2011 Tax Party

 After tax season, everyone was able to unwind with our annual April 15th 18th Tax Party.

 This year we had a crawfish boil which was catered by Jerry's Cajun.

 Beth V. and Ted with his infamous Long Island Iced Tea.

Mike's hat/hair was a big hit!

 Jerry getting the crawdads just right.

 Gregg enjoying a crawfish head.

 Frank was hungry after all that running...

 Beautiful day for the party!

Stephanie approves Ted's margarita making skills!



New Employee - Lauren Botts

Today, Lauren Botts (Nathan's daughter) will be joining the firm as our new Receptionist. Stephanie Hirst will transition into the role of Admin Assistant in our IT Department as Carlie prepares to move to be with her fiance. Carlie's last day with us will be on Friday and we wish her all the best.

Welcome Lauren!

Elvis has left the building

On Friday, Stephanie recieved a fun Birthday surprise from her husband... a singing telegram!

If you were unable to hear him, he sang a couple of favorites including Hunk of Birthday Love.

Legislative Update: Requirement for Advisers of Private Equity Funds

Registration of advisers to private equity funds is a hot topic in the industry. Currently, this registration is scheduled to take place no later than July 21, 2011. However, it appears there are still questions to be answered and the U.S. Securities and Exchange Commission now expects to give investment advisers required to register under the Dodd–Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) an additional six months to do so.


In a letter dated April 8 to the president of the North American Securities Administration Inc., SEC Associate Director Robert Plaze said “we expect the Commission will consider extending the date by which these advisers must register … until the first quarter of 2012.”

Dodd-Frank mandates that private equity firms with $150 million or more of assets under management in the U.S. register with the SEC. This registration will give the federal government more oversight over managers. It also forces firms to hire or name a compliance officer.

There are further initial guidelines on information and operation changes required with registration, however, the SEC has not yet issued final regulations and there are unanswered questions. Plaze’s letter states the SEC expects to issue the final regulations by the July 21 date.

Until the final rules are released, there remains ambiguity about who must register. As examples, there are questions about how family offices are defined; and firms that straddle the line between private equity and venture capital are not sure if they must register.

For more information, please contact Saltmarsh, Cleaveland & Gund, (850) 435-8300.



This publication is intended to provide general information to our friends. It does not constitute accounting, tax, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.


This publication has been prepared by EisnerAmper LLP for informational purposes only. These materials do not constitute accounting, tax or legal advice and cannot be relied upon by any taxpayer for the purpose of avoiding penalties imposed under the Internal Revenue Code.


Redistributed by Saltmarsh with permission.

Fryer Promoted to Manager at Saltmarsh

Judy Fryer, Certified Section 125 Administrator, at Saltmarsh, Cleaveland & Gund, has been promoted to Manager in the Retirement and Medical Plans Department.  Fryer, who has been practicing in this field since 1982, has management and medical billing experience with extensive CPT and ICD9 coding experience. She is a Certified Section 125 Administrator through the HR certification Section 125 Program. Fryer remains compliant with HIPAA training and active with the Employee Benefits Institution of America (EBIA).

Starratt Promoted to Manager, Earns ERPA Designation

Heather M. Starratt, ERPA, QKA at Saltmarsh, Cleaveland & Gund, has been promoted to Manager in the Retirement and Medical Plans Department. Heather is a Qualified 401(k) Administrator (QKA), a credential awarded by the American Society of Pension Professionals & Actuaries (ASPPA) and has now added the Enrolled Retirement Plan Agent (ERPA) designation to her title.


ERPA is a federally sanctioned designation that allows enrolled practitioners to practice before the IRS on pension and 401(k) plan matters. This includes determination letters, plan audits and negotiating on behalf of clients regarding compliance matters. The IRS created the ERPA designation to provide a credentialing process for third party administrators and benefit consultants of tax-exempt retirement plans.

To qualify for the ERPA designation, Starratt had to demonstrate special competence in retirement plan matters by passing written examinations. The IRS has contracted with the American Institute of Retirement Education, LLC (AIRE) to administer the ERPA-Special Enrollment Examination (ERPA-SEE).

Important April 20, 2011, deadline for claimants in the BP/Deepwater Horizon litigation is approaching

Transocean, owner of the Deepwater Horizon mobile offshore drilling platform that exploded and sank in the Gulf of Mexico in April of 2010, has filed a lawsuit seeking limitation of its liability to claimants under Maritime Law. All parties who have or may have a claim for personal injury, loss of property, lost profits or other economic damages as a result of the BP/Deepwater Horizon oil spill in the Gulf of Mexico should be aware of an April 20, 2011, deadline to file an answer and claim in the Transocean limitation action.

The following websites contain information about the Transocean limitation action and the court-approved short-form joinder:

http://www.oilspillcourtcase.com/

http://www.laed.uscourts.gov/OilSpill/Forms/Forms.htm

We strongly encourage all those with claims to review the information that can be found at the above websites and to seek the advice of legal counsel if you have any additional questions about your rights or how to proceed.

IRS Tax Tips: Estimated Taxes

Six Tips for Paying Estimated Taxes

Estimated tax is a method used to pay tax on income that is not subject to withholding. You may need to pay
estimated taxes during the year depending on what you do for a living and what type of income you receive.
These six tips from the IRS will provide you with a quick look at estimated taxes and how to pay them.

1. If you have income from sources such as self-employment, interest, dividends, alimony, rent, gains
from the sales of assets, prizes or awards, then you may have to pay estimated tax.

2. As a general rule, you must pay estimated taxes in 2011 if both of these statements apply: 1) You
expect to owe at least $1,000 in tax after subtracting your tax withholding (if you have any) and
credits, and 2) You expect your withholding and credits to be less than the smaller of 90% of your
2011 taxes or 100% of the tax on your 2010 return. There are special rules for farmers, fishermen,
certain household employers and certain higher income taxpayers.

3. For Sole Proprietors, Partners and S Corporation shareholders, you generally have to make
estimated tax payments if you expect to owe $1,000 or more in tax when you file your return.
4. To figure your estimated tax, include your expected gross income, taxable income, taxes,
deductions and credits for the year. Use the worksheet in Form 1040ES, Estimated Tax for
Individuals for this. You want to be as accurate as possible to avoid penalties. Also, consider
changes in your situation and recent tax law changes.

5. The year is divided into four payment periods, or due dates, for estimated tax purposes. Those
dates generally are April 15, June 15, Sept. 15 and Jan. 15.

6. Form 1040ES, Estimated Tax for Individuals, provides all you'll need to pay estimated taxes. This
includes instructions, worksheets, schedules and payment vouchers. The easiest way to pay
estimated taxes, however, is electronically through the Electronic Federal Tax Payment System
or EFTPS. You can also pay estimated taxes by check or money order using the Estimated Tax
Payment Voucher or by credit or debit card.

For more information on estimated taxes refer to Form 1040ES and its instructions, as well as Publication
505, Tax Withholding and Estimated Tax. These forms and publications are available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Please contact Saltmarsh, Cleaveland & Gund, (850) 435-8300 for further questions.