D’Arcangelo Blog

Check Out the New I-9 Forms Soon to be Mandatory

A new I-9 Form, which is the document employers use to verify the identity and eligibility of employees hired in the United States, has been issued by the Department of Homeland Security. You can obtain forms now and should begin using them soon. However, you may continue to use the old forms a bit longer.Continue reading →

Employers: Gain Extra Time to Claim the Work Opportunity Tax Credit

The IRS announced it is providing an extension of time to employers that want to claim the Work Opportunity Tax Credit (WOTC). Specifically, employers have more time – up to April 29, 2013 – to file the required IRS form to claim the valuable tax credit (IRS Notice 2013-14). The WOTC can be claimed byContinue reading →

To Trust or Not To Trust

It is hard to imagine an individual or family doing any income or estate planning without considering the use of trusts. It is a misconception that trusts are only tools for the mega wealthy. In fact, trusts are something that can be utilized by many people to accomplish some very basic and extremely important objectives.Continue reading →

Don’t Pay Tax Twice

Reinvestment can be a crucial component of the wealth accumulation process, as the reinvested amount compounds and grows over time. Yet if you are reinvesting dividends and capital gains (“distributions”) in funds you hold in your taxable account, it can be important to ensure that you’re not paying more tax than necessary. You pay taxContinue reading →

Countdown to Filing: There’s Still Time to Contribute to an IRA or SEP

The clock is ticking down to the tax filing deadline. The good news: there may still be an opportunity to save on your tax bill from last year. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2013 filing date and still benefit from the resulting taxContinue reading →

Get Ready for Required Direct Deposit of Federal Benefit Payments

Like it or not, retirees receiving Social Security and other beneficiaries of federal benefit plans are required to begin receiving payments electronically on March 1, 2013, if they aren’t already doing so. Under the government’s “Go Direct” program, you can choose between having a direct deposit made to a bank or credit union account andContinue reading →

Ten Fast Facts about Social Security

1.      Social Security benefits are paid to about 57 million people. Most (40 million) are retirees and their families. The rest are workers who become disabled and families in which a parent or spouse dies. 2.      About 161 million people work and pay Social Security taxes today. 3.      Social Security replaces about 40 percent ofContinue reading →

IRS Cracks Down on Tax ID Theft: Could You Be a Victim?

As the 2013 tax filing season opened, the IRS announced a national crackdown on identity theft schemes aimed at stealing taxpayers’ refunds. The tax agency announced there were 734 enforcement actions in January of this year, including indictments, search warrants, complaints, and arrests. This follows 2,400 enforcement actions against identity thieves in fiscal 2012. TheContinue reading →

New Options for Safeguarding Public Funds in New York State

School districts along with other local governments in New York State will have new options to help protect and manage their public funds based on legislation signed into law by Governor Cuomo. Effective immediately, this new law enables school districts and other local governments in New York State to place public money through the Insured CashContinue reading →

Planning for Possible Changes in Your Audit Engagement

As you plan for your next financial statement audit, there are changes in auditing standards that may impact your engagement. Statements on Auditing Standards (SAS) Nos. 122-125(referred to as the Clarified Auditing Standards) introduce some changes that go into effect for financial statement audits for periods ending on or after December 15, 2012. For mostContinue reading →