Why in the world is an accounting firm attending SXSW?

Thursday, March 10th, 2011

As you’re reading this, I’m hopping on a plane to Austin, Texas. Why? I’m attending the biggest, most innovative, tech-savvy, social media and interactive conference in the nation – South by Southwest (SXSW)!

You may have heard of SXSW, as it refers to one of the most popular music festivals in the country. I will be participating in the 5-day interactive and film portion. Each day of the interactive and film section is filled with media-rich content relating to technology, social media, metrics, mobile apps, web development, forecasting and much, much more! This information is presented via panelists, speakers, workshops, book readings, organized meet-ups and social gatherings. It’s actually an incredibly overwhelming process just to prepare for this social highlight of the year! Each day  has programs that run from 8am to well past midnight including the film premieres. Sessions for each day are organized by topics, time and location (Austin Convention Center and participating downtown hotels). But within each allotted time frame, attendees must choose from one of the 30 – 40 different presentations to attend – all very useful and interesting! See for yourself by clicking here to visit the SXSW schedule. The conference ends with the Interactive Awards which has been phrased as the “Grammy’s” of social media. After all, Twitter and Foursquare were launched at SXSW!

So you may be wondering… why in the world is an accounting firm attending SXSW? Shouldn’t Kaufman, Rossin & Co., one of the top CPA firms in the country, be participating in conferences relating to accounting, tax, audit, International Financial Reporting Standards (IFRS), etc?  While these conferences reap tremendous value for our accountants at Kaufman, Rossin, we also want to see beyond the numbers.  Our firm is dedicated to innovation and providing valuable resources for our clients, prospects and community.

One major way Kaufman, Rossin has embraced innovation is by hiring a full-time social media coordinator – me! The Firm recognizes the importance and value that an online reputation brings to our brand and its ability to strengthen relationships. Therefore, SXSW is the perfect opportunity to learn how to think outside the box and be fueled by the latest tech and social media trends.

I will be absorbing heaps of information within the next week, and I look forward to sharing it with all of you. Be sure to check back for a recap of my experience and some creative ways I’ll be documenting my trip!

Aubrey Swanson is the social media coordinator at Kaufman, Rossin’s Miami office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country.  She can be reached at aswanson@kaufmanrossin.com. Connect with Aubrey on Linkedin. Follow Aubrey on Twitter.

Social Networks – A friend or foe of the workplace?

Friday, January 21st, 2011

Most companies have jumped onboard, or at least recognized the need to include social media in their marketing efforts. The ability to build and cultivate relationships without face-to-face interaction is just too attractive to ignore; and if you do, you can bet your competitors aren’t.

Now, the big debate in the workforce is whether employees should have access to social networking sites like LinkedIn, Facebook and Twitter during company hours.

Some argue that if these networking sites are made available, much of the time spent would not be on professional development. And how could you argue against that? Yes, I can log on Facebook to update my status that my firm is looking to hire, but how can I ignore that my father sent me pictures from his recent ski trip? So they’re right, blocking out all personal use might just be impossible.

Others argue that banning it doesn’t do any good since most of us can go online via our mobile phones – and then employers would not be able to monitor our usage. In the same example, I’d probably be less likely to make that same status update if I had to do it through my phone or if I had to wait till I got home. And what’s to stop me from looking at my dad’s pictures via my phone?

I believe it’s safe to say that we all see the pros and cons of each side and that this is not a black or white topic, but a nice mesh of grays.

The Miami Herald posted a good article this week that develops this idea further: Social networks test companies’ boundaries. I have to agree that social networks are a “powerful trend,” and that strategic companies will adapt and evolve. The key is to develop company goals and a roadmap to get there. And equally important, companies must educate employees and teach them what is acceptable usage and how they can help!

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Wolfgang H. Pinther is the marketing supervisor at Kaufman, Rossin’s Miami office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country. Wolf can be reached at wpinther@kaufmanrossin.com.  Connect to Wolf on LinkedIn and follow him on Twitter.

Coveting thy neighbor’s iPad?

Thursday, January 20th, 2011

Attorneys: if you’ve been lusting after an iPad but trying to justify the expense, your answer has arrived!  Now there’s a legal app that’s been developed specifically for attorneys that turns your new iPad into more than a gadget.  TrialPad is a tool that can improve effectiveness for clients. 

One attorney who has tried it says ”This is an incredible app.”  Others have recognized its ease-of use and flexibility.

Litigators know that electronic presentation of evidence is extremely effective.  But in many cases the budget doesn’t support the cost.  TrialPad for iPad was developed to make presentation graphics available for any attorney at any time.  It helps you:

• organize documents
• annotate them for more impact, and
• display compelling evidence to judge or jury.  

To learn more about TrialPad, visit www.trialpad.com.

Follow us on Twitter.  Become a Facebook fan.  Watch our YouTube videos.

TrialPad is a product of Lit Software, LLC, a joint venture between Saurian Litigation Support, expert courtroom presentation consultants, and Kaufman, Rossin & Co., whose professionals have been providing litigation support services to South Florida attorneys for nearly half a century.

Electronic Filing Mandate

Tuesday, December 7th, 2010

The IRS recently issued proposed regulations regarding the requirement to electronically file all Forms 1040, 1041 and 990-T. However, the regulations provide that the taxpayer may opt out of the electronic filing by providing a signed and dated opt-out statement. The regulations contain the opt-out statement.

Certain technical issues may prevent the filing of certain returns. Examples in the past have included large number of K1 information or Forms 8886. The IRS will exempt these types of returns from the electronic filing requirements.

For more information contact your Kaufman, Rossin professional.

Dennis Fitzpatrick is a tax principal at Kaufman, Rossin’s Miami office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country. He can be reached at dfitzpatrick@kaufmanrossin.com.

Joy At Work Translates into Great Client Service

Tuesday, November 23rd, 2010

I’m an entrepreneur. I love what I do. And nothing makes me more proud than knowing that Kaufman, Rossin’s employees find joy at work.

Being named Accounting Today’s 2010 #1 Best Accounting Firm to Work For in the country is an honor for me, management and our entire firm. When Jay Rossin and I started Kaufman, Rossin we wanted to build a workplace where people wanted to come to work – where they enjoyed their colleagues – and where they felt challenged and fulfilled.  48 years later, it’s clear that we’ve made that happen. Even through a down economy, especially in an industry adversely impacted, our employees recognize that management cares about not only our firm, but the individuals that make up our family.

Joyful, dedicated employees are the reason we can provide the best client service in the business. We believe if our employees are happy and love what they do, it translates into productive work and better client service. We put our people first because we know that our clients will get the best possible service and that means continued success for our business.

Our firm’s reputation is based on having the resources of a powerhouse, personally delivered. This rings true to our clients – they have access to technical expertise of industry experts provided by a team of professionals that truly care about their business. That’s one reason we’ve had so many clients for decades.

I feel privileged that Kaufman, Rossin has once again been named a best place to work – it’s something any entrepreneur would be proud of.

James Kaufman is the founding and managing principal at Kaufman, Rossin’s Miami office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country. He can be reached at jkaufman@kaufmanrossin.com.

Real Estate Tax Appeal Deadlines

Thursday, September 2nd, 2010

Many times, we find that clients’ property assessments are incorrect. With the South Florida real estate market being so volatile this past year, it is important to make sure that your property tax assessments are accurate.

If you feel that your assessment may be too high, the deadlines to appeal your property taxes are approaching.

• September 16, 2010 – Palm Beach
• September 20, 2010 – Broward
• September 20, 2010 – Miami-Dade

The steps to appeal your property assessment can be challenging. For example, you’ll need to be able to document the market value of your property as of January 1st of the current year by showing its value relative to the qualified comparable sales. And you’ll need to make your case to the Special Magistrate at the Value Adjustment Board hearing.

If you need assistance with this process, please contact a Kaufman, Rossin accountant or contact the following resources directly who specialize in these tax appeals:

Mitchell Feldman – President of FBS Property Tax Abatement, LLC
305.350.7360 or mfeldman@fbstaxabatement.com

Todd M. Wolff – President of LeaseGuard, Inc.
561.998.2800 or toddwolff@leaseguardusa.com

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Scott F. Berger is a tax principal at Kaufman, Rossin’s Miami office.  Kaufman, Rossin & Co. is one of the top CPA firms in the country.  He can be reached at sberger@kaufmanrossin.com.

Foreign Tax Reform is Law – What Does It Mean for You?

Thursday, August 26th, 2010

On August 10, 2010 President Obama signed into law H.R. 1586, the Education Jobs and Medicaid Assistance Act, which includes a $9 billion package of international tax reform. These international tax provisions will fund most of the bill’s revenue offsets in effort to save thousands of teaching jobs and help states fund Medicaid shortfalls.

The legislation is designed to reduce the opportunities for U.S. corporations to optimize the use of the foreign tax credit by incorporating a host of international tax reform measures and closing a number of foreign tax credit loopholes.

For example, the provisions will:

• Eliminate the ability to split foreign taxes from the associated foreign income in order to prevent inappropriate separation of creditable foreign taxes.
• Reduce foreign tax credits on stepped-up assets in order to prevent taxpayers from claiming the foreign tax credit on foreign income that is never taxed in the U.S.
• Restrict tax treaty use to resource U.S. income in order to segregate the income so that it is not used for claiming foreign tax credits.
• Limit the amount of foreign taxes deemed paid with respect to Sec. 956 inclusions (relating to investments in U.S. property) in order to limit the foreign tax credits claimed on a deemed dividend.

Other provisions of the legislation include the repeal of the 80/20 rules under which interest and dividends received from a domestic corporation or a resident alien were treated as foreign source when for a 3 year period and at least 80% of the gross income was active foreign business income. 

In addition, the new law eliminates the advance payment option for the earned income credit. However, the elimination is projected to impact a relatively small number of taxpayers.

Most of these provisions are effective for taxable years beginning January 1, 2011, yet some may be retroactive.

Keep in mind this is a summary of some of the provisions of the legislation. If you’d like further information on how these provisions may affect you and/or your business, please contact Yadira Hiraldo at 305.646.6031 or yhiraldo@kaufmanrossin.com.

Yadira Hiraldo, CPA, is an international tax manager at Kaufman, Rossin & Co., one of the top CPA firms in Florida with offices in Miami, Fort Lauderdale and Boca Raton.

Be Aware of Misleading Amnesty Notices

Tuesday, August 24th, 2010

The Florida Department of Revenue (FDOR) is sending out Amnesty notices to taxpayers who, according to FDOR records, have outstanding notices for sales tax, corporate income tax, etc. These notices include a statement of amounts the FDOR claims are due.

You might be tempted to automatically pay these notices in order to take advantage of the Amnesty program, but you should check them first to determine if the alleged liabilities are in fact owed.

For example:

• In many cases, these statements include liabilities which the FDOR has estimated to be due where a sales tax return, corporate income tax return or other state return was not filed.
• And in some cases, these notices are being received by S Corps and partnerships which have no Florida Corporate Income Tax filing requirement.

If you’ve received Amnesty notices be sure to check the statements against your records and/or contact your accountant to make sure the claims are correct. For more information, contact Dan Wagner at 561.620.1718 or dwagner@kaufmanrossin.com.

Dan Wagner is an associate principal in the State & Local Tax Practice department at Kaufman, Rossin & Co., one of the top CPA firms in Florida with offices in Miami, Fort Lauderdale and Boca Raton.

Still No Estate Tax – A Window of Opportunity for Lifetime Gifts in 2010

Thursday, August 19th, 2010

It’s August and, unbelievably, there is still no estate tax in 2010. We have seen large estates like that of George Steinbrenner, and other billionaires passing in 2010, avoid huge estate taxes. And unless Congress passes retroactive legislation those estates will have avoided estate tax and generation skipping taxes.  

We can’t imagine anyone wanting to die to take advantage of the current estate tax opportunity.  Fortunately, the current law also provides an opportunity to make large lifetime gifts in 2010.

Here are some reasons why making gifts now make sense.   

• The $13,000 annual exclusions and $1,000,000 gift tax exemption for gifts in excess of your annual exclusions is still in place.
• Right now the gift tax rate is 35% on amounts over the $1,000,000 exemption. This rate can be as low as 26% if the transferor survives three years from the date of the gift.  However, in 2011 the maximum rate is scheduled to go up to 60%.  
• As of now, there is no Generation Skipping Tax in 2010.  Gifts directly to individuals more than one generation below the transferor are not subject to the Generation Skipping Tax which historically has been as high as 55%.
• With the extremely low interest rate environment many gift strategies, such as charitable lead trusts and GRATs, result in lower gifts than in higher interest rate periods.
• Transfer values are lower with the depressed real estate values and stock markets. Closely held business interests are likely to be valued lower.

What is the downside?

• Estate and gift tax might be repealed permanently. However, this doesn’t seem likely in a period of budget deficits and the fact that transfer taxes in recent years affect less than 1% of the population.  
• If the transferor dies in 2010, no transfer tax would apply under current law and unnecessary gift taxes would have been incurred.  This can be avoided by using techniques which will make the gift incomplete until after the tax laws for 2010 are certain.

If you have questions about how you can take advantage of current planning opportunities, please contact John Anzivino at janzivino@kaufmanrossin.com or 305.857.6706.

John R. Anzivino, CPA, is an estate and trust principal at Kaufman, Rossin & Co., one of the top CPA firms in the Southeast.

Back to the Basics

Monday, August 2nd, 2010

On July 14, 2010, I hopped on a plane to Jamaica with one goal in mind – no, not to bask in the sun and get as tan as possible on their beautiful white sandy beaches, but to educate local Jamaican entrepreneurs by teaching them the basic skills they need to operate and grow their small businesses. 

The University of Miami American Airlines/Eagle Jamaica Project is the final result of University of Miami Hyperion Council members devoting their energy, time and knowledge to creating lessons and real-life activities to teach 50 Jamaican small business owners.  In the U.S. we take a lot of things for granted like basic education, financing, paved roads, modern technology, clean water and shelter. How would you run your business if you didn’t have access to all of these things (which we consider necessities)? It would probably be pretty challenging, which is exactly what these business owners are experiencing.  And by business owners, I mean chicken farmers, agro-processors, juice producers, and hair dressers among others.

Although we couldn’t help them through all of their challenges, we are confident we taught them sound business practices.  We presented lessons that taught these Jamaican entrepreneurs basic accounting, marketing, operations, and business plan development skills.  We actually visited some of their businesses to help them distinguish themselves in their local market and obtain small business loans.  We worked in small groups which helped us really get to know these participants on a deeper level and understand their mission and vision.

It was truly amazing to see how these third world businesses survive on a daily basis.  Even though it was my second time visiting Jamaica and implementing this project, I was still stunned and fascinated by what I saw.  As a new addition to Kaufman, Rossin, I’ve grown accustomed to the great work environment that I experience every day.  We’re able to make business decisions by the click of a button, and many of our employees have graduated from some of the nation’s top schools.  And it goes without saying that we have clean water, beautiful facilities, and some other great amenities that come with being a part of the Best Place to Work For in South Florida.

Experiencing Jamaica and meeting these extraordinary people reminded me of how great things are here, and how entirely different it is just one time zone away.  As I now begin my professional career at Kaufman, Rossin, I bring to it my one-of-a-kind experience meeting and teaching these inspiring business owners as I was exposed to a different way of living and operating a business.  As we work in our robust, modern business world sometimes it’s necessary to go back to the basics – and enjoy the simple things in both life and business.

Aubrey Swanson is the social media coordinator with Kaufman, Rossin & Co., one of the top accounting firms in the Southeast. She can be reached at aswanson@kaufmanrossin.com.