December 13, 2016 | BY Yosef Z. Klein, CPA
If you think president-elect Donald Trump will be able to enact his proposed tax cuts in 2017, you should increase your charitable contributions before the end of 2016.
You can accomplish this by making contributions to:
• A private foundation
• A donor-advised fund
• A charitable lead annuity trust, also known as a CLAT, or
• Making outright cash gifts to charities
What are the tax benefits for this extra charitable giving?
President-elect Donald Trump’s proposed income tax changes include reducing the top current rate of more than 43% to 33% for 2017. This means that charitable contributions made during 2016 are more valuable than charitable contributions made during 2017 (the higher the tax rate, the more valuable the deduction). In addition, there has been discussion of new limits on itemized deductions that could impose a significant restriction on the use of the charitable deduction.
If you choose to increase your charitable giving, be aware of the overall contribution limits and rules that limit itemized deductions. You can contribute cash to a private foundation and deduct up to 30% of your adjusted gross income and (you can deduct the full fair market value of appreciated marketable stock, up to 20% of your adjusted gross income). For donor-advised funds, which are public charities the limits are less restrictive. Contributions of cash are deductible up to 50% of AGI, and contributions of appreciated assets—including privately-held stock–are deductible up to 30% of AGI.
If you have any questions about whether and how this will impact you, please speak with a Roth & Co professional, who will be able to guide you with any changes that may be necessary.
December 29, 2016 | BY Shulem Rosenbaum, CPA
December 21, 2016 | BY admin
December 20, 2016 | BY Jeremy Pasternak
Roth&Co continues to grow its staff in order to meet the accounting needs of the community.
Roth&Co, Brooklyn’s largest accounting firm, continues its growth as it recently announced the addition of three new partners. Formerly Senior Managers; Moshe Schupper, Moshe Seidenfeld, and Ben Spielman have been with Roth&Co for over 10 years each, and have proven their commitment not only to Roth&Co’s values, but to the community and its needs. As of January 2017, they will join current partners Heshy Katz and Alan Botwinick, working together with Co-Managing Partners Abraham Roth and Zacharia Waxler.
Moshe Schupper, who was a manager in Roth&Co’s Assurance division, has a unique background which allows him to simultaneously look at a client’s situation from both the tax and financial statement perspectives. This multi-faceted approach helps Mr. Schupper navigate any issues or questions a client may have, and he brings this experience with him to all clients that he serves. Mr. Schupper said he was “honored to be admitted as a Roth&Co partner” and greatly appreciates this opportunity.
Moshe Seidenfeld helps his clients manage and understand the financial and tax compliance aspects of their businesses. Mr. Seidenfeld serves as a consultant to his clients and has established a solid reputation of excellence in servicing businesses beyond the books, by providing tax strategies and assisting clients to successfully navigate the business world. Moshe commented on his promotion “when you make sure to always have the best interests of your clients in mind, the results are typically optimal for everyone involved”.
Ben Spielman works in Roth & Co’s entrepreneurial services department. Mr. Spielman has extensive experience servicing the Real Estate, E-Commerce, and Health Care Industries. Mr. Spielman also serves on Roth & Co’s Banking Committee, alongside Mr. Seidenfeld, where they build relationships with banks to help secure financing for businesses. When asked to comment about his promotion, Mr. Spielman said “I am humbled by this honor, and will continue to put our clients and their needs first”.
“At Roth & Co, we believe that our firm is only as good as our team. Our clients rely on our accountants and professionals, and so we actively cultivate an environment that supports both personal and professional growth” responded Abraham Roth, when asked about the reason for the promotions. He continued, “this ensures that the potential of each Roth & Co employee is actualized. We are proud of what we have built, and continue to build together.”
Zacharia Waxler, who has taken on the role of Co-Managing partner, echoed Mr. Roth’s sentiment. He added, “Roth&Co was created nearly 40 years ago in order to give people opportunity- This includes our clients, who we invest ourselves into; the community, where we always look for opportunities to give back; and especially our hard working employees, who will always be rewarded for their hard work and commitment to the Roth&Co vision.”
Roth&Co was founded in 1978 by Abe Roth, with a vision of building a firm on a set of values designed not just to create a better future for its clients and employees, but to positively impact our community and the world around us. Nearly four decades later, Roth & Co. is now the largest accounting firm in Brooklyn, with two locations, relationships that span more than three decades, and over eighty specialized employees ready to serve as trusted guides through the complicated maze of the financial world. For more information or to speak with a professional, visit www.rothcocpa.com or call 718-236-1600