suffolk chapter news
TRANSCRIPT
Vol. 44 No. 6 | January/February 2015
President’s Message
I hope everyone had awonderful holiday season.Now that the new year isin full swing, I hope youare prepared for theupcoming busy season.As we wait for the IRS toopen its doors and NewYork State to finalize theirforms, the NYSSCPA has
been busy the past couple ofmonths giving back to thecommunity as well as to our own.
The 20th anniversary of theMarine Corps’ Annual Toys for Totsdrive was extremely successful.More details on page 4. TheEmployee Benefits Committee hadthe Department of Laborpresentation on December 9 andthe Annual GAAP update onDecember 17 was hosted by theMembers in Industry Committee.
The Real Estate and ConstructionCommittee has been revitalizedand held its first event in manyyears. More details on page 8 andthank you to Brian Michels forspearheading that comeback.
The General Taxation Committeeheld its annual All Day Tax Updateto a standing room only crowd.The regulars, Mark Klein, Esq. andRobert Katz, Esq. gave the morningits usual kick start, followed by ahost of great speakers and timelytopics. All went home with amaster tax guide and a good timewas had by all.
I personally invite all of you toattend the annual CooperationWith Bankers and Other CreditGrantors Committee. See page10. This is a good time toconnect before we get into the fullswing of busy season.
This is the time of the year whenwe look for nominations to join theSuffolk Chapter board for theupcoming fiscal year. If you areinterested please see page 3.
Once again, I wish all a wonderfuland prosperous new year. TilMarch...
ELIZABETH VUOZZO
NEWSSuffolk Chapter
THIS ISSUE
Special offers from theSuffolk Chapter
Nominations for the 2015-16 Suffolk ChapterBoard
2014 Toys for TotsCampaign
Committee Reports
Calendar of Events
Contacting Us
Fun & Games
Time for YOU to Get Involved
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– Liz Vuozzo
Suffolk Chapter
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January/February 2015
PRESIDENTElizabeth A. Vuozzo, CPA
PRESIDENT-ELECTFelix Russo, CPA
VICE PRESIDENTBrian Michels, CPA
TREASURERAmanda Sexton, CPA/ABV, CFE
SECRETARYMelissa Hicks, CPA
IMMEDIATE PAST PRESIDENTLawrence Lucarelli, CPA
EXECUTIVE BOARDColleen Cappelli, CPA
John Hermus, CPAMichael T. Joy, CPA
Thomas S. Pirro, CPAJoel Schleifer, CPA
Janet Verneuille, CPA
STATE SOCIETY DIRECTORREPRESENTING SUFFOLK
Paul Becht, CPA
COMMITTEESAccounting & Auditing
Cooperation with AttorneysCooperation with
Bankers & Other Credit GrantorsCooperation with
Educational InstitutionsConstruction & Real Estate
Emerging TechnologiesEmployee Benefits
Estate/Financial PlanningForensic and Valuation Services
General TaxationGolf Outing
Members in IndustryMembershipNominating
Not-For-Profit & GovernmentAccounting & Auditing
Public RelationsSmall Business
SponsorshipYoung CPAs
To contact a committee chair, see page 11.
Special Offers from the Suffolk Chapter
2014-15 SUBSCRIPTION PLANBecome a subscriber and save as much as $300 on meetings! Thetremendously discounted price of $99 covers the following chapter meetings:
September 2014 Banker/CPA EventOctober 2014 Student NightNovember 2014 Managing Partner/Ethics PanelNovember 2014 Accounting & Auditing Event March 2015 Banker/CPA Event May 2015 To Be Determined
Act now to get the full savings! Contact the Suffolk Chapter Treasurer:Amanda Sexton, (631) 434-9518, [email protected]
SPONSORSHIP PROGRAMHere’s your chance to make the most of yourmembership! Sponsor one of our events and get in frontof 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 our Sponsorship Chair:Thomas S. Pirro: (631) 472-7637; [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:
Amanda Sexton, CPA/ABV, CFEAlbrecht, Viggiano, Zureck & Co.25 Suffolk CourtHauppauge, NY 11788
• informational seminars• charitable events
Suffolk Chapter
The Nominating Committee of the Suffolk Chapter has been set with thefollowing as this year’s members:
1. Larry Lucarelli, CPA Committee Chairperson2. John Shillingsford, CPA 3. George Foundotos, CPA
Alternate – Charles Barragato, CPA
The Nominating Committee is currently accepting nominations for Board and/orExecutive Board positions for the upcoming fiscal year 6/1/15 through 5/31/16.
Nominations will be accepted through January 31, 2015.
Please forward nominations to:
Mr. Larry Lucarelli, CPA Albrecht, Viggiano, Zureck & Co. 25 Suffolk Court Hauppauge, NY 11788
Or email: [email protected]
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Now Accepting Nominations for the2015-16 Suffolk Chapter Board
Suffolk Chapter
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2014 Toys for Tots Campaign –20th Anniversary!
January/February 2015
The U.S. Marine Corps’ Reserve Toys forTots Program is the Marine Corps’premier community action program andone of the nation’s flagship Christmascharitable causes. Over the years, it hasbecome a traditional part of the annualholiday season within communitiesnationwide. The message of hopedelivered through a shiny new toy atChristmas has a positive impact onchildren, their families and theircommunities. It’s not the toy – it’s whatthe toy does.
The founding philosophy of “bringing thejoy of Christmas to America’s needychildren” has not changed. Thegenerosity of all participants in ourprogram this year has demonstrated thatso many of us are touched by the spiritof the campaign and its mission toprovide new unused toys tounderprivileged children at Christmas.
I am truly humbled to have participatedin this wonderful program, along with somany giving volunteers, for 20 years. Ihave watched the program expand yearafter year and it is amazing when I takea step back and think of all of thechildren that have had a smile onChristmas morning for the last 19 yearsdue to our efforts.
On Friday, December 12, 2014,approximately 20 members of the
United States Marine Corps Reservesfrom Farmingdale, New York descendedupon the offices of Sheehan andCompany CPA, PC in Brightwaters withtwo seven-ton trucks. Over the years,the Marines have changed their methodof pick up as the collection has grown inepic proportions.
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 10 member firmsparticipating, has grown to encompassdrop off sites in Nassau, Queens,Brooklyn and Manhattan in addition toSuffolk with over 150 boxes this year!As always, one of the key factors thatcontributed to the success of the 2014Toys for Tots campaign was the supportprovided by Sheehan & Company, CPA,PC and its employees, NYSSCPAmember firms and their employees,local businesses, all branches of TheFirst National Bank of Long Island,several branches of Valley NationalBank, Stony Brook UniversityAccounting Society, and several clientoffices that participated in the drive.
Once again we were extremely fortunateto have so many volunteers to theprogram, it is impossible to name themall without missing someone. Volunteers
(continued...)
By Cynthia Finn Barry, CPA
Suffolk Chapter
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2014 Toys for Tots Campaign (cont’d)
were needed to obtain boxes fromgrocery stores, assemble and wrap theboxes, distribute and pick the boxes up
from the many locations, coordinate thecollection efforts at each location, shopfor toys and arrange the collection forthe Marines. Several volunteers enlistedthe efforts of their own children this year
and educated them on how to helpthose that are less fortunate.
The committee members extend theirsincere appreciation to the followingfirms, local businesses and theiremployees and customers for helpingmake a difference this holiday season forunderprivileged children in our area:
111 Deli - HauppaugeAlbrecht, Viggiano, Zureck &Company, P.CAmerican Physical SocietyArizona Iced TeaArmao LLPBaker TillyBallys - Bay ShoreBDO SeidmanBrentwood Union Free SchoolDistrictCapital OneCastle Financial Advisors, LLCCerini and AssociatesCharles Barragato & CompanyChase Bank – Port JeffersonCovati and Janhsen, CPA’s PCCrossFit RaptureC-Tech CollectionsCullen & Danowski, LLPDeTolla & DeTolla DDS, LLPDIT CleanersDr. SeymourDynatech InternationalElwood Hardware
Fairfield PropertiesFirst National Bank of LongIslandForest Hills Financial GroupFrendolph ConstructionFriedman LLPFuocco GroupGaseteriaGiambalvo, Stalzer & Co. CPA, PCGold’s Gym - IslipGrassi & Co., CPAs, P.C. GuildnetHairtiqueInnovative Planning ServicesIsrealoff Trattner & Co. PCJPMorgan ChaseKnights of Columbus - SmithtownLong Island Housing PartnershipMama Santina’sMarcum LLPMargolin, Winer & Evens LLPMoomjian & Waite, LLPNew York Spine and BrainSurgeryOwen Petersen & Co. LLP
Robert J. Eckhardt & Co., P.C.Safety Swim – BellmoreSatty Levine & Ciacco CPA, PCSchwartz & Co, CPASheehan & Company, CPA, P.C. Signet Claim SolutionSITAStony Brook UniversityAccounting SocietyStony Brook University MedicalCenterStorage AmericaSuffolk County District Attorney’sOfficeSuffolk County National BankSuffolk OphthalmologyTotal Dental Care of MiddleIslandToys R Us – Bay ShoreTutor Time – SmithtownValley National BankWeiserMazars, LLPWoodhaven Nursing Home
January/February 2015
Suffolk Chapter
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Committee Report:Employee Benefits
On Tuesday, December 9, the Employee Benefits Committee held a three hourDepartment of Labor presentation. The event was sponsored by ADP and washeld at their Melville location.
Nichelle Langone, a Senior Investigator with the Department of Labor -Employee Benefits Security Administration, presented detailed information onthe following topics:
• What to expect from an EBSA investigation• “Getting it Right” – know your fiduciary responsibilities• Fee disclosures at both the participant and fiduciary levels
Ms. Langone encouraged the 26 participants to ask questions which, in turn,led into interactive discussions amongst the group.
Participants earned three free CPE credits and enjoyed a continental breakfast,which was also provided by ADP.
The Employee Benefits Committee will be hosting other seminars, beginningagain in the Spring. Further information about these events will be forthcoming.
If you are interested in joining the Committee, please contact chairperson TinaIsbitsky at [email protected] or co-chairs Felicia Paura [email protected] and Suzanne Breit at [email protected].
January/February 2015
Suffolk ChapterThe Members in Industry Committee held their Annual GAAP Update onWednesday, December 17, hosted by Empire National Bank. Paul Becht andTom Caner from Baker Tilly Virchow Krause, LLP presented an in-depth, thoroughupdate. Those in attendance discussed revenue recognition and the potentialimpacts of the modifications on the accounting for certain industry sectors. Pauland Tom covered numerous changes to the standards, keeping the attention of theaudience through some dry material. Attendees left with informative take awaymaterial encompassing a broad array of topics.
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Committee Report:Members in Industry
As we head into 2015, the Members in Industry committee has monthly morningsessions planned through the spring. Please plan to join us for our upcoming CPEprogram. Respond directly to [email protected]:
Wednesday, February 11 | 8-10 a.m. – FASB Private Company Counsel Overview and Update At Signature Bank, 225 Broadhollow Road, 1st Floor, MelvilleSpeakers: David Rubenstein, Partner, WeiserMazars, Lawrence Weinstock, VPFinance, Mana Products and Board Member at the FASB Private Company Council.
Joint Meeting with Nassau Chapter CFO Committee. Entry fee $10 at door. Make check payable to Suffolk Chapter NYSSCPA.
January/February 2015
Suffolk Chapter
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The newly-revived Real Estate and Construction Committee held an event onWednesday, December 17 at the offices of Sheehan & Company, CPA PC. Thespeaker, Vincent Walsh, Senior VP, Construction Services Group of AlliantInsurance Services, Inc. discussed various topics including the importance ofmaintaining a bonding relationship, how contractors can improve their bondingcapacity and how certain bonding programs are structured.
The hour and a half session was very informative and attendees walked away withvaluable information. There were approximately 15 attendees.
The real estate and construction committee will be holding various events during2015. If you are interested in joining the committee to assist with developingideas / topics for future events please contact Brian Michels [email protected] or 631-665-7040.
Committee Report:Real Estate and Construction
January/February 2015
Suffolk ChapterJANUARY 29, 2015Cooperation with Bankers and Other CreditGrantors Committee Meeting: Annual JointNassau/Suffolk Chapter Meeting. Details onpage 10.
FEBRUARY 11, 2015Members in Industry Committee meeting:FASB Private Company Counsel Overview andUpdate. 8-10 a.m. at Signature Bank, 225Broadhollow Road, 1st Floor, Melville.$10 at door. Info: [email protected].
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Mark Your Calendar...
For up-to-the-minute chapter activities:www.nysscpa.org
Search for the Suffolk Chapter under “About Us”
Committee Chairs!Make sure to get all future meeting dates to Brian Michels at [email protected].
January/February 2015
Suffolk Chapter
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Networking with Bankers
at Crest Hollow Country Club – Woodbury, NY
Networking | Cocktails | Buffet Dinner
The NYSSCPA Suffolk and Nassau ChapterCooperation with Bankers and Other Credit Grantors Committees
invite you to the
Annual Joint Annual Joint Nassau/Suffolk Nassau/Suffolk Chapter MeetingChapter Meeting
Please make checks payable to NYSSCPANassau Chapter and mail to:
Neal Korenberg, CPACastellano, Korenberg & Co., CPA’s, P.C.313 W. Old Country RoadHicksville, NY 11801Phone (516) 937-9500 Fax (516) 932-0485 [email protected]
Name: __________________________________________
Firm: ___________________________________________
Address: ________________________________________
City, State, Zip: ___________________________________
Telephone: ______________________________________
E-mail: ________________________________________
I am a: _____ CPA _____ banker _____ other
Number of people attending: _____
Enclosed amount: _______________
RSVP required by January 22, 2015
Open to all NYSSCPA members, bankers, and other professionals
$60 in advance (cash or check only) $70 walk-in (not pre-registered)
Thursday, January 29, 2015 6:00 – 8:30 p.m.
Please attach a list of names/business cards if paying for more than one attendee:
January/February 2015
Suffolk Chapter
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EXECUTIVE BOARDColleen Cappelli, CPA Advantage Group (631) 424-6100 [email protected]
John Hermus, CPA Sheehan & Company CPAs, PC (631) 665-7040 | [email protected]
Michael T. Joy, CPA Raich Ende Malter & Co., LLP (516) 228-9000 | [email protected]
Thomas S. Pirro, CPA Thomas Pirro, CPA (631) 868-3212 | [email protected]
Joel Schleifer, CPA Perlman, Schleifer, Perrone, CPAs (631) 543-6660 | [email protected]
Janet T. Verneuille, CPA Empire National Bank (631) 881-5380 | [email protected]
ACCOUNTING & AUDITINGPaul Becht, CPA Baker Tilly Virchow Krause, LLP (631) 719-3380 | [email protected]
Michael T. Joy, CPA Raich Ende Malter & Co., LLP (516) 228-9000 | [email protected]
COOPERATION WITH ATTORNEYSMatthew Ryan, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 | [email protected]
COOPERATION WITH BANKERS & OTHERCREDIT GRANTORSDanielle Napolitano, CPA Bethpage Federal Credit Union (516) 349-6887 [email protected]
COOPERATION WITH EDUCATIONALINSTITUTIONSMelissa Hicks, CPA Baker Tilly Virchow Krause, LLP (631) 719-3223 [email protected]
Veronica Valdez, CPA Baker Tilly Virchow Krause, LLP (631) 719-3316 [email protected]
CONSTRUCTION CONTRACTORS & REAL ESTATEBrian Michels, CPA Sheehan & Company CPAs, PC (631) 665-7040 [email protected]
EMERGING TECHNOLOGIESMichael Muzzy, CPA Equity Transfers, LLC (516) 220-6580 [email protected]
Glenn Reed, CPA Button Down Solutions, LLC (631) 383-2147 | [email protected]
EMPLOYEE BENEFITSSuzanne Breit, CPAHMM, CPAs LLP(631) 265-6289 | [email protected]
Tina Isbitsky, CPATMI CPA, P.C.(631) 406-4065 | [email protected]
Felicia 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]
Seymour Goldberg, CPA, MBA, JD Goldberg & Goldberg, P.C. (516) 222-0422 [email protected]
FORENSIC AND VALUATION SERVICESAmanda Sexton, CPA/ABV, CFE Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 | [email protected]
Danielle Napolitano, CPABethpage Federal Credit Union (516) 349-6887 [email protected]
GENERAL TAXATIONKenneth Laks, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 | [email protected]
Elizabeth A. Vuozzo, CPA Fuoco Group, LLP (631) 360-1700 | [email protected]
GOLF OUTINGJohn C. DeFalco, CPA Sheehan & Company CPAs, PC (631) 665-7040 | [email protected]
Robert T. Quarté, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 | [email protected]
MANAGEMENT OF AN ACCOUNTINGPRACTICELawrence Lucarelli, CPA Albrecht, Viggiano, Zureck & Co., PC (631) 434-9500 | [email protected]
MEMBERS IN INDUSTRYJanet T. Verneuille, CPA Empire National Bank (631) 881-5380 | [email protected]
MEMBERSHIPMark A. Cirelli, CPA/PFS, CFP North Shore Wealth Management Advisors (631) 780-5556 | [email protected]
NOMINATINGPaul Becht, CPA Baker Tilly Virchow Krause, LLP (631) 719-3380 | [email protected]
NOT-FOR-PROFIT & GOVERNMENTACCOUNTING & AUDITINGKenneth R. Cerini, CPA Cerini & Associates, LLP (631) 582-1600 [email protected]
Joel 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]
Felix Russo, CPA Charles Barragato & Co., LLP (631) 724-7900 | [email protected]
SMALL BUSINESSDeborah Werner, CPA Deborah Werner, CPA (631) 321-6760 | [email protected]
SPONSORSHIPThomas S. Pirro, CPA Thomas S. Pirro, CPA PC (631) 472-7637 | [email protected]
STATE SOCIETY DIRECTOR REPRESENTING SUFFOLKPaul Becht, CPA Baker Tilly Virchow Krause, LLP (631) 719-3380 | [email protected]
YOUNG CPAJohn Hermus, CPA Sheehan & Company CPAs, PC (631) 665-7040 | [email protected]
David Oksenhorn, CPA Marcum LLP (631) 414-4732 [email protected]
PRESIDENTElizabeth A. Vuozzo, CPA
Fuoco Group LLP200 Parkway Drive South
Suite 302Hauppauge, NY 11788
Tel: (631) 870-3906Fax: (631) [email protected]
PRESIDENT-ELECT Felix Russo, CPA
Charles A. Barragato & Co., LLP700 Veterans Memorial Hwy.
Suite 215Hauppauge, NY 11788
Tel: (631) 724-7900Fax: (631) 724-7975
VICE PRESIDENTBrian Michels, CPA
Sheehan & Company CPAs, PC165 Orinoco Drive
Brightwaters, NY 11718Tel: (631) 665-7040Fax: (631) 665-7014
TREASURERAmanda Sexton, CPA/ABV, CFE
Albrecht, Viggiano, Zureck & Co.25 Suffolk Court
Hauppauge, NY 11788Tel: (631) 434-9500Fax: (631) 434-9518
SECRETARYMelissa Hicks, CPA
Baker Tilly Virchow Krause, LLP125 Baylis Road
Melville, NY 11747Tel: (631) 752-7400Fax: (631) 752-1742
IMMEDIATE PAST PRESIDENTLawrence Lucarelli, CPA
Albrecht, Viggiano, Zureck & Co.25 Suffolk Court
Hauppauge, NY 11788Tel: (631) 434-9500Fax: (631) 434-9518
Suffolk Chapter Board & Committees
January/February 2015
Suffolk Chapter
12.
Fun and Games – WonderWord
January/February 2015
S S M A L C S S D E L K C I PA T C I L E R E K C A M O S AU E O P O R T N A L I C O P RC A L A M A R I H W L H K M SE M D L N N J D G S E I E I LS E E I O U S R C R N E D R EA D R T M T I A B I S W D H YL A Y B E L L S L R L H A S CM S O V L L O B S T E R A R EO T U E O Y S T E R S A A R PN U D P F H E L R L S B D G KS F S R O L C I F B U T T E RP F I I L T N N S S M O K E DI E N I W G C H A L I B U T HD D F R E P U O R G I H S U S
All the words below appear in this Mensa WonderWord puzzle (horizontally, vertically,diagonally, and backwards). When you find a word, circle its individual letters. After you’ve found all of the words, the leftover letters spell the WonderWord.
WONDERWORD CLUE: Seafood Platters
ANCHOVYBREADEDBUTTERCALAMARICILANTROCLAMSCOLDERCOOKEDCRABDILLDIPS
FILLETSFRIEDGARLICGRILLEDGROUPERHALIBUTHERBSHERRINGJUMBOLEMONLOBSTER
MACKERELMARINATEDMUSSELSOCTOPUSOYSTERSPARSLEYPICKLEDPRAWNSSALMONSALTSARDINES
SAUCESCALLOPSSEAWEEDSHARKSHRIMPSMOKEDSTEAMEDSTUFFEDSUSHITILAPIATUNAWINE
Source: Am
erican Mensa G
ames
WONDERWORD =shellfish
Suffolk Chapter
Get Involved with NYSSCPA Suffolkand Help Make a Difference
COMMITTEE 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
___ Forensic and Valuation Services___ General Taxation___ Golf Outing___ Management of Accounting Practice___ Members in Industry___ Membership Recruitment___ Not-for-Profit & Government___ Public Relations___ Real Estate & Construction___ Small Business___ Social___ Young CPAs
Newsletter Editor:Brian Michels, CPA
Sheehan & Company CPAs, [email protected]
Design/Layout:Flo FedermanNussbaum Yates
Berg Klein & Wolpow [email protected]
The Suffolk Chapternewsletter is published
monthly (bi-monthlyJanuary through August)
by the Suffolk Chapter ofthe New York State
Society of CPAs.
Please forward your response to: Elizabeth A. Vuozzo, CPA | [email protected] Group LLP | 200 Parkway Drive South | Hauppauge, NY 11788
Name: ___________________________________________________________________________________
Firm: ____________________________________________________________________________________
Address: _________________________________________________________________________________
City, State, Zip: ____________________________________________________________________________
Telephone: _______________________________________________________________________________
E-mail: ________________________________________________________________________________
LOOK FOR THE NEXT ISSUE OF THE SUFFOLK CHAPTER NEWSLETTER IN MARCH!
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