mail: ____________________________
Golfer #4: ____________________________
E-mail: ____________________________
Mail checks (credit cards NOT accepted), payable to NYSSCPA Suffolk Chapter, to:Irene Howell; AVZ & Co, PC, 25 Suffolk Court, Hauppauge, NY 11788
Golf, brunch, dinner: $450 per person
Cocktails, dinner only: $200 per person
Total amount enclosed:
______
______
______
Check-In & Brunch 10:00 a.m.Shot Gun Start 11:30 a.m.Open Bar and Dinner 5:30 p.m.
Fee: $450 – Golf, Brunch and Dinner$200 – Cocktails and Dinner Only
The cost of the event includes $25, which will go towards the NYSSCPA Suffolk Chapter Accounting Scholarship Fund.
Raffles & Prizes • Inscribed “Suffolk Cup” awarded to the low gross golfer.
March/April 2013
15.NYSSCPASUFFOLK
Calling All Bankers and CPAs...
Banker/CPA Panel Discussion:Banker/CPA Panel Discussion:
I Need a Loan. Now What?I Need a Loan. Now What?
Tuesday, May 21, 20136:00 – 9:00 p.m.
at the Smithtown Sheraton110 Motor Parkway, Hauppauge
Speakers:Speakers:
James Johnis | First National Bank of Long IslandPhilip Ammirato | TD Bank
John Solensky | Empire National Bank
March/April 2013
The Suffolk Chapter Young CPA and Cooperation with Bankers Committees invite you to a
2 CPE Credits
Members: $40 | Non-Members: $45 | Students: $10
Sponsored by
Please make checks payable to NYSSCPA Suffolk chapter and mail to:
Shawn TracyPerlman, Schleifer & Perrone, CPAs1398 Deer Park AvenueNorth Babylon, NY 11703(631) [email protected]
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: _______________________________________
16.NYSSCPASUFFOLK
Attention All Members!
You are cordially invited to the NYSSCPA Suffolk Chapter
Seventh AnnualSeventh Annual
Membership EventMembership Event
Thursday, May 23, 20136:30 to 9:30 p.m.
at the Island Hills Country Club Sayville, NY
All members are invited and encouraged to bring associates for an evening of:
• cocktails, • dinner, and• networking with peers
and chapter leadership.
And it’s free for NYSSCPA members and non-members who are CPAs!
RSVP to Lawrence C. Lucarelli, CPA, CFP:
[email protected](631) 434-9500
March/April 2013
17.NYSSCPASUFFOLK
Employee Benefits Conference
You’re invited to the NYSSCPA Suffolk
Employee Benefits Conference:
Please register:
Online: www.nysscpa.orgOR by Phone: (212) 719-8383 or (800) 537-3635OR by Fax: (866) 495-1354OR Mail the registration form to:
Foundation for Accounting EducationP.O. Box 10490Uniondale, NY 11555-0490
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: _______________________________________
NYSSCPA Member? Y/N Member #_______________
Thursday, June 6, 20138:30 a.m. – 4:30 p.m. (8:00 a.m. registration & breakfast)
at the Sheraton Long Island110 Motor Parkway, Hauppauge
Members: $200 | Non-Members: $300
Auditing 401(k) Plans Auditing 401(k) Plans
8 CPE credits (Course code: 28108429)
Who Should Attend?• Accountants in public practice who are new
to auditing 401(k) defined contribution plans.• Practitioners with experience in this audit
specialty who want a "refresher" course on audit technique.
• Plan sponsors/corporate accountants who want an understanding of the audit process and the types of questions and document requests to anticipate.
Course Objectives and Highlights:• Provide an understanding of the basic
features of 401(k) plans, including plan administration, operation and reporting requirements.
• Review the required audit procedures for DOL limited scope audits and full scope audits.
• Understand the risks associated with benefit plan audits.
• Avoid common audit mistakes and deficiencies.Author and Discussion Leader Kendra G. Melnyk, CPA
March/April 2013
Course Description:This course has been prepared to assist in auditing and reporting on the financial statements of a401(k) defined contribution plan. It will help to identify and address the uniqueness of these types ofaudits. Audit requirements and techniques will be emphasized.
18.NYSSCPASUFFOLK
Take Me Out to the Ball Game...
Please make checks payable to NYSSCPA Suffolk chapter and mail to:
Frank TuckerSheehan & Company, CPA, P.C.165 Orinoco DriveBrightwaters, NY 11718-1304(631) 665-7040fax: (631) 665-7014
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: _______________________________________
Suffolk Chapter’s 12Suffolk Chapter’s 12thth AnnualAnnualLong Island Ducks Outing & PicnicLong Island Ducks Outing & Picnic
Long Island Ducks vs. Sugar Land SkeetersFriday, June 21, 2013
Picnic + Ticket (10 years and older): $30 eachPicnic + Ticket (9 years and younger): $24 each
Ticket only: $10 each
____ attendee(s) at $30; ____ attendee(s) at $24; ____ attendee(s) at $10 = _______ enclosed. If more than one attendee, attach a list of names.
The event will begin at 5:30 p.m. with an “all you can eat” picnic buffet – hamburgers, hotdogs, chicken & ribs. The game will follow immediately, at 7:25 p.m. Come to the ballparkand support Suffolk County’s own minor league baseball team and have fun with your fellowSuffolk Chapter CPAs and their families.
THIS EVENT IS USUALLY A SELL-OUT! We need to provide a final head count byWednesday, May 8, 2013, so don’t delay.
E-mail your reservation now to Frank Tucker: [email protected], mail in your payment with the form below.
Tickets will be mailed to you the week of May 27. Please call if you’ve not received your tickets by June 14.
March/April 2012
NYSSCPASUFFOLK
19.
March/April 2013
Super-Size It...
Thursday, August 8, 20136:00 p.m. – 8:00 p.m.
at KodiaksFarmingdale, NY
$35 per person
Come to this strictly social event to mingle with your peers, including:
• Risk Management Associates, Young Professionals• New York State Bar, 10th Judicial District• Suffolk/Nassau Bar Association, Young Professionals
Passed hors d’oeuvres! Open bar!
The Young CPAs Committees of the Suffolk and Nassau Chaptersinvite you to a
Super-Sized Super-Sized Networking Event –Networking Event –
REMIX!REMIX!
Please make checks payable to NYSSCPA Suffolk Chapter and mail to:
Colleen ColumbiaHoltz Rubenstein Reminick LLP125 Baylis Road, Melville, NY 11747Phone: (631) 719-3352Fax: (631) [email protected]
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: ________________________________________
20.NYSSCPASUFFOLK
Calling All Golfers...
The Young CPAs Committee of the Suffolk Chapter of the NYSSCPA is proud to host
THE 18TH ANNUAL YOUNG PROFESSIONALS GOLF CLASSIC
Thursday, September 26, 2013Hamlet Willow Creek Golf & Country Club
7:30 a.m. Hot gourmet breakfast8:30 a.m. Shotgun start1:30 p.m. Cocktail hour, followed by dinner
Fabulous raffle prizes! Beat-the-hack competition! Lunch at the turn!
GOLD SPONSORSHIP: $3,500Two foursomesBall Marker and two hole sponsorshipsBeverage cart and Lunch sponsorshipsTee sign at Beat-the-Hack holeName/logo in event programTwo pin flags48 raffle tickets
SILVER SPONSORSHIP: $2,000One foursomeBreakfast and two hole sponsorshipsName/banner at registration tableName/logo in event programPin flag24 raffle tickets
BRONZE SPONSORSHIP: $1,500One foursomeTwo hole sponsorships and pin flagName/logo in event program12 raffle tickets
HOLE SPONSORSHIP: $150Tee sign displaying company logo and name
INDIVIDUAL GOLFER: $25018 holes of golf, breakfast, lunch, cocktail hour, and dinner
Name: ________________________________
Firm: _________________________________
Address: ______________________________
City, State, Zip: _________________________
Telephone: ____________________________
E-mail: ______________________________
PLEASE REGISTER EARLY! 9/6/13 is the last day we can accept golfers!For information, contact Michael D'Onofrio at (516) 931-8400 Ext. 42
Please place me in a foursome
OR
Preferred foursome listed below:
Golfer #2: __________________
Golfer #3: __________________
Golfer #4: __________________
Note: Golfers listed will play together unless otherwise instructed
Return this form by fax to (516) 670-5063; e-mail: [email protected]; or mail to:Michael D'Onofrio, Advantage Payroll, 215 North Main Street, Freeport, NY 11520
$25 PER GOLFER$25 PER GOLFERTO BENEFIT:TO BENEFIT:
March/April 2013
NYSSCPASUFFOLK
Save the Date...
21.
The Young CPAs Committees of the Suffolk and Nassau Chapters ask you to
Please stay tuned for more details to come!
SavetheDate
Joint Technical Event with the Young CPAsof the Suffolk and Nassau Chapters
Thursday, November 14, 20136:00 to 9:00 p.m.
For information: Danielle [email protected] | (516) 296-5082
March/April 2013
Sponsored by:
NYSSCPASUFFOLK
22.
CLIP AND SAVE
PRESIDENTMark A. Cirelli, CPA/PFS, CFP
North Shore Wealth Mgmt. Advisors220 Lake Ave., Suite 6
St. James, NY 11780Tel: (631) 780-5556
PRESIDENT-ELECT Lawrence Lucarelli, CPA
Albrecht, Viggiano, Zureck & Co.25 Suffolk Court
Hauppauge, NY 11788Tel: (631) 434-9500Fax: (631) 434-9518
VICE PRESIDENTElizabeth A. Vuozzo, CPA
Fuoco Group LLP200 Parkway Drive South
Suite 302Hauppauge, NY 11788
Tel: (631) 870-3906Fax: (631) [email protected]
TREASURERFelix Russo, CPA
Charles A. Barragato & Co., LLP9 Brooksite Drive
Smithtown, NY 11787Tel: (631) 724-7900Fax: (631) 724-7975
SECRETARYBrian Michels, CPA
Sheehan & Company CPAs, PC165 Orinoco Drive
Brightwaters, NY 11718Tel: (631) 665-7040Fax: (631) 665-7014
IMMEDIATE PAST PRESIDENTHarold Deiters, CPA/ABV, CFE
Holtz Rubenstein Reminick LLP125 Baylis Road
Melville, NY 11747Tel: (631) 719-3456Fax: (631) [email protected]
EXECUTIVE BOARDJerome Hehir, CPA Jerome Hehir, CPA (631) 629-4344 [email protected] S. Pirro, CPA Thomas Pirro, CPA (631) 868-3212 [email protected] Portelli, CPA Holtz Rubenstein Reminick LLP (631) 719-3223 [email protected] Rafanelli, CPA, CFE Gettry Marcus Stern & Lehrer, CPA, P.C. (516) 364-3390 [email protected] Schleifer, CPA Perlman, Schleifer, Perrone, CPAs (631) 543-6660 [email protected] Sexton, CPA, CFE Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected]
ACCOUNTING & AUDITINGPaul Becht, CPA Holtz Rubenstein Reminick LLP (631) 719-3380 [email protected] T. Joy, CPA Raich Ende Malter & Co., LLP (516) 228-9000 [email protected]
COOPERATION WITH ATTORNEYSPasquale Rafanelli, CPA, CFE Gettry Marcus Stern & Lehrer, CPA, P.C. (516) 364-3390 [email protected]
COOPERATION WITH BANKERS & OTHER CREDIT GRANTORSJames LaRocca, CPA Marcum LLP (631) 414-4238 [email protected] Bella, CPA Gettry Marcus Stern & Lehrer, CPA, PC (516) 364-3390 [email protected]
COOPERATION WITH EDUCATIONAL INSTITUTIONSMelissa Portelli, CPA Holtz Rubenstein Reminick LLP (631) 719-3223 [email protected] Valdez, CPA Holtz Rubenstein Reminick LLP (631) 719-3316 [email protected]
CONSTRUCTION CONTRACTORS & REAL ESTATEKarl Janhsen, CPA Covati & Janhsen, CPAs, PC (631) 246-6300 [email protected] Kantor, CPA Marcum LLP (631) 414-4726 [email protected]
EMERGING TECHNOLOGIESMichael Muzzy, CPA Equity Transfers, LLC (516) 220-6580 [email protected]
EMPLOYEE BENEFITSMara Citrin, CPA Mara Citrin, CPA (516) 984-4003 [email protected] Isbitsky, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected] Paura, CPA Sheehan & Company CPAs, PC (631) 665-7040 [email protected]
ESTATE/FINANCIAL PLANNINGMark A. Cirelli, CPA/PFS, CFP North Shore Wealth Management Advisors (631) 780-5556 [email protected] Goldberg, CPA, MBA, JD Goldberg & Goldberg, P.C. (516) 222-0422 [email protected]
GENERAL TAXATIONKenneth Laks, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected] A. Vuozzo, CPA Fuoco Group, LLP (631) 870-3906 [email protected]
GOLF OUTINGJohn C. DeFalco, CPA Sheehan & Company CPAs, PC (631) 665-7040 [email protected] T. Quarté, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected]
GOVERNMENTAL RELATIONS KEY PERSONSKenneth R. Cerini, CPA Cerini & Associates, LLP (631) 582-1600 [email protected] M. Flynn Jr., CPA Flynn & Company (631) 689-9203 [email protected] F. Preston, CPA James F. Preston, CPA, PC (631) 734-5330 [email protected] Schleifer, CPA Perlman, Schleifer, Perrone, CPAs (631) 543-6660 [email protected]
MANAGEMENT OF AN ACCOUNTING PRACTICERobert T. Quarté, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected] Shillingsford, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected]
MEMBERS IN INDUSTRYColleen Cappelli, CPA Advantage Group (631) 421-6100 [email protected]
MEMBERSHIPMark A. Cirelli, CPA/PFS, CFP North Shore Wealth Management Advisors (631) 780-5556 [email protected]
NOMINATINGPaul Becht, CPA Holtz Rubenstein Reminick LLP (631) 719-3380 [email protected]
NOT-FOR-PROFIT & GOVERNMENT ACCOUNTING & AUDITINGKenneth R. Cerini, CPA Cerini & Associates, LLP (631) 582-1600 [email protected] Schleifer, CPA Perlman, Schleifer, Perrone, CPAs (631) 543-6660 [email protected]
PUBLIC RELATIONSMark A. Cirelli, CPA/PFS, CFP North Shore Wealth Management Advisors (631) 780-5556 [email protected] Russo, CPA Charles Barragato & Co., LLP (631) 724-7900 [email protected]
SMALL BUSINESSLawrence Lucarelli, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected]
SPONSORSHIPPaul Becht, CPA Holtz Rubenstein Reminick LLP (631) 719-3380 [email protected] Shillingsford, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected]
YOUNG CPASJohn Hermus, CPA Sheehan & Company CPAs, PC (631) 665-7040 [email protected] Sexton, CPA, CFE Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 [email protected]
March/April 2013
NYSSCPA 23.
Check your answers in the next issue...
SUFFOLK
LAST MONTH...WONDERWORD:
SHIELD
March/April 2013
Fun and Games - Sudoku
9
17
1
81
3
47
6
1
3
95
56
5
2
2
8
7
2
SOU
RC
E: Web Sudoku
3 82
4
69
5
6
NYSSCPASUFFOLK
Get Involved and Help Make a DifferenceCOMMITTEE SERVICE APPLICATION
Thank you in advance for getting involved and ensuring the success of thischapter. Please rank the top 3 committees in which you have an interest:
___ Accounting & Auditing___ Community Affairs___ Construction Contractors___ Cooperation with Attorneys___ Cooperation with Bankers and
Other Credit Grantors___ Cooperation with Educational
Institutions___ CPE/Professional Development___ Emerging Technologies___ Employee Benefits___ Estate/Financial Planning
___ General Taxation___ Golf Outing___ Management of an Accounting
Practice___ Members in Industry___ Membership Recruitment___ Not-for-Profit & Government___ Public Relations___ Real Estate & Construction___ Small Business___ Social___ Young CPAs
The Suffolk Chapternewsletter ispublished monthly(bi-monthly Januarythrough August) bythe Suffolk Chapterof the New YorkState Society ofCPAs.
All informationpertaining to futureissues should besent no later thanthe 15th of themonth prior topublication to:
Newsletter Editor:Liz Vuozzo
Proof/Design:Flo Federman
Please forward your response to: Mark Cirelli, CPA • [email protected] Shore Wealth Mgmt. Advisors • 220 Lake Ave., Suite 6 • St. James, NY 11780
Name: ___________________________________________________________________________________
Firm: ____________________________________________________________________________________
Address: _________________________________________________________________________________
City, State, Zip: ____________________________________________________________________________
Telephone: _______________________________________________________________________________
E-mail: ________________________________________________________________________________
LOOK FOR THE NEXT ISSUE OF THE SUFFOLK CHAPTER NEWSLETTER IN MAY!
c/o Elizabeth A. Vuozzo, CPAFuoco Group200 Parkway Drive SouthSuite 302Hauppauge, NY 11788