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News and Current Events - External News

Suggested Job Related Income Tax Deductions for Nurses

By: Reynaldo L. Padilla, CPA
Managing Partner, Padilla & Company, LLP

Consider this scenario: You are a nurse and new to the United States.  You will be filing your first, second or third year income tax return but have no idea of what tax deductions you can avail of.  So you decide to seek professional help, but don’t know how and who to approach. You seek this professional help through referrers and you find three possible sources for help as follows:

H & R Block, an accountant with local education, or a CPA from the Philippines who has learned to prepare income tax returns but has no formal schooling in the USA, or a CPA licensed to practice in the State where you work as a Nurse.  Now you are baffled as to who to choose.

Last Updated on Friday, 04 June 2010 15:44
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News and Current Events - External News
Wednesday, 21 October 2009 15:06

“Not Business as Usual” – NYC Small Business Services Offers Opportunities for Minority and Women Businesses

By James Gesmundo, Viola Binua and Gil Vendiola

The playing field in doing business with the city government has been leveled for Minority-Owned and Women-Owned Business Enterprises (MWBE). The City has driven programs and initiatives to engage with MWBEs, and they certainly has oiled up the gears this time.

The Managing an Accounting Practice (MAP) Committee of the Queens/Brooklyn Chapter of the New York State Society of Certified Public Accountants (NYSSCPA) thru minority-owned CPA firms Padilla and Company, LLP; and Dadia Valles Vendiola, LLP organized a breakfast forum entitled “Business Opportunities for the Small Firms” last October 15. Eighteen professionals from the field of accounting and audit attended the well-received forum.

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New Tax Credits Available this Tax Season for Individuals

By James Gesmundo

NEW YORK – The tumultuous economic whirlwind these past two years has left Americans looking for solace and reprieve from the Federal Government. As a response, the American Recovery and Reinvestment Act has been enacted and provides individuals a good number of ways to bounce back this year. With the ushering of the tax season, individuals should be aware of the resulting new tax credits from the enacted stimulus package, because, most often than not, everyone will be affected.

The Internal Revenue Service has released a couple of guidelines to inform individuals of the tax changes this filing season. Among the new tax credits for individuals are the First-time Homebuyer Credit, the American Opportunity credit, and the Making Work Pay credit.

“People need to understand which credits could impact their overall return,” Reynaldo Padilla, managing partner of Padilla and Company, LLP, said. Padilla has built his CPA firm from the ground up two decades ago and now has over 300 tax clients. “These new changes are unquestionably beneficial to taxpayers. But individuals need to know these (tax) credits,” Padilla continued.

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