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President s Message -


									                    new york state society of

                     NYSSCPA     certified public accountants

                     NEW YORK STATE SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS                        APRIL 2012 VOLUME 56 NUMBER 2

                  Ronald M. Finkelstein, JD CPA
                  Nassau Chapter
                                                                      President’s Message

            n March 6, members of our Chapter participated in
            a live web chat at Newsday’s offices in Melville.
            From 12:00–3:00 p.m., a panel of CPAs answered
            over 100 personal and business tax questions sub-
mitted through Newsday’s website. Once again, our Chapter
members were able to give back to the community by provid-
ing useful tax advice. Thanks to Robert Schaffer of Castellano,
Korenberg & Co., Len Hoffman of Bayer & Hoffman, Diane
Giordano, Donald Crotty and Jill Scher of Marcum, Arnold
Haskell of Holtz Rubenstein Remnick, George Moffa of
WeiserMazars and Ruth Sattig, Jack Angel and Gary Goldberg
for taking time to address a wide range of tax questions raised    NYSSCPA Participates in Newsday’s Live Web Chat (l-r) Jack
by Long Island residents. This was the first year Newsday host-    Angel, Robert Schaffer, George Moffa, Ronald Finkelstein, Ruth
ed this event and we look forward to participating again next      Sattig, Gary Goldberg, Diane Giordano, Don Crotty, Arnold
year. Newsday will highlight this event in an upcoming issue.      Haskell, and Jill Scher.
    Don’t forget to take a break between the March 15 and
April 15 tax deadlines and join us at the Crest Hollow             in our January newsletter. Arlene Isaacs-Lowe will be pre-
Country Club for the Annual Spring Joint Nassau/Suffolk            sented with the Samuel B. Traum Achievement Award. Her
Chapter Meeting: An Evening of Networking, on March 22,            contributions to our Chapter are included in this month’s
from 6:00 – 8:30p.m. The registration flyer is located on our      member profile. Flyers for this event are located in this
Chapter page on the NYSSCPA website. As usual, we will             newsletter and on the NYSSCPA website.
have a large turnout of CPAs and bankers. The only thing I             This year, the Nassau Chapter has teamed up with our
can think of that is better than networking with bankers is net-   friends at NCCPAP to sponsor the Ellen Gordon CPA’s 4 (a):
working with bankers over a round of golf! So don’t forget to      Cause 5K Charity Run/Walk, which will be held on Saturday,
mark your calendars for the CPA/Bankers golf outing on June        June 16, at Wantagh Park. This is a great family event that
18 at North Hills Country Club.                                    supports Island Harvest, which provides hunger relief to Long
    I can tell that my term is almost up because planning for      Islanders in need. With the support of NCCPAP, we hope to
the 59th Annual Installation Dinner Dance is well under way.       have even more participants and raise more money for such a
This year’s event will again be held at the Crest Hollow           worthwhile cause.
Country Club on Thursday, May 3, beginning at 6:30p.m.                 Although March and April are slow months for our CPE
This year, I will not have to endure the personal ridicule of      sessions, don’t forget to attend our committee organizational
the comedians since Lisa Haynie, our incoming President,           meetings that will take place in May and June. We need you
has changed this year’s event to a gambling theme. We are          to be involved. So whether you want to be a Chair or Co-
very fortunate to have Lisa as our next President. She brings      Chair or just speak at a CPE event, please check upcoming
great enthusiasm and energy to the board along with a strong       issues of our newsletter for the meeting dates and attend the
commitment to the profession and our Chapter.                      meetings for those committees you wish to be involved with.
    In addition to installing our new officers and directors, we
will be awarding the Distinguished Service Award to Craig R.       Sincerely,
Morris. His many contributions to our Chapter were featured        Ronald M. Finkelstein, JD CPA
                                                                   President, Nassau Chapter, NYSSCPA
         ISSUE                    HIGHLIGHTS
   Calendar: April – June 2012 . . . . . . . . . . . 2              At press time, this newsletter contained the most up-to-date
   Member Profile: Arlene Isaacs-Lowe . . . . . . 4                 information on meetings and events. Please check with a
                                                                    committee chairperson for any changes to scheduled events.
     new york state society of

      NYSSCPA     certified public accountants
                                                                                                                       Nassau Chapter Newsletter – April 2012               2
NASSAU CHAPTER                                                                  Members in the News
                   President                                                   Past president Mark Meinberg contributed an
     Ronald M. Finkelstein JD, CPA
                President Elect                                                opinion piece supporting non-CPA firm ownership
               Lisa Haynie, CPA
                Vice President
                                                                               to the CPA Journal. His “Opinion in Favor of
             Scott Sanders, CPA                                                Change” was published in the February 2012 issue.
         Robert Barnett, Esq., CPA                                             Click the link here to read it http://
          Philip H. Kanyuk, CPA
               Executive Board
       Karen Tenenbaum, CPA, Esq.                                              Karen Tenenbaum, Esq., CPA, LL.M. (Taxation)
           Michael Gaines, CPA
             John Pellitteri, CPA,                                             of Karen J. Tenenbaum, P.C., is being honored at
           Howard H. Fine, CPA                                                 this year's Long Island Center for Business &
         Robert L. Goldfarb, CPA
            Eliot Lebenhart, CPA                                               Professional Women (LICBPW) Annual Achievers                          Karen Tenenbaum,
        Christine P. Hallahan, CPA               Mark Meinberg, CPA
                Abby Lucrezia                                                  Award Gala on May 8, 2012.                                                Esq., CPA
                Past President
          Mark L. Meinberg, CPA
          State Society Director
           Representing Nassau                                                                    SAV E T H E DAT E
                  Eric Kramer
   Accounting & Auditing Committee
          Mark Goldschmitt, CPA
            Jeffrey Yonkers, CPA
Attorneys & Accountants Joint Committee
                                                                Accounting and Audit Committee
           Kristina Albarella,CPA
         Christina Yaccarino,CPA
                Jill Scher, CPA
                                                                    Organizational Meeting
         Christopher Bourell, Esq.
CFO & Financial Executive Committee
                Manilo Cafiero                                                        May 1, 2012, 6:00 pm
                  Ira Halperin
 Community Affairs & Public Relations
                                                                   Grassi & Co., 50 Jericho Quadrangle, Suite 200, Jericho
               Roy Massa, CPA
  Cooperation with Bankers & Credit
           Grantors Committee
           Neal Korenberg, CPA
Cooperation with Educational Institutions
              Caroline Falconetti
                                                                                                 SAV E T H E DAT E
                Abby Lucrezia
 Estate & Personal Financial Planning
    Elizabeth Eckert, Esq., CPA, MBA
        Christine P. Hallahan, CPA
                                                   Litigation Services Organizational Meeting
     Litigation Services Committee
            Kathleen Suker, CPA
        Nannette Watts, CPA / ABV
                                                                                   May 23, 2012, 8:00 am
  Management of Accounting Practice
              Louis Grassi, CPA
                                                                               Marcum LLP, 10 Melville Park Rd, Melville
Medical & Other Professionals Committee
               Neal Guber, CPA
         Membership Committee
          Elizabeth Haynie, CPA
           John V. Pellitteri, CPA
               Lisa Haynie, CPA
          Lynne M. Fuentes, CPA
                                                                                   Calendar of Events
           Michael Gaines, CPA
     Practice Continuity Committee
              Craig Morris, CPA                  April 2012                                                     May 2012
            Anthony Basile, CPA
              Larry Bloom, CPA                   4/19   Thurs. CFO & Financial Executives                       5/15   Tues.   Litigation Services Committee
            Eliot Lebenhart, CPA
          Real Estate Committee                  4/27   Fri.    Small Firm MAP                                  5/23   Wed.    Litigation Services Committee (Organizational)
               Cynthia Sze, CPA
              Joel Dressner, CPA                 4/27   Fri.    Practice Continuity                             5/24   Thurs. Small Firm MAP (Organizational)
    Small Practice MAP Committee
            Eliot Lebenhart, CPA
             Scott Sanders, CPA                  May 2012                                                       June 2012
         Kenneth Hauptman, CPA
              Alex Resnick, CPA                  5/1    Tues.   Accounting and Audit (Organizational)           6/6    Wed.    Real Estate
         Sponsorship Committee
             Scott Sanders, CPA                  5/3    Thurs. 59th Annual Installation Dinner Dance            6/16   Sat.    The Ellen Gordon Walk / Run
           Howard H. Fine, CPA
           Taxation Committee                    5/8    Tues.   Practice Continuity / Young CPAs                6/19   Tues.   CFO & Financial Executives
              Iola Damante, CPA
          Robert J. Schaffer, CPA                5/9    Wed.    Joint Taxation / Estate & Pers. Fin. Planning
         Robert Barnett, CPA, Esq.                                                                              6/22   Fri.    Small Firm MAP
          Technology Committee                   5/11   Fri.    Women’s Focus Group Luncheon
             Mark Plostock, CPA
          Young CPA Committee
        Samuel J. Pizzichillo, CPA
       Julianne M. Carnevale, CPA                 SAVE THE DATE – Chapter Organizational Meeting, May 16, 8:30am-10:30am at the Milleridge Inn
          Women’s Focus Group
        Christine P. Hallahan, CPA
new york state society of

 NYSSCPA     certified public accountants
                                            Nassau Chapter Newsletter – April 2012   3
 new york state society of

  NYSSCPA     certified public accountants
                                                                                                  Nassau Chapter Newsletter – April 2012      4
                                                          MEMBER PROFILE

                                             Arlene Isaacs-Lowe CPA, CFA
    “Early in your career it’s what you know—your                                    Accountants). Ed McDougall, who was the chair of the
book skills and ability to focus on and apply the aca-                               New York City COAP board, wanted to expand the pro-
demic knowledge you’ve learned. But as you progress                                  gram to Long Island and in 1997, we became founding
through you career, it’s much more about your integrity,                             members of the new program and its board. We first
reputation, and the relationships you develop.”                                      partnered with Hofstra University and now work with
    Arlene Isaacs-Lowe, CPA CFA is the recipient of                                  Adelphi University. Over COAP’s 20-year history, the
this year’s Samuel B. Traum Award. A SVP of the                                      program has grown to encompass 10 regional programs
Commercial Group at Moody’s Investors Service,                                       in New York State.
Arlene epitomizes the ideals of and honors the memory Arlene Isaacs-Lowe                 “Getting an education is only part of establishing a
of Sam Traum, who during his 50 years of Nassau                   CPA, CFA           career. I tell my own kids that early in your career, it’s
Chapter membership actively promoted programs to assist                   what you know—your book skills and ability to focus on and
women, minorities, and students.                                          apply the academic knowledge you’ve learned. But as you
    You may know Arlene as a co founding member of the Long               progress through you career, it’s more about your reputation and
Island Career Opportunities in Accounting Program (COAP), a               the relationships you develop. In other words, once you’re estab-
powerful program that invites minority high school to experience          lished in a career, the expectation is that you have the technical
college life and get a glimpse of careers in the accounting field.        skills. It’s your integrity and the relationships you have, and how
Over five days, students pay visits to both college campuses and          you utilize them that will engender success.
local accounting firms. Informal meetings with CPAs allow the                  “Being part of an industry organization is critical to the sec-
students to get a feel for the profession.                                ond part of your career and your ability to expand to disciplines
    Arlene’s dedication to COAP springs from her own experi-              that you’re not necessarily exposed to on the job. Your ability to
ences. “I’m so passionate about COAP because I didn’t have the            lead an organization of volunteers who work together because
benefit of the guidance that can get a student on the steady foot-        they share a commitment to a common goal helps to develop
ing needed to advance a career.” What Arlene did have, howev-             skills that will be invaluable as your career progresses. The same
er, was the drive and vision to use her intellect to seek a               goes for a mentor-protégé relationship. There has to be a mutual
rewarding profession. She first thought of the law and enrolled           advantage to both parties. These types of relationships and expe-
as a political science major at Howard University. “I thought law         riences differentiate you from someone who has a more insular
was a good field, and might have continued on that path if not for        career. That is a real advantage to being part of an organization
a school counselor who pointed out that with my aptitude in               like NYSSCPA.
math, an engineering or accounting major might be a better fit.”               “From the standpoint of the COAP board, our mission is
The counselor also underscored the importance of exploring a              clear, and that is to get students of color to pursue a career in
major where one might be able to make some money between                  accounting. To appeal to the students you have to present oppor-
undergrad work and law school.                                            tunities that are broader than just public accounting. The profes-
    Not long after Arlene enrolled in a few accounting courses,           sion as a whole has to talk more about the careers available to
any thoughts of law school went by the wayside. “Accounting just          accountants in a corporate setting and the incredible value of
clicked with me. It was a natural fit, but before I heard that sug-       accounting expertise in every business setting. Earning a CPA is
gestion, I had no conception of the accounting field. It is clearly       a great accomplishment, and a designation that will always be
far more beneficial if early on, students can become aware of all         respected over the course of a career. It’s an incredible entry into
of the opportunities that are available with an accounting degree.        the field of finance. For some people, public accounting is a tran-
Not only does the COAP program allow for that self-exploration,           sitional step and that should be addressed with our youngest
the students are exposed to multicultural presenters—successful           NYSSCPA members. An accounting degree and CPA have a
professionals who look like them. This helps students of color            practical value. Understanding a financial statement and finan-
more fully envision a rewarding career for themselves.”                   cial concepts is second nature to me, unlike my colleagues
    Before co-founding the Long Island COAP program, Arlene               who’ve trained as attorneys, for example.
served on the board of the New York City program. “At that time                “Having a CPA after your name gives you a level of credibil-
(1992), it was the sole COAP program and partnered with Pace              ity that is invaluable when you’re meeting with the executive team
University,” recalls Arlene. “I was recommended for that board            of any organization. Particularly as a black woman, those three
through a contact at NABA (National Association of Black                                                              (continued on page 10)
new york state society of

 NYSSCPA     certified public accountants
                                                                                                    Nassau Chapter Newsletter – April 2012   5
                                             Nassau Chapter
                                                                                Annual Town Hall Meeting
      Report of the 2012-2013                                                       January 5, 2012
      Nominating Committee
                                        Nominating Committee:
                                      Chair: Mark Warshavsky, CPA
                                             Andrew Cohen, CPA
                                             Mark Stone, CPA
                 The Nominating Committee is proud to announce
                       the Slate for the 2012-2013 Year:
     President Elect . . . . . . . . . . . . . . Scott Sanders, CPA
     Vice President . . . . . . . . . . . . . . Robert Barnett, Esq., CPA
     Treasurer . . . . . . . . . . . . . . . . . . Philip H. Kanyuk, CPA
     Secretary . . . . . . . . . . . . . . . . . . Lynne M. Fuentes, CPA

     Abby Lucrezia . . . . . . . . . . . . . . One Year – term ending 5/31/13
     Robert L. Goldfarb, CPA. . . . . . . One Year – term ending 5/31/13          The Nassau Chapter presented a check to Island
     Christine P. Hallahan, CPA.. . . . . One Year – term ending 5/31/13          Harvest at the Town Hall Meeting. Pictured here, (l-r)
     Howard Fine, CPA. . . . . . . . . . . . Two Year – term ending 5/31/14       Vice President Scott Sanders CPA, President Ron
     Anthony Basile, CPA. . . . . . . . . . Two Year – term ending 5/31/14        Finkelstein CPA and President-elect Lisa Haynie CPA.
     Geri Gregor, CPA . . . . . . . . . . . . Two Year – term ending 5/31/14
     Joel Dressner, CPA. . . . . . . . . . . Two Year – term ending 5/31/14
     Cynthia Sze, CPA. . . . . . . . . . . . . Two Year – term ending 5/31/14

     The following are automatically selected:
     Director (PAST PRESIDENT) . . . . . . . . Ronald M. Finkelstein, CPA
     President . . . . . . . . . . . . . . . . . . Lisa Haynie, CPA

                                      The election took place at the
                            Joint Chapter Meeting on March 22, 2012 at the
                            Crest Hollow Country Club, Woodbury, New York                                      Special guest David
                                                                                Nassau Chapter President       Moynihan, past NYSSCPA
                                                                                Ron Finkelstein addressed      President, was on hand to
                                                                                the gathering.                 provide updates regarding
                                            SAV E T H E DAT E                                                  the State Society.

     Practice Continuity Committee
                              ~ Organizational Meeting ~                                         SAV E T H E DAT E
                            July 27, 2012, 8:00am
                             On Parade Diner, Woodbury, NY
                                                                                       Taxation, Estate and
                                                                                   Personal Financial Planning
                                            SAV E T H E DAT E
                                                                                          JOINT MEETING
                                                                                          May 9, 2012, 6:00pm
             Small Firm Map Committee                                               Marcum LLP, 10 Melville Park Rd, Melville
                              ~ Organizational Meeting ~
                            May 24, 2012, 8:00am
      Office of Sanders Thaler & Associates LLP, Jericho
new york state society of

 NYSSCPA     certified public accountants
                                                                                                                 Nassau Chapter Newsletter – April 2012   6
                             NYSSCPA – NASSAU CHAPTER                                                    EXPAND YOUR KNOWLEDGE
              Small Firm MAP                                                                                JOIN A COMMITTEE

            Committee Meeting                                                                    Committee Service
                                              April 27, 2012
Topic: Post-Tax Season Issues – Roundtable Discussion
We invite you to a roundtable discussion to rehash what went right and
wrong during tax season. The goal is to learn from each other so we can                      Professional associations serve an important function of
have a smoother, more successful balance of the year and a better tax                        performing for its individual members projects that
season next year. We will discuss the following:
   - IRS 2012 Top Scams                                                                      cannot be done as effectively, if at all, individually.
   - How to Handle Your Workload after the Rush
   - War Stories During Tax Season                                                           Nassau Chapter members have the opportunity to advance
   - Communications with Staff & Clients While on Vacation or                                their knowledge and meet other professionals with similar
     Away from the Office
   - Exchange of Ideas                                                                       interests. Our Chapter is made of many technical
   - Balancing Work and Home                                                                 committees to assist our members in staying current on a
   - New CE Requirements for Tax Preparers (Non-CPAs)
                                                                                             wide variety of topics.
Speakers: Scott Sanders, CPA, PFS, CFP®, CFS
            Eliot Lebenhart, CPA                                                             Use the coupon to join a committee today!
            Kenneth Hauptman, CPA
            Alex Resnick, CPA
CPE: 2 credits
Time: 8:00–10:00 am – Breakfast (Be prompt!)                                                  Committee Service Application
Place: On Parade Diner, 7980 Jericho Turnpike, Woodbury, NY                                    I Accounting & Auditing
Cost:* $25 per person pre-paid, pre-registered,
        $28 per person at the door
                                                                                               I Attorneys & Accountants Joint
Payable to: NYSSCPA - Nassau Chapter                                                           I CFO & Financial Executives
Chairpersons: Scott Sanders, CPA, CFP, CFS®, PFS                                               I Community Affairs & Public Relations
                 Eliot Lebenhart, CPA
                 Kenneth Hauptman, CPA                                                         I Cooperation with Bankers & Credit Grantors
                 Alex Resnick, CPA                                                             I Cooperation with Educational Institutions
We look forward to seeing you there!
                                                                                               I Estate Planning & Personal Financial Planning
                                            NYSSCPA – NASSAU CHAPTER                           I Litigation Support
    Small Firm MAP Committee Meeting                                                           I Management of Accounting Practice
                             April 27, 2012                                                    I Medical & Other Professionals
      On Parade Diner – 7980 Jericho Turnpike, Woodbury, NY 11797                              I Membership
 Please pre-register by calling Jean at 516-938-5219, or you can e-mail her at, or fax 516-938-0491.                                                   I Newsletter               I Sponsorship
 Please mail your check to:                                                                    I Practice Continuity      I Taxation
 Scott Sanders, CPA, PFS, CFP®, CFS
 Sanders Thaler & Associates LLP                                                               I Real Estate              I Technology
 350 Jericho Turnpike, Suite 1, Jericho, New York 11753-1317
                                                                                               I Small Practice MAP       I Young CPA
 Ì I am enclosing a check for $_____ at $25 per person, payable to
       NYSSCPA – Nassau Chapter.
 Ì I will be using my credit memo, which I will bring with me to the meeting.                  Name: ____________________________________________

 Name: ________________________________________________________________                        Firm: _____________________________________________
 Firm: _________________________________________________________________
                                                                                               Address: ___________________________________________
 Address: _______________________________________________________________
 Telephone: _____________________________________________________________                      City/State/Zip : _____________________________________
 Facsimile: _____________________________________________________________
                                                                                               Telephone: _________________________________________
 Cell: __________________________________________________________________
 E-Mail: _______________________________________________________________
                                                                                               E-Mail: ___________________________________________
 CPA Cert # _____________________________________________________________
                                                                                                          Please forward your response to:
 Signature: _____________________________________________________________                                           Tracy Striano
 Please note - meetings are subject to change.                                                        Phone: 516-336-2445 • Fax: 516-256-3510
 Notifications will be sent to all registered attendees via e-mail should this occur.                              GRASSI & CO.
 *Refund/Credit Policy – If you send payment and are unable to attend the monthly meeting,       50 Jericho Quadrangle, Suite 200, Jericho, NY 11753
 we will issue a credit to you which will expire in 6 months. There are no refunds.
    new york state society of

     NYSSCPA     certified public accountants
                                                                                                     Nassau Chapter Newsletter – April 2012      7

                                Taxation Committee All-Day Tax Conference
    Each year the taxation committee sponsors two all-day tax con-
ferences at a time when many practitioners are looking for year end
tax updates and are in need of CPE credits. This year the confer-
ences were held on Saturday December 3rd, and Sunday December
4th, 2011. Attendees were treated to eight presentations on a wide
range of tax topics.
     Mark S. Klein CPA, William Comiskey Esq. and Lance E.
Rothenberg Esq. of Hodgson Russ LLP, presented New York State           Attendees at break time, this year a record of     Robert Barnett Esq. CPA
and local tax updates. Emphasis was placed on New York’s com-           over 400 attended.
mitment to its E-filing mandate which requires practitioners who
prepare more than five original tax documents during any calendar
year to e-file. Additionally, New York State will cut down on its use
of paper by no longer mailing refund checks. If a taxpayer is due a
refund and doesn't apply the overpayment to next year’s tax return
or provide a bank routing number, the taxpayer will be issued a debit
card instead of the traditional check.
     Robert Katz Esq. of Katz, Bernstein, & Katz LLP, gave an               Bernie Krooks Esq. CPA LLM CELA          Karen Tenenbaum Esq. CPA
informative presentation on the Federal Tax updates for individuals.
In 2011 over 740,000 individuals received PTINs. Of those
740,000, greater than 60% were not CPAs, Lawyers, or Enrolled
Agents. Starting in 2012, the new requirements for receiving a
PTIN, state that all income tax preparers who are not under the
direct supervision of a CPA are required to pass a competency exam
prior to being issued a PTIN.
     The elder law topic was covered by Bernard L. Krooks JD
CPA LLM CELA and Ellyn S. Kravitz JD LLM CELA of                            Patricia Marcin Esq                      Mark S. Klein Esq.
Littman Krooks LLP, who gave a detailed analysis of tax issues per-
taining to long term care. After outlining the requirements to qual-       §2010(c). Additionally, the New York State Marriage Equality Act
ify for Medicare and Medicaid, the presenters provided sound               allows for portability for same sex couples.
advice on how to transfer assets into and out of trusts, such as med-           Victor M. Finmann Esq. of Cullen & Dykman LLP, gave an in
icaid trusts, to avoid being disqualified.                                 depth look into estate planning with a focus on Roth IRA’s. In addi-
     Jack Trachtenberg Esq. NYS Deputy Commissioner and                    tion to the new laws regarding portability Mr. Finmann navigated
Taxpayer Rights Advocate spoke for the second consecutive year on          through the required minimum distribution rules applicable to IRAs.
the progress being made by the newly formed office. The Office of          He also demonstrated how Roth IRAs can provide more growth than
the Taxpayer Rights Advocate is an independent organization with-          traditional IRAs.
in the Department of Taxation and Finance that specializes in help-             Robert Barnett Esq. CPA of Capell Barnett Matalon and
ing New York State taxpayers. Mr. Trachtenberg emphasized that             Schoenfeld LLP, explained the importance of grouping passive activ-
the office is designed to help taxpayers who have been unable to           ities. A slew of recent court cases have brought out the significance
resolve their tax issues through the normal channels.                      of the economic substance doctrine under IRC section 7701(o). The
    Karen J. Tenenbaum Esq. CPA and Yvonne R. Cort Esq. of                 most notable being the “Renkemeyer case” . The law firm attempted
Karen J. Tenenbaum, P.C., gave an entertaining and informative             to avoid paying income and FICA taxes by specially allocating earn-
presentation on New York State residency issues, with a focus on           ings to an S-Corp. partner. The tax court later held that the special
high profile athletes and entertainers whose tax issues with New           allocation lacked economic substance and that the partners' distribu-
York State and the IRS have been made public in recent years. They         tive shares are to be determined by the manner in which the partners
explained the NYS residency tests and domicile tests used to deter-        have agreed to share the economic benefit and burden.
mine residency status and how recent court cases have challenged                This article is designed to give you some idea of the topics cov-
these standards. One such case is the Gaied case.                          ered to inform attendees on current developments. The taxation com-
    Patricia Marcin Esq. of Farrell Fritz, P.C., provided a detailed       mittee is dedicated to providing NYSSCPA Nassau Chapter members
analysis of the changes in the estate tax law for decedents who            with valuable information that will assist them professionally. We
passed away in 2011. A great deal of attention was given to the            look forward to your participation in our upcoming seminars.
complexities that arise from the surviving spouses right to portabil-          Michael Cinelli
ity (transfer of unused exemption between spouses) under IRC                   EisnerAmper, LLP
new york state society of

 NYSSCPA     certified public accountants
                                                                                              Nassau Chapter Newsletter – April 2012      8

                                            Estate & Personal Financial Planning Committee

                                     All Day Estate Planning Conference
     The Nassau Chapter's - Estate & Personal Financial
Planning Committee had its All Day Conference on
Sunday, January 22.We had some phenomenal speakers
presenting excellent topics highlighting the latest laws
and techniques in the areas of estate planning, tax and
financial planning.   
     The opening presentation was given by Bob Katz,
Esq., Partner with Katz, Bernstein & Katz, LLP, who gave
us an overview on "the ABC's of Trusts", and placed major
emphasis on the fiduciary responsibilities of trustees. 
     Bernie Krooks, Esq., Partner of Littman, Krooks,
LLP, gave us the most up-to-date planning tools and tax
considerations attached to elder law, Medicare, Medicaid,
long term care and planning for crisis and non-crisis situ-               The crowd at the All Day Estate Planning Conference
     Christine Hallahan, CPA discussed the tax & estate
planning techniques and implications associated with the
recent law allowing same-sex marriages in New York and
the tremendous quandary that exists between the federal
and state(s) laws. 
     Robert Barnett, CPA, Partner of Capell, Barnett,
Matalon & Schoenfeld, LLP, spoke and gave numerous
cases on §2036, and the opportunities and pitfalls regard-
                                                                   Bob Katz, Esq.         Bernie Krooks, Esq.       Christine Hallahan,
ing retained interests, life estates, implied agreements,                                                                   CPA
FLP’S and LLCs. 
     Steven S. Goodman, CPA, Partner of SHG Financial
Group presented us with many sophisticated life insur-
ance techniques to integrate into a client’s estate plan. 
     Patricia C. Marcin, Esq., of Counsel and Jed C.
Albert, Esq., Partner of Farrell, Fritz, P.C. presented a
panel discussion on post-mortem estate planning, the use
of the portability provisions, GST and the most recent leg-
islative estate tax update.                                      Robert Barnett CPA,      Steven S. Goodman,       Patricia Marcin Esq.
     Avi Kestenbaum, Esq. Partner of Meltzer, Lippe,                    Esq.                      CPA
Goldstein & Breitstone, LLP gave us many creative estate
and tax planning tips for our clients.  He further discussed
asset protection, gift, GST and touched on succession
     Alvin Rapp, Partner of RPG Consultants presented us
with the latest on retirement planning strategies and what
plan sponsors need to know about the Pension Protection
Act and subsequent legislation.
     The conference was a success and the room was filled        Jed C. Albert, Esq.     Avi Kestenbaum, Esq.           Alvin Rapp
with many questions. We received great feedback on both
the topics and the speakers and the participants are looking
forward to next year's conference.                                  ipants, our conference liaison Lelia Dickensen, my co-chair Liz
     I wish to extend special thanks and gratitude to the           Eckert, CPA and treasurer Perry Shulman, CPA.
speakers who donated their time to educate us; the partic-                                               — Christine Hallahan, CPA
  new york state society of

   NYSSCPA     certified public accountants
                                                                                                    Nassau Chapter Newsletter – April 2012              9

                              Nassau Chapter Practice Continuity Committee
                                     Joint Meeting with Young CPAs
    Our fourth and final meeting of the 2011-12 Chapter year will         changes in scheduling may occur due to conflicts, so it is impor-
be held on Tuesday, May 8, 2012 (rescheduled due to conflicts             tant to register in advance to receive notification of late changes.
with other Nassau Chapter activities). This will be a joint meeting       We look forward to seeing you May 8.
with the Young CPAs Committee. Robert Barnett and Michael                                                     — Craig R. Morris, Chairman
Getzel will coordinate a panel discussion with Young CPA’s
Committee co-chairs Julie Carnevale and Sam Pizzichillo.                                PRACTICE CONTINuITY COMMITTEE
Besides these coordinators, the panel will include Eliot Lebenhart,                    Joint Meeting with Young CPAs
Larry Bloom (co-chairs of Practice Continuity Committee) and
Craig Wild on the “senior” side and Carmelina Hernandez and
                                                                                            Tuesday, May 8, 2012
Michael Elsas, also co-chairs of the Young CPAs Committee, on                               On Parade Diner, Woodbury, NY
                                                                            (7980 Jericho Turnpike, Woodbury New York, 11797; phone # (516) 364-1870)
the “youth” side. The discussion will address needs and concerns
of young CPAs, as well as more senior CPAs, including:                     Ginette Morris
                                                                           Craig Morris & Company            Tel: (516) 681-1121
              I whether or not there is a “generation gap”                 356 South Oyster Bay Road         Fax: (516) 681-1203
                                                                           Syosset, NY 11791                 E-mail:
              I needs and priorities of each group
              I leadership                                                 Dear Ginette:
              I technology                                                 J I will be attending the breakfast at 8:00 AM.
              I work ethic                                                 J Enclosed is my check for $ ____ at $18.00 per person or
              I the work small practices do and
                                                                           J I prefer to pay $ ____ at $22.00 per person at the door.
                                                                               (Walk ins may be limited due to space availability).
              I many other matters of interest                             Checks are payable to NYSSCPA, Nassau Chapter.
    We expect to dispel inaccurate perceptions and learn more              Note: Please RSVP by phone, fax or e-mail as early as possible
about each other’s priorities and beliefs. The panel will discuss          Name:______________________________________________________________
professional concerns, career paths, management, retention issues
                                                                           Firm Affiliation:______________________________________________________
and the strengths and weaknesses of each generation. The panel
will welcome feedback from our audience so come prepared with              Address: ____________________________________________________________
questions or thoughts.                                                     City/State/Zip : _____________________________________________________
    Please use the registration form in this newsletter to register for    Telephone: __________________________________________________________
this meeting. For more information on meetings or our committee,           E-mail: ____________________________________________________________
contact us at Please be aware that

          The Young CPAs Committees of the Nassau
          and Suffolk Chapters                                            Thursday, August 9, 2012
          ask you to
                                                                                       6:00 to 9:00 p.m.

                                                                The Young CPA Committees are setting up a joint networking
                                                                 event in August, with other young professionals, including
                                                                 the RMA Young Professionals and the Suffolk/Nassau Bar
                                                                             Association Young Professionals.

                                                                           Please stay tuned for more details to come!

                                                                             For information: Michael Elsas, CPA
                                                                          (516) 992-5853 |
  new york state society of

   NYSSCPA     certified public accountants
                                                                                                                  Nassau Chapter Newsletter – April 2012                   10

                                              SAVE THE DATE!                                                       SAVE THE DATE!

           A Technical Seminar                                                         The NYSSCPA Women’s Focus Group
       Presented by The Litigation Committee                                                       SPRING LUNCHEON
                                     May 15, 2012                                          “A Kick-Off to Mother’s Day”
        Issues to Consider as an Expert Witness
                                                                                                       Friday, May 11, 2012
             Speakers:                        Michael Brown, CPA/CFF, CFE
                                              Kathleen Suker, CPA/CFF, CFE
             Location:                        Marcum LLP, 10 Melville Park Road,
                                              Melville, NY 11747-3146
                                                                                                                Christine Hallahan, CPA
                                              Phone: 631.414.4000                                          Guest Speakers:
             Time:                            8:00AM – 10:00AM                           Ellen Cooperperson - CEO, Corporate Performance
             Cost:                            $25 – Includes Continental Breakfast   Consultants, Inc. & President - CPC Family Business Division
             CPE Credits: 2                               Course Codes: TBA                 Barbara DeMatteo - Director of Human Resources
                   Email your contact information to Pre-Register to:                       Consulting, Portnoy, Messenger, Pearl & Associates
                             OPEN TO ALL MEMBERS                                     Ellen’s topic of discussion will be “Games Mother Never Told You”
                                                                                      and Barbara will be presenting “Eliminating the Frustration from
                                                                                        Conversation and how it can affect all forms of relationships”

                                                                                     Location: The Milleridge Inn, Jericho, NY
 Member Profile                                          (continued from page 4)     Agenda: 12:00pm – 12:30pm - Networking
                                                                                               12:30pm – 2:30pm - Lunch & Speaking Program
letters give me credibility in venues and settings that I encounter in               Cost:     $35.00 per person – Payable to NYSSCPA Nassau Chapter
all aspects of my life, and that is invaluable and empowering.”
     When asked about the burgeoning trend of networking and
                                                                                                      NYSSCPA Women’s Focus Group
relationship building through social media, Arlene recommends a                                           Friday, May 11, 2012
multi-pronged approach. “I’m not sure if it’s a function of my gen-                                  Kindly email, fax or mail your response to:
eration, but I’m not on Facebook, though I do use Linkedin for                                                  Geri Gregor, Partner
informational purposes. It hasn’t been my experience that you can                                               Grassi & Co., CPA’s
                                                                                                     50 Jericho Quadrangle, Jericho, NY 11753
formulate these kinds of relationships solely through social media.                                  Phone: 516-336-2496 • Cell: 516-410-2571
It may be a good introductory forum, but at some point you need to                                               Fax: 516-256-3510
meet people face to face. The great advantage of the social network                                       e-mail:
is that once you meet someone, you can keep in constant contact.                       J I will attend the luncheon and enclosed is my payment of
But first you should establish the personal relationship.                                   $35.00 (payable to NYSSCPA-Nassau Chapter).
     “Electronic media on the whole is a boon to more efficient plan-                  J I am unable to attend but I am interested in becoming more
ning and strategy. For COAP, we used to meet once a month and for                           active within the NYSSCPA Nassau Chapter.
those board members who had to travel, there were limitations in
                                                                                       Name: __________________________________________________
their ability to participate. Now we meet in person once or twice a
year and do the rest electronically or through teleconference.”                        Firm Affiliation: __________________________________________
     For all her accomplishments in the business world, giving back                    Email Address: ___________________________________________
is what provides the most satisfaction for Arlene. “Fulfillment is
knowing that you can change the life of even one young person.
That defines who you are and why you’re here on this earth. We
                                                                                     Optional…In order to fulfill the needs of fellow disadvantaged woman who want to
have students who have participated in COAP who say that if they                     be productive and independent, and take the first steps toward employment when
                                                                                     they don't have the proper attire for a job interview, I think it to be a great idea if we
hadn’t spent those few days with people who really seemed to care                    could all continue to bring one item of woman’s professional clothing/attire (in good
about them, and helped them envision a professional career, their                    condition) to the Luncheon on Friday… It could be a suit, blazer, blouse, dress
                                                                                     slacks, shirt, shoes, handbag, appropriate accessories and scarves. These clothing
whole lives would have been different. If you can influence the                      donations will go to Dress for Success which is an international not-for-profit organ-
aspirations of a few young people, that is one of the greatest accom-                ization that has been in existence since 1997 and has served over 500,000 women.
                                                                                     How wonderful it would be to donate one item in your closet that you don't need
plishment you can have.”                                                             to a woman in need?
new york state society of

 NYSSCPA     certified public accountants
                                            Nassau Chapter Newsletter – April 2012   11
                         new york state society of

                             NYSSCPA  certified public accountants
                                                                                                                                       3 Park Avenue
                                                                                                                                       New York, NY 10016-5991

INFORMATION AND HOTLINES                                                                                                          NASSAU CHAPTER                Newsletter
            Have a Tax Problem?                                                         Accounting and Auditing Technical        DEADLINES
                                                                                          Questions Hotline Volunteers
The following members of the Taxation Committee                                                                                  All submissions are due to Editors at
are available to help answer your questions:                                                                           
                                                                                       Thomas O. Linder, CPA    (631) 462-1213   six weeks prior to issue date.
General                                                                                Linder & Linder
Fred Levine, CPA                                                      (516) 338-9500                                             Newsletter Issue               Submission Due Date
Jack Angel, CPA                                                       (516) 487-1494   Fred R. Goldstein, CPA   (516) 249-2882   January.......................November 15th
Robert Lusthaus, CPA, Esq.                                            (516) 937-1366                                             April...........................February 15th
Jay Oher, CPA                                                         (631) 225-9801
                                                                                                                                 May............................March 15th
Karen J. Tenenbaum, Esq.,
                                                                                          Estate and Personal Financial          September..................July 15th
  LLM, CPA (IRS & NYS)                                               (631) 465-5000
                                                                                          Planning Committee Technical           October......................August 15th
                                                                                          Questions Hotline Volunteers
                                                                                                                                 November .................September 15th
                 Taxing Authorities
                                                                                       Eric Kramer, CPA, Esq.   (516) 227-0738   December.................. October 15th
Ruth Sattig Betz, CPA (NYS)             (516) 249-1919
Sam Deutscher, CPA (IRS)                (212) 239-3300                                 Richard Zerah, CPA/PFS, CFP, CMFC
Noelle T. Geiger, Esq. (IRS & NYS)      (212) 503-8940                                                          (516) 735-4717
Yvonne Cort, Esq. (IRS Forms 433A & B) (631) 465-5000                                                                               Newsletter Committee Editors:

Emergency Assistance Hotline                                                               Newsletter is downloadable
                                                                                                     on the                           Lynne M. Fuentes, CPA
The committee member to call in the event of the dis-                                                                                         307-10 Hicksville Rd.
ability or death of a member is:                                                    website.
John Kearney, CPA                    (516) 746-5980                                                                                           Bethpage, NY 11714

                                                                                                                                        Michael Gaines, CPA
                                                                                                                                               Friedman LLP
 new york state society of

                                                                                                                                    50 Charles Lindbergh Blvd., Suite 510
  NYSSCPA     certified public accountants
                                               New York State Society of Certified Public Accountants
                                                                                                                                           Uniondale, NY 11553

 CPA Certificate #
                                                                                       Change Form                                          Lisa Haynie, CPA
                                                                                                                                        Katz Bernstein & Katz, LLP
                                                                                                                                     6900 Jericho Turnpike, Suite 100 W
                                                                                                                                            Syosset, NY 11791
  Name (Last, First, Middle Initial) ______________________________________________________

  Home Address ________________________________________________________________                                                             Kathleen Caputi
                                                                                                                                          Epoch 5 Public Relations
  City, State, Zip ________________________________________________________________                                                    755 New York Avenue, Suite 400
                                                                                                                                           Huntington, NY 11743
  Home Phone __________________________________________________________________

  E-mail ______________________________________________________________________
                                                                                                                                         Newsletter produced by
  Firm Name __________________________________________________________________                                                        Epoch 5 Public Relations
  Firm Address__________________________________________________________________                                                 

  City, State, Zip ________________________________________________________________

  Business Phone ________________________________________________________________

  Chapter Member:                               Ì Yes                Ì No
  Please Send All Mail to:                                 Ì Firm Ì Home (Specify Chapter) ________________________
  Ì I would like to receive an e-mail with a direct link to the newsletter on
  Return this form to: Xio Fox, NYSSCPA, 3 Park Avenue, New York, NY 10016-5991

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