News
Goff Backa Alfera & Company, LLC is one of the Best Places to Work in Western PA, according to the Pittsburgh Business Times. The Firm has been a multiple year recipient of this honor.
Winners were determined by a process in which employees at businesses across the region were invited to go online and rate their workplace on characteristics such as family-friendly policies, flex hours, ease of commute, pay, benefits, and others.
Goff Backa Alfera & Company,
LLC is a member of INPACT Audit, Limited (IA).
IA is a global network of separate and independent accounting and auditing
firms. Members are partnerships or corporate entities in their own right.
IA was organized to facilitate services provided by its members by coordinating
membership involvement with clients with multiple or new locations, exchanging
practice management concepts and ideals, and providing assistance beyond
a firm’s normal service area.
IA is registered in the United Kingdom as INPACT Audit Limited, a private
company limited by guarantee. Company number is: 05892492. Registered office
address is: Lifford Hall, Lifford Lane, Birmingham, B30 3JN.
IA’s administrative offices are located at 339 West Governor Road,
Hershey, PA 17033 USA. Telephone number: +717-533-5154. Fax number: +717-533-1442.
Email address: lscudder@smokersmith.com.
IA is a member of the Forum of Firms. The Forum is an association of international
networks of accounting entities that perform transitional audits of financial
statements. Members of the Forum voluntarily agree to meet certain requirements
as detailed in its Constitution. Commitment to the obligations of membership
in the Form contributes to raising the standards of the internal practice
of auditing in the interest of users of the profession’s services.
Staff Changes and Additions
The partners of the certified public accounting firm of Goff Backa Alfera & Company, LLC (GBACO), are pleased to announce the hiring of Stephanie Wright.
Stephanie joins the firm as a Staff Level Auditor in the Firm’s Audit and Accounting Group. Stephanie is a 2011 graduate of Duquesne University with a Bachelor of Science degree in Accounting and a minor in Spanish. She is a member of Phi Eta Sigma and Beta Gamma Sigma, academic honors societies and Omicron Delta Kappa and Rho Lambda, leadership honors societies.
Originally from Morgantown, WV, Stephanie currently resides in Pittsburgh, Pennsylvania.
Published Articles
Alfera,
Richard J. "Accounting Firm Internships Provide Career Opportunities."
Accounting Crossing. 
Alfera,
Richard J. "Financial Planning Series - Why Start Now?" South
Hills Almanac.
"A
Balanced Approach." Pittsburgh Business Times. 29 May 2006.
"A
Fresh Perspective on Peer Review." Pennsylvania CPA Journal.
Summer 2007.
Tax Season Tips
Once again it's that time of year to file your tax returns. In order to reduce the taxes you have to pay, consider some of the following tips before you finalize your tax return. There are many changes in the tax laws each year that affect deductions, credits and ways to minimize what you owe.
Before you get started,
organize your tax information by separating your income
tax reporting forms such as W-2s, 1099s and Schedule K-1s from your deduction
forms such as mortgage statement, taxes paid and charitable contributions.
It is important to
make sure that all items reported to the IRS on these forms be shown in
the proper place on your tax return. Due to technology improvements and
computer matching, failure to report an item on your return
will most likely generate a notice or tax assessment from the IRS.
While it's important
to report all taxable income, it's just as important to claim all of the
deductions and credits that you are entitled to. Reducing
your taxes to the lowest level possible will create more funds to save and
invest.
Many individuals
are failing to claim the telephone excise tax refund. So
far the IRS has stated that 1/3 of filers have failed to claim the refund.
A standard amount can be claimed ranging from $30 to $60.
The Alternative
Minimum Tax (AMT) applies to a greater number of taxpayers each
year. Individuals should prepare Form 6251 to determine if AMT applies,
otherwise the IRS will calculate the amount and bill for any tax owed. The
AMT is basically a flat tax system with limited deductions.
Taxpayers who have
paid AMT in a prior year may have a minimum tax credit carry forward to
use in the current year if their regular tax is now greater than their AMT.
Make sure any AMT credit is carried forward and tracked
for future use. Some taxpayers are unaware of this credit and fail to claim
it.
State and local tax
refunds may not be taxable if no benefit was received in a prior year due
to AMT or claiming the sales tax deduction. Do not assume
that refunds are fully taxable.
A credit is available
for purchases of energy efficient furnaces and similar
equipment. Form 5695 should be used to calculate the credit.
Penalties
may be assessed if not enough tax was withheld or paid to the IRS. Consider
Form 2210 to reduce potential penalties if your income increased significantly
from a prior year or if a portion of your income was earned late in the
year.
While the items discussed
can help you reduce the taxes you owe from last year, now is also the time
to consider what you can do to reduce your taxes this year
to create more discretionary income to utilize.
If you are receiving
a large refund, consider changing your withholding level
by submitting a new Form W-4 to your employer. Why let the IRS hold your
money all year without paying you interest.
Analyze your expected
deductions, exemptions and credits for 2007 and then complete the
W-4 worksheet to calculate how many exemptions you can claim. Many individuals
mistakenly believe that they are limited to claiming a withholding exemption
solely for spouses or dependents. If your deductions are high enough, you
may claim more.
Some people feel
that they would be tempted to spend an additional amount received in their
pay check from reduced withholding instead of saving it. Possibly, they
consider a large refund every year as a bonus or forced savings. However,
there are other options that can stimulate systematic savings without using
the IRS. For example, you can set up an ACH or automatic withdrawal from
your account or paycheck to have the money deposited directly into some
type of savings or retirement account. So instead of having money deducted
from your income and held by the IRS all year, have that money grow in your
own account.
Stay Current With Recent Changes
Read our memo regarding important retirement plan limits for the 2012 tax year (Adobe Reader Required):
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