Monday, February 19, 2007

 

Many 1099s Will Arrive Late or Need Correction-Don't File Too Early


Don't File Too Early, But Do Begin Gathering Information Now

The 2006 tax season is upon us and we would like to make you aware that many of the 1099 forms that you will receive from brokerage firms and financial institutions this year are likely to be issued late and/or require corrections.
This is primarily due to the fact that the IRS recently modified Forms 1099-DIV and 1099-INT, requiring brokerage firms and other financial institutions to change the processes they use to capture and quantify certain new reportable items. This may reduce the pace at which they produce and mail the forms, and may cause some initial errors.

Even though it's probably wise not to file your tax returns too early as a result of these changes, it is still important for you to begin the process of gathering your 2006 tax information for preparation of your 2006 income tax returns as early as possible.

Many corrections will be minor and will have little, if any, effect. If the correction(s) are substantial, and your tax returns have already been filed, you may end up needing to file amended income tax returns, which we will generate for you.As always, we look forward to working with you this tax season to complete your tax returns in an accurate, timely manner. Please call your J.H. Cohn professional if you have any questions about this or any othertax issue.
Bruce Kramer Partner
J.H. Cohn LLP 27 Christopher Way Eatontown, NJ 07724
tel (732) 380-8620 fax (732) 578-1711
Submitted by Fran Kirschner, Frantasy Enterprises

Thursday, February 08, 2007

 

Do Not Overlook the New Federal Telephone Excise Tax Refund Available

Taxpayers who have paid long-distance telephone excise tax on their telephone bills can request a one-time refund on their 2006 income tax returns. The reason for this is that the Federal government will not be collecting any more excise tax on long-distance telephone charges. Several Federal court decisions have held that the tax does not apply to long-distance telephone services as billed. All taxpayers who paid long-distance Federal excise taxes will be eligible for this new refund including individuals, sole proprietors, corporations, partnerships, and tax exempt organizations. Generally, the tax refund is based upon long-distance telephone services billed after February 28, 2003 and before August 1, 2006.

Businesses (including sole proprietorships, corporations and partnerships) and tax exempt organizations are offered two methods by which they can calculate their refunds. In either case, businesses and tax exempt entities need to file Form 8913 (Credit for Federal Telephone Excise Tax Paid) to claim the refund. Actual refundable long-distance excise taxes can be totaled for the 41 month period after February 28, 2003 through August 1, 2006. The second permissible method would be to use a specific formula published by the Internal Revenue Service. The formula method is less time consuming and it may or may not produce a higher refund. Basically, this quick formula method requires business and tax exempt taxpayers to obtain two telephone bills – one from April 2006 and one from September 2006. The information obtained from these two telephone bills will result in calculating a percentage of long-distance telephone excise tax paid on long-distance service. Form 8913 will contain certain refund limitations and it will provide details for computation purposes.

The refund procedure is different for individual taxpayers. Individual Form 1040 taxpayers can choose a standard refund amount based upon the number of exemptions they claim. This standard amount will only require one line on the Form 1040 to be completed without filing Form 8913. The standard refund will be an amount between $30 and $60 per return. The standard refund amount is based on data the IRS has concerning the average long-distance telephone usage applicable to an individual, family or household. If an individual taxpayer declines to use the simplified standard method, they can file Form 8913 with their Form 1040 and compute their refund based upon the actual tax paid using the 41 months of telephone records after February 28, 2003 and before August 1, 2006.

It is very important to remember to take advantage of this Federal excise tax refund for our tax clients. Tax organizers mailed to clients may need to be updated to request the necessary information to accurately prepare the 2006 tax return. Another thought might be to prepare a general form letter to forward to clients which will request the necessary information needed to compute this excise tax refund if the computation methods will be used.

As one of the leading accounting and consulting firms in New Jersey, Cowan, Gunteski & Co., P.A. understands the importance tax planning so that you can keep more of your hard earned money. Contact Michael V. DeMola at 732-349-6880 extension 119 or mdemola@cowangunteski.com for more information on tax planning strategies for your particular situation.

About Cowan, Gunteski & Practice, P.A.
As a diversified certified public accounting firm, Cowan, Gunteski & Co., P.A. is committed to being an active partner in their client’s growth by delivering value driven accounting and profitability consulting services. Visit http://www.cowangunteski.com/ for more information on the services available to meet your unique needs.

Submitted by Fran Kirschner, Frantasy Enterprises

 

Tax Filing Deadline Extended to April 17

The New Jersey Division of Taxation has announced that the due date for filing and payment of the 2006 New Jersey gross income tax returns will be extended to April 17, 2007, to correspond to the due date for Federal income tax returns.

For Federal income tax purposes, all individual taxpayers have extra time to file and pay income tax because April 15 falls on a Sunday and the next day is Emancipation Day, a legal holiday in the District of Columbia. Previously, the Internal Revenue Service (IRS) extended the filing and payment deadline to April 17 only for taxpayers in the District of Columbia and six eastern states served by an IRS processing facility in Massachusetts, where Patriots Day is observed on April 16, but in a recent notice the IRS determined that the entire country has the extended deadline. (Release, NJ Division of Taxation, 01/26/2007.)

Submitted by Fran Kirschner, Frantasy Enterprises

Wednesday, February 07, 2007

 

New Information about Medicaid Planning

Congress has passed the Deficit Reduction Act of 2005 (DRA).

If you have ever sought an attorney for Medicaid planning, the adoption of the DRA could seriously affect the success of your plan. It is now much more difficult for people to become eligible for Medicaid. The DRA made several substantive changes in the law regarding transfers of assets for Medicaid eligibility.

The “look back” period, the period in which the state must “look back” at all of the financial records, and determine whether an individual transferred assets to qualify for Medicaid, increased from 36 months (three years) to five years. The start date of penalty periods in which an individual is ineligible for Medicaid was changed. A requirement was imposed on individual states to impose penalty periods that include individual days of Medicaid ineligibility. Previously any period of ineligibility that was less than a month was not “rounded up” to include a full month. The DRA also prohibited a state from granting Medicaid to individuals who have substantial equity in home property. There were also a number of procedural changes made to the Medicaid eligibility law.

As of this date, there are no New Jersey regulations that have been adopted to offer guidance as to the applicability of this new Federal law. Many of the previous planning techniques used by New Jersey, such as transferring assets and waiting for three years, or calculating the applicable period of ineligibility and then reserving enough money to pay for care (also known as “half loaf planning”) are no longer available techniques.

In New Jersey, a Medicaid applicant was also permitted to transfer small amounts every month (less than $5000) because it would not result in any period of ineligibility. That is no longer permitted, and ineligibility will be calculated in terms of individual days, instead of months. Although there may be ways to do Medicaid planning under the new law, those methods have not been approved or tested. If an attorney attempts planning, the Medicaid applicant may be rejected, and the attorney will have to appeal that rejection. Medicaid planning is no longer a form driven practice like estate planning, but will require litigation and creativity.

Diana L. Anderson, Esq., C.E.L.A. (Certified Elder Law Attorney)

Submitted by Fran Kirschner, Frantasy Enterprises

Tuesday, February 06, 2007

 

Dr. Thopcherla Joins Board of Directors of Caregiver Volunteers

Geriatrician a welcome addition to non-profit agency serving Senior Citizens

Caregiver Volunteers of Central Jersey is proud to announce that Majula Thopcherla, M.D. has joined its Board of Directors. This non-profit agency,with offices in Beachwood, Lakewood and Whiting, has been assisting senior citizens throughout Ocean County for the past 15 years . Volunteers drive homebound senior citizens to doctor appointments, go grocery shopping, provide relief to family caregivers of Alzheimer’s disease patients, and ease loneliness through friendly visits.

Dr. Thopcherla is board certified in both Internal Medicine and Geriatric Medicine, and has over 15 years experience caring for adult patients of all ages. Dr. Thopcherla is also serving as the Medical Director of Fountain View Care Center and is on staff at Kimball Medical Center.Her office, Shore Medicine, LLC is located at Parkway 70 Plaza on Route 70 in Lakewood, NJ.

As the population of senior citizens grows in Ocean County, the need for groups such as Caregiver Volunteers becomes even more important. Lynette Whiteman, Director of Development, says, “Because Dr. Thopcherla specializes in Geriatric Medicine, her association with Caregiver Volunteers is a perfect partnership, and we look forward to having her expertise as part of our Board of Directors.”

For more information about Caregiver Volunteers, please call the Lakewood office at 732.730.1232.

Submitted by Fran Kirschner, Frantasy Enterprises

 

Adult CPR/AED Training Session

The Jersey Coast Chapter along with the Lakewood Blue Claws will be offering an Adult CPR/AED Training session Sunday, April 15, 2007, from 9:00 a.m. to 1:00 p.m., FirstEnergy Park - 2 Stadium Way (GSP exit 89) Lakewood, N.J. 08701

Have you or anyone you know ever wanted to learn CPR/AED?
Are you a baseball fan?
Well, then, this is the event for you!!!

Not only will you become certified in Adult CPR/AED,
you will also receive a ticket to the Friday, April 20, 2007, game at 7:05 p.m.

CPR/AED Training: $10.00
Ticket to game: Free
Saving someone’s life….. Priceless
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

To sign up for the event contact:

Jessica Revoir, Health & Safety Business Coordinator
The American Red Cross – Jersey Coast Chapter
1540 West Park Ave – PO Box 131
Tinton Falls, NJ 07724
Phone: 732-493-9100 x255
Fax: 732-493-8871
Email: jessicar@jerseycoast-redcross.org
Or, sign-up online at : www.jerseycoast-redcross.org

Submitted by Fran Kirschner, Frantasy Enterprises

 

Travel Tips for 2007

Happy New Year! This is going to be an exciting year for travel, especially with many travel incentives being offered by the cruise lines, resorts, and airlines. This might be the year of your dream vacation.


Travel Tips:
As of January 23, 2007 all persons, including U.S. citizens must have a passport to enter the U.S. U.S. citizens traveling to Canada, Mexico, the Caribbean, and Bermuda must be in possession of a valid passport to return to the U.S. If your passport is expiring within six months of your travel time, you will need to have an updated passport.
When you are traveling, it is a good idea to have photocopies of your passport. A photocopy of your passport and your itinerary should be left with a trusted relative or friend in case of an emergency. You should also have a photocopy of your passport with you, but not with your original, in the event you lose your original.


In December my traveling partner and husband (same person) and I went on a Crystal Cruise to the Western Caribbean. Crystal Cruises are a cut above everyone else. They have been the highest-ranked large ship line since they began in 1996. It’s no wonder they have such a prestigious reputation. Everything about the ship and service is top notch. If you are ready to trade up to a luxury cruise or if you are only going to take one cruise in your lifetime, I highly recommend this company.

Don’t forget that a cruise would make an exciting anniversary, birthday, graduation, and any occasion gift. Family reunions and get togethers with friends are always more fun on a cruise ship. In the workplace, reward cruises can be powerful incentives for employees, and cruise ships also make great places to hold seminars.

Please call me if you have any questions about travel or vacation hotspots. If you’re not sure you are ready to travel but just want to know about possible options, I’d be very happy to talk to you.

Happy Vacations!
Jeannie Schlameuss, JAS Travel
732-363-0899
cell: 732-539-9054
www.jastravel.jurni.net
traveljeannie@optonline.net

Submitted by Fran Kirschner, Frantasy Enterprises

 

It's Time for a Family Time Out!

Take a “Family Time Out”

School, sports, Scouts, cooking, cleaning, PTA, business trips, client presentations, dinner meetings: Sound like a day in YOUR hectic life? If your family calendar is like most, you regularly experience your fair share of schedule overload. With children in school and activities, parents who work and volunteer, commitments to friends and the community, families lose out on precious time together.

As a travel professional, I help families reconnect and recharge with a well-deserved vacation. The “Family Time Out” promotion includes destinations, such as Hawaii, Alaska, the Caribbean, Europe, or Club Med. I’ll use my travel expertise to plan a vacation the whole family will enjoy.

Club Med offers families the chance to recharge at over 80 resorts in the most beautiful places around the world. Europe is another fascinating destination. Globus Family Vacations and Monograms Independent Vacations take families on a memorable journey to Austria, Belgium, the Czech Republic, England, France, Germany, Holland, Hungary, Ireland, Italy or Switzerland. Or, families can take their “Time Out” with NCL America in Hawaii, the perfect playground for family fun. Princess Cruises bring you together for an adventure in Alaska, and Royal Caribbean International offers your family fun in the sun in the Caribbean.

There are a lot of fabulous destinations with special offers to choose from for your very own Family Time Out. Call me at 732-363-0899 and let me do the research, make recommendations, and provide the details on how your Family Time Out will be full of memories that will last a lifetime.

Jeannie Schlameuss, JAS Travel
http://www.jastravel.jurni.net/
traveljeannie@optonline.net
Home/office 732-363-0899

Submitted by Fran Kirschner, Frantasy Enterprises

 

Creative Advertising Specialties, LLC, Receives the Platinum Plus Designation

Rip Gettis of Creative Advertising Specialties, LLC, was designated a “Platinum Plus” distributor by Bullet Line, Inc. of Miami, Florida, for the second consecutive year. The “platinum Plus” designation is awarded to a small select group of promotional advertising distributors who have achieved a high volume of business.

Creative Specialties was the recipient of the coveted National Silver Pyramid award in 1988. This award, judged by PPAI (Promotional Products Association International), is given for the effective use of promotional products in business and institutional marketing programs nationwide.

“It’s an honor to be named a Platinum Plus distributor because I am competing with the ‘best of the best,’” said Rip Gettis, president of Creative Advertising Specialties. Gettis has been in the promotional advertising industry since 1973.

Promotional products are decorative articles of merchandise, such as pens, key chains, mugs, magnets, calendars, etc., imprinted with a message. They include advertising specialties, premiums, incentives, awards and gifts.

Rip Gettis, Tel: 732-929-1668
www.creativespecialties.us
Ripget@aol.com

Submitted by Fran Kirschner, Frantasy Enterprises

 

The ARC Hosts Fundraiser at Famous Dave's

Call the ARC of Ocean County for a certificate when you eat at Famous Dave’s of Brick,
February 12-15th, 2007

Present the ticket to your server with your payment, and the ARC will receive 10% of your bill.

Enjoy a great meal at Famous Dave’s BBQ Restaurant and support the ARC!

Date: February 12 – 15, 2007
Time: 11:00 a.m. to 11:00 p.m.
Place: Famous Dave’s BBQ Restaurant
950 Cedar Bridge Road, Brick
732-262-7485

Submitted by Fran Kirschner, Frantasy Enterprises

 

Lakewood Chamber Ranked among the Best

Congratulations to the Lakewood Chamber of Commerce for being named by NJBIZ to New Jersey’s top Chambers of Commerce (January 29, 2007).

Keep up the good work!

Submitted by Fran Kirschner, Frantasey Enterprises

 

February Meeting of Young Professionals, Forty and Under

Taking Web Sites and Sales beyond the Hype

Young Professionals, Forty and Under, a committee of the Lakewood Chamber and a support group for professionals and college graduates in Ocean, Monmouth, and Middlesex counties, will hold its monthly meeting at 507 Main Bar and Grill, 507 Main Street, Belmar, on Wednesday, February 21, 2007, from 6:00 to 8:30 p.m. Larry Bailin, the CEO of Single Throw, an Internet marketing company, Wall, New Jersey, will present “Dogs Bark, Ducks Quack, Customers Click!,” a program that includes strategies for taking Web sites and sales beyond the hype. The cost is $10.00 at the door and includes unlimited pizza, a cash bar, and networking opportunities. To register, call Michelle at CareOne at Jackson, (201) 421-9148; or e-mail her at mcastanzo@jacksonhcc.com.

Larry Bailin is the founder of the award winning Internet marketing company Single Throw and the author of the book, Mommy, Where Do Customers Come From?™. Under Bailin’s leadership, Single Throw grew from a small start-up company to a major Internet marketing business, meeting the online marketing demands of major companies, such as BlueClaws, Scholastic, Hyperion Technologies, Select Energy, Mag-Lite, Conair, DeVry University, BP Oil, Sara Lee, and many of public and private enterprises. Single Throw, currently in its sixth year of operation, continues to achieve recognition as a leading Internet marketing business.

Submitted by Fran Kirschner, Frantasy Enterprises

 

“How to Have the Best Year Ever”

Brick Chiropractor Launches National Seminar in Florida

Dr. Daniel J. Cruoglio, Brick, New Jersey, a professional coach and board-certified chiropractor at First Choice Health Group, recently opened the national seminar of Breakthrough Coaching, Orlando, Florida, with his address, “How to Have the Best Year Ever.” Among other topics, Dr. Cruoglio emphasized to more than 400 attendees the importance of raising one’s standards, controlling emotions, and overcoming fears. Denis Waitley, a well-known author, international lecturer, and productivity consultant gave a motivational speech to close the seminar.

In the past year, Dr. Cruoglio has been advising chiropractors through Breakthrough Coaching, a national practice development system for chiropractic and multidisciplinary practices. He is a graduate of New York Chiropractic College, Long Island, and completed post graduate work in Neurophysiological, Biomechanical, and Clinical Advances in Chiropractic at New York Chiropractic College. Dr. Cruoglio is a credentialed provider of “active release techniques” for the spine and upper extremities. He is certified in performing the AMA Permanent Medical Impairment Examination, and holds a graduate studies certificate from the Parker Chiropractic Research Foundation.

Dr. Cruoglio is affiliated with the American Chiropractic Association, the Lakewood and Brick Chambers of Commerce, and the Association of New Jersey Chiropractors. Some of his awards include Professional Excellence & Commitment to Excellence from Breakthrough Coaching, National Practice Development; Service Award from the Council of N.J. Chiropractors; and Award of Distinction for Dedication and Devotion from the former Koslow Practice Management. Dr. Cruoglio serves on the board of United Way, Toms River.

Dr. Cruoglio is available to speak for free to local groups on a variety of health-related topics, such as lower back pain; carpal tunnel syndrome; back, neck, and shoulder pain; arthritis; and stress. He recently spoke to Young Professionals, a committee of the Lakewood Chamber of Commerce, and is scheduled to present “Creating the Business You Really Want” at the Brick Chamber on March 16, 2007. For further information, call 732 – 920 – 5646.

Submitted by Fran Kirschner, Frantasy Enterprises

 

February Is National Children’s Health Month

Local Dentist Teaches Children about Good Dental Hygiene

February 1, marks the beginning of National Children’s Dental Health Month, a month set aside to highlight how important it is to talk to children about good dental hygiene. Tooth decay is practically 100% preventable with proper care. But without proper care, children have to face the trauma of getting fillings, and parents wind up spending money they didn’t have to spend.

Dr. Ronen Rotem, a Toms River dentist whose practice focuses on general and cosmetic dentistry for adults, is nevertheless concerned about children’s dental health. He says, “Parents should begin helping their children brush their teeth as early as possible. It is more important to brush twice daily than it is to do a great job brushing. Eventually, brushing will become a habit. My own four-year-old son was finally willing to brush twice a day when he got a Batman toothbrush and Hulk toothpaste.”

It is a good idea to take children to the dentist between the ages of 2 to 3, and especially before they have a problem. “Let your children get used to sitting in a dental chair, even if it is on your lap,” says Dr. Rotem. Today parents can find child friendly products to help them. “The taste of toothpaste is no longer offensive,” says Dr. Rotem. “The characters on the brushes and toothpaste tubes often make kids want to brush their teeth.”

The Surgeon General reports that dental decay is the second most common chronic disease in childhood. “It is second only to the common cold. . . . Brushing your child’s teeth only takes about three minutes a day. The rewards last a lifetime and prevention starts with education.”

What should parents emphasize? Brushing and flossing teeth twice a day, rinsing after eating, and eating healthy food.

Submitted by Fran Kirschner, Frantasy Enterprises

 

Are You Getting the Kiss You Deserve?

Is It the Kiss of Breath?

Are you getting the kiss you think you should be getting? If not, it might be your breath. Bad breath, not your personality, could be one of the reasons that people keep their distance. How do others react to you? When you try to get close, do others move away?

Dr. Ronen Rotem, a Toms River dentist says, “If people don’t want to get close to you, you might want to think about your breath, a reason more prevalent that people realize. As a matter of fact, bad breath is among the top three areas people should consider, including diabetes and digestive disorders. But the first place you should look is between your teeth.”

Bacteria that hang around the mouth, in your gums and between your teeth, can be a major culprit. Forgetting to floss leaves bacteria between your teeth, creating unpleasant odors. Food trapped in the mouth because it is lodged in small gum pockets can also generate bacteria, which causes bad breath. A gum infection cannot be overcome by simple brushing and using mouth wash.

If brushing and fastidious flossing do not improve your breath, you may have an underlying gum infection that is producing bad breath. Most people don’t realize that bad breath can be also be caused by old dental work that is breaking down.

If you have bad taste in your mouth, if food doesn’t taste the same, if people are moving away from you, if you’re not getting that kiss you deserve, your dentist will be able to rule out any underlying oral problems. In the meantime, have a happy Valentine’s Day!

Submitted by Fran Kirschner, Frantasy Enterprises

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