Robert C Olivieri, Jr. - Call Bob now at 215.550.3636 for Solutions

Remember the saying “slow and steady wins the race”?

Keep in mind, “Stock Brokers” are not “Financial Planners” and “Financial Planners” are “Stock Brokers”.
Has the stock broker you use profited your portfolio during the calender year of 2008?  If not, why not?  Ask them why not.  Their job is to grow your portfolio, not lose you “any” money.

It might be time for a change.

Contact the Retirement Consulting and Strategic Specialists at Robert C Olivieri, Jr. PC if you have any questions or are looking to have your retirement portfolio analyzed by a “non stock broker”.  We are not in the business to sell you products.  You need to find someone you are able to trust and we are the professionals that will guide you and your family to a fruitful retirement. 

Take advantage of our 30 plus years of Strategic Guidance in Retirement and Financial Planning using investments that have “Guaranteed Returns”, “No Risk” and better value for your investment and retirement dollar. 

Our unique retirement suggestions and strategies are not stockbroker or insurance agent friendly because, again, we are not in the business of selling stocks, mutual funds, annuities or life insurance.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have. 

Is it not time you dealt with Retirement and Investment Specialists that are able to pave your way to wealth and freedom without the sleepless night and knots in your stomach when the stock market has it moments of volatility?

Did you know you may be able to file for a “corporate” tax refund if your business operates as a Subchapter S Corporation and the business paid you a salary and had a loss for the tax year?   And, did you also know that you may go back, three years in time, to file for those refunds? 

Call Bob, almost anytime, at 215.943.3296, with the Accounting, Tax and Business Consulting firm of Robert C Olivieri, Jr. PC, with your questions and concerns and let us handle fighting the IRS!  We will minimize your IRS tax liability and file for any refunds legally due your corporations using our aggressive techniques not know by most accountants.

The IRS changed the amount of the recovery rebate that was claimed on the tax return because the amount entered was computed incorrectly.

The IRS computed the recovery rebate credit.

For one or more of the dependents, the last name did not match the IRS records or the records provided by the Social Security Administration.

EIC was figured or entered incorrectly.

All or part of the earned income credit that was claimed was unallowed. For one or more of the dependents, the SSN was missing or the last name did not match the IRS records or the records of the Social Security Administration.

 

Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared.  Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies.  Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?

The IRS is using a multi-prong approach to reduce erroneous Earned Income Tax Credit (EITC)claims.

Agents and criminal investigators will visit “paid preparers” identified as filing highly questionable EITC claims to discuss remedies, responsibilities and possible civil or criminal penalties. Agents also will conduct traditional onsite compliance reviews of EITC due diligence records.

The first IRS acknowledgements have been available as of January 18, 2009.

IRS Rule 6695 regarding Earned Income Credit due diligence knowledge requirements is effective January 1, 2009, and institutes the following requirements:

- The tax return preparer must make reasonable inquiries if a reasonable and well informed tax preparer knowledgeable in the law would conclude that the information furnished to the tax return preparer appears incorrect.

- The tax return preparer must also contemporaneously (simultaneously, concurrently) document the reasonable inquiries made and the responses to these inquiries.

If you qualify for an Earned Income Credit, use a professional, paid preparer that is open all year round, does not “do” tax returns on the side and has a real office.  If the tax preparer does not sign his name on the return, you may be using a suspicious individual not familiar with the IRS laws.

Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared.  Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies.  Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?

 

Investment advice will be more accessible for millions of Americans in 401k and 403b type plans and individual retirement accounts (IRAs). Access to professional investment advice is particularly important now for workers as they manage their 401k and 403b plans and IRAs in changing and volatile financial markets since most of us know not what to do or in what type of securities to invest now that portfolios are down between 20% and 40% since October 2007.

The PPA amended ERISA by adding a new prohibited transaction exemption that allows greater flexibility for participants of 401k and 403b plans and IRAs to obtain investment advice. One of the ways in which investment advice may be given under the exemption is through the use of a computer model certified as unbiased. The other way is through an adviser compensated on a “level-fee” basis. Several other requirements also must be satisfied, including disclosure of fees the adviser is to receive.

Millions of American workers are responsible for managing their 401k, 403b and IRA accounts. The department took extraordinary steps to engage a broad spectrum of participants, employers, plan fiduciaries and others throughout the rulemaking process. The final rule expands access to investment advice without compromising the critical protections for plan participants and beneficiaries.

Remember, a 401k, 403b or an IRA is not a “pension plan”; it is “your own money”.  Times are not like the old days when dad worked 30 years for a big company and received a “pension” after he retired.  We all now have to fend for ourselves when it comes to our investment dollars. 

Contact the Retirement Consulting and Strategic Specialists at Robert C Olivieri, Jr. PC if you have any questions or are looking to have your retirement portfolio analyzed by a “non stock broker”.  We are not in the business to sell you products.  You need to find someone you are able to trust and we are the professionals that will guide you and your family to a fruitful retirement.  Take advantage of our 30 plus years of Strategic Guidance in Retirement and Financial Planning using investments that have “Guaranteed Returns”, “No Risk” and better value for your investment and retirement dollar.  Our unique retirement suggestions and strategies are not stockbroker or insurance agent friendly because, again, we are not in the business of selling stocks, mutual funds, annuities or life insurance.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Retirement and Investment Specialists that are able to pave your way to wealth and freedom without the sleepless night and knots in your stomach when the stock market has it moments of volatility?

                             

Our firm, experienced for over 30 years in income tax preparation, encourages the more than 81 million taxpayers who hire professional assistance each year to make an appointment now with a CPA tax preparer before their schedules fill up. CPAs are business people in your community who will be there for you, and like our firm, all year round with hours after 500pm and on the weekends.  You do not want a tax preparer who closes shop on April 15 and is nowhere to be found in case you have a question or receive a tax notice in the mail from the IRS. Tax season is underway. Most taxpayers received their W2 forms from employers telling them how much money they earned in 2008 and the April 15 filing deadline is just nine weeks away, unless you file an extension which gives you until October 15 to file your personal income tax returns. To be licensed by the states in which they practice, CPAs must pass a rigorous professional exam after they finish their college education.  After licensing, mandatory continuing professional education requirements make sure that CPAs stay current with regulatory and legal changes.  In addition, CPA’s  must adhere to strict ethical standards, and additional rules that apply to CPAs who are tax practitioners. Remember and be aware that storefront, basement and garage office “tax form preparers” may be of little help if your return is questioned. If the IRS raises a question about your return, only CPAs, attorneys and enrolled agents are authorized to represent taxpayers before the IRS. CPAs are the best trained and most skilled professionals that taxpayers can hire.  In addition, they are the most trusted professional in the business world. To find a CPA in your community, taxpayers can perform searches such as “tax preparers bensalem” or “income tax preparers langhorne” or “tax return preparers trenton”.  You also want a professional that is open all year round and not just during the tax filing season.  Lastly, remember, you only get what you pay for.  The non licensed tax preparers purchase cheap, inexpensive software, most do not sign the returns they prepare and are very aggressive with deductions for which the taxpayer is entitled.  You should be careful when your tax refund is higher than normal and your garage preparer says “do not worry about it”.  That is the time to worry! Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared.  Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies.  Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?

Economic stimulus payments are not taxable, and they are not reported on your 2008 individual income tax returns. However, the stimulus payment does affect whether a taxpayer can claim the Recovery Rebate Credit and how much credit you may receive.  The credit is figured like last year’s economic stimulus payment except that the amounts are based on tax year 2008 instead of 2007.  A taxpayer may qualify for the recovery rebate credit if, for example, you did not receive an economicstimulus payment or had a child in 2008.  In most cases, the IRS will figure the credit.

Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you still have any other questions or are looking to have your personal, corporate, payroll or sales tax returns prepared.  Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies.  Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?

Those who bought a main home recently or are considering buying one may qualify for the first-time homebuyer credit. Normally, a taxpayer qualifies if they did not own a primary residence during the prior three years. This unique credit, of up to $7,500, works much like a 15 year interest free loan. It is available for a limited time only; on homes purchased from April 9, 2008 to June 30, 2009.  It can be claimed on the new IRS Form 5405 and is repaid each year as an additional tax.  Income limits and other special rules apply.

Contact the accounting, tax and financial consulting firm of Robert C Olivieri, Jr. PC if you have any questions or are looking to have your personal, corporate, payroll or sales tax returns prepared.  Take advantage of our 30 plus years of Accounting, Tax and Financial Consulting experience to reduce your IRS liabilities and show you our provocative Retirement Strategies.  Our retirement suggestions are not stockbroker friendly because we are not in the business of selling stocks or mutual funds.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?

When trying to comprehend a trillion-dollar deficit, you might calculate how much money that represents per person in the U.S. One trillion dollars divided by 300 million Americans comes out to $3,333. Then you search for a useful comparison. A convenient, though perhaps unsettling, comparison is to the amount of credit card debt carried by the average person in this country. That figure is $3,245.  So, a good way of thinking about government debt financing is that it is similar to what the average person is spending.

How about this; dividing government spending by the number of citizens and the number of weeks in a year. A $700 billion bailout thereby translates into $45 per week for each American man, woman and child. Going one step further, it comes out to $6 a day. Are you willing to pay $6 a day to have a functioning financial system?

Just be careful once you start dividing and dividing again. It is often easy to come up with big denominators that make sense, though ultimately too much dividing reduces numbers to another sort of uselessness. Six dollars a day is also 25 cents an hour, or less than half a penny a minute. Would you be willing to pay less than half a penny a minute?

Contact the Retirement Consulting and Strategic Specialists at Robert C Olivieri, Jr. PC if you have any questions or are looking to have your retirement portfolio analyzed by a “non stock broker”.  We are not in the business to sell you products.  You need to find someone you are able to trust and we are the professionals that will guide you and your family to a fruitful retirement.  Take advantage of our 30 plus years of Strategic Guidance in Retirement and Financial Planning using investments that have “Guaranteed Returns”, “No Risk” and better value for your investment and retirement dollar.  Our unique retirement suggestions and strategies are not stockbroker or insurance agent friendly because, again, we are not in the business of selling stocks, mutual funds, annuities or life insurance.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Retirement and Investment Specialists that are able to pave your way to wealth and freedom without the sleepless night and knots in your stomach when the stock market has it moments of volatility?

It is a bit of insult added to injury; small business owners who had non paying customers in 2008 are likely to find they can not take the bad debts as deductions on their income tax returns.

Tax laws limit the ability of many small businesses, among them service providers, to deduct the money that customers never paid. That means owners need to try other methods of capturing the funds and to be sure they don not get burned again.

What determines the deductibility of bad debts is the accounting method that a small business uses. Generally, service providers like auto mechanics, tax preparers, barbers, trainers and dentists use what is called cash basis accounting. Under that method, income is recognized when it is received and expenses are recognized when they are paid. So, income that is never received can not be recognized and it can not be deducted.

Companies that use what is known as the accrual method of accounting generally have an easier time deducting bad debts. Manufacturers and other companies with inventory tend to use accrual accounting. Under that system, income is recorded when a sale occurs or a debt is owed, not when payment is received. Expenses are recorded when they are owed, not when they are paid.

So, if a manufacturer ships goods, the income should be recorded when the sale occurs. If the customer never pays, the tax deduction effectively allows the income to be wiped out.

The company also gets to deduct the costs of manufacturing. Similarly, a service provider, say, a house painter, can deduct the cost of materials and supplies used in the job, but the business has to absorb the labor costs.

Companies can and should try to collect unpaid debts, starting with requests to the customer. If it is a customer that an owner does not want to lose, it might be a good idea to restructure the terms to make it easier for the customer to come up with the funds.

If all else fails, the next step might be a collection agency. Business is up at collection agencies; companies are turning to them for help, even though it means they might get just a fraction of what they are owed.y

Contact the accounting and tax consulting firm of Robert C Olivieri, Jr. PC if you have any questions on this issue or are looking to have your corporate or payroll tax returns prepared.  Take advantage of our 30 plus years of Accounting and Tax Consulting experience to reduce or eliminate IRS payroll liabilities and avoid audits due to non compliance.  Non compliance is a very serious issue with the IRS.  If they believe your company has been negligent with certain tax regulations, they may be able to assess you additional tax, including penalties and interest.  You may not toss the blame into your current accountant; following tax regulations is your responsibility.  Feel free to call Bob, almost anytime, at 215.943.3296 for any questions you may have.  Is it not time you dealt with Accounting and Tax Professionals that are available at your convenience?