Menu

January 28, 2016
By Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA

With the New Year also come some more compliance requirements from the Affordable Care Act (ACA).

With the New Year also come some more compliance requirements from the Affordable Care Act (ACA). New filing requirements and new reporting forms will be required to be filed with IRS by certain employers, insurance companies and certain benefit funds including Taft-Hartley multiemployer health and welfare benefit funds.

Read more...

October 21, 2014
By
Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA

According to most fraud experts, incidences of consumer fraud spike an estimated 20 percent during the holiday season - the time between Thanksgiving and New Year’s Day.

It’s a time when increased need - or greed - meets increased opportunity to commit fraudulent acts. We shop, travel and donate more to charity during the holiday season.

Read more...

September 18, 2014
By  Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA

As a Fiduciary, would you feel comfortable if your benefit plan’s independent auditor did not apply any auditing procedures to your plan’s investments?  Do you think the plan’s participants would be happy to know that the plan’s investments were not being audited by the plan’s independent auditor?

Read more...

March 13, 2014
By Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA Managing Partner, Armao LLP


According to a recent release by the Internal Revenue Service entitled Tips for Taxpayers, Victims about Identity Theft and Tax Returns, “Identity theft remains a top priority for the Internal Revenue Service in 2014. Identity theft is one of the fastest growing crimes nationwide, and refund fraud caused by identity theft is one of the biggest challenges facing the IRS.”

Read more...

January 9, 2014
By Joe Maniscalco

Some of the friendly staff at Armao LLP.

Garden City, NY - Don’t look now, but tax season is coming up quick. For municipal employees and other union members, that probably means a lot of hassles and headaches trying to locate a qualified tax preparer with both the know-how and commitment that today’s hardworking families demand. But no longer, a new tax preparation service backed by decades of experience in every aspect of financial planning and maintenance, is offering individuals the same high level of expertise and care that some of the most influential labor groups, Employee Benefits Plans and non-profit organizations enjoy.

Read more...

July 22, 2013
By Salvatore J. Armao, CPA/PFS, CFP, CFE

In response to concerns expressed by businesses regarding the complexity of the requirements and the need for more time to implement them effectively, the Department of Treasury announced on July 2, 2013 the postponement of Affordable Care Act (ACA) employer mandate penalties until 2015. The one year delay comes with a similar deferment of information reporting by employers, health insurance issuers and self-funded plan sponsors.

Read more...

March 21, 2013
By Salvatore J. Armao, CPA/PFS, CFP, CFE

Labor union and public employee union members in the United States may be able to deduct their union dues as a miscellaneous deduction on their federal income tax form if they itemize their deductions. While union benefits may be taxed as income, union dues and other contributions or assessments to a union related to the taxpayer's employment are a deductible miscellaneous expense.

Read more...

September 18, 2012 
By Salvatore J. Armao, CPA/PFS, CFP, CFE, Managing Partner Armao, Costa & Ricciardi, CPAs, P.C.

A section of the Employee Retirement Income Security Act (ERISA), 1132(g)(2)(E), grants the right of Taft-Hartley Multi-employer Benefit Plans to conduct audits of contributing employers to ensure that the correct amount of fringe benefit contributions have been collected.

Read more...

Additional information