News

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 promotion of Lauri A. Lisanti to Senior Consultant.

Lisanti spends the majority of her time providing business and computer software consulting to clients in a variety of industries including nonprofit organizations, manufacturing, retail and professional services. Lauri’s responsibilities include the installation of and training for accounting software, annual maintenance and upgrades of software, technical support, bookkeeping services both on-site and off-site and payroll services. Lauri has extensive knowledge of several “off-the-shelf” accounting software packages, such as Peachtree and all versions of QuickBooks, including Enterprise Solutions. Lauri is certified as a Pro Advisor in QuickBooks.

A member of GBACO since 2003, Lauri is a graduate of Robert Morris University with a degree in Business Administration. In addition, Lauri will complete a Bachelor of Science degree in Accounting at Robert Morris University in December 2009 and plans to sit for the CPA exam upon completion of the program. Lauri resides in Fox Chapel with her husband Jerry and two daughters.

The partners of the certified public accounting firm of Goff Backa Alfera & Company, LLC (GBACO), are pleased to announce the appointment of Fang Yang as a Staff Consultant in the Firm’s Tax Group.

Ms. Yang received her Bachelor degree in Accounting and Audit from China University of Geosciences and her MBA (Accounting and Finance specialization) from Seton Hill University.

Yang is a Certified Public Accountant in China and is currently pursuing the American CPA certification. Yang previously worked as accountant in China and has experience as a Controller in the United States. Yang resides in Allison Park, Pennsylvania.

Press Release - Fang Yang>>

The partners of the certified public accounting firm of Goff Backa Alfera & Company, LLC (GBACO), are pleased to announce the promotion of John A. Kohler and Michael S. Templeton to Senior Consultants effective January 1, 2009.

Kohler served as a staff member in the Tax Group and joined GBACO in 2007. A graduate of the University of Pittsburgh with a bachelor’s degree in accounting, Kohler is currently pursuing his CPA licensure.

Templeton also is a staff member in the Tax Group and has been with GBACO for two years. He is a graduate of West Virginia University where he obtained a bachelor’s degree in accounting. Templeton plans to pursue his MBA.

The partners of the certified public accounting firm of Goff Backa Alfera & Company, LLC (GBACO), are pleased to announce the appointment of Justin Pauley as a Consultant.

Justin joins the firm as a Staff Consultant in the Firm’s Audit and Accounting Group. Justin is a graduate of Waynesburg University with a Bachelor of Science degree in Accounting and Management in 2008. He is a member of Xi Psi Epsilon, an academic honors society. Justin previously worked with the Firm as a Tax Intern in 2008.

Press Release - Justin Pauley>>

 

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 Tax Changes

Read our memos regarding important changes for the 2009 tax year (Adobe Reader Required):

        2009 American Recovery & Reinvestment Act

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June 2010 February 2010
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April 2010 December 2009
March 2010 November 2009