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Joseph L. Rosenberg
Worked at Joseph L. Rosenberg CPA
Attended New York University Stern School of Business
Lived in Florham Park, NJ
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Joseph L. Rosenberg

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Keep Your Books Up To Date
September 15 is coming up in a few weeks and it will be time for personal and business estimated tax returns to be paid for the third quarter. Plus it is the final due date for corporation, partnership, and trust returns. Many businesses procrastinate and wait until the final days to get their taxes done. But to do that,  they have to provide up to date books and records to their CPA firm. Firms then need time to review the data given to them in order to prepare the returns. Some businesses have their CPA firm come in to review their books on a monthly, quarterly or semi annual basis so that there are no surprises at year end and the taxes due are in line with what they expected. Other businesses who barely get their returns in at extension time are now eight and a half months behind for 2015 and may not have an idea of how their business is doing.
What's the problem? Accounting software keeps improving. Quickbooks remains the top business accounting software. In fact,Intuit which makes quickbooks is planning to sell its quicken software product among others to focus on its core business which includes tax preparation software as well as quickbooks. Other companies compete with their own software products, and finding trained professionals to help you maintain your accounting records should not be a problem.
Businesses who try to manage their business without accurate numbers are at a disadvantage, as they make decisions based on incomplete information or lack of credible information. Tax laws change as well, as keeping track of the rules changes as they pertain to the books is essential. For 2015 accountants were faced with major rule changes by the Internal Revenue Service for repair regulations. Thirty years of case law were codified into new regulations that every business needed to become aware of. How the books record these expenses can now be considered in the second year of the new rules, to make it easier at tax time to come up with the right solutions for the tax return. Last year the regulations were new, and were changed during the filing season, including whether change of accounting method forms were required to be filed, and what impact there was if the form 3115 was not filed, including the audit risk of going back to prior years and being exposed for IRS audit changes.
Make you set aside some time each week to record your transactions in your accounting records. Reconcile your bank accounts monthly. Review your credit card statements to make sure all charges and payments are recorded. Keep on top of your receivables to improve or maintain cash flow. Manage your payables so that you take discounts when paid timely and that you have the funds to buy needed equipment and supplies.
Accounting is the life blood of your business. Without keeping your books up to date you are not prepared to be proactive in your business life. Take advantage of the slower season before year end closing to get your records in order and you may be able to improve your business results.
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How the Stock Market Decline Can Affect Your Business
Business owners need to identify their target markets to see if they are affected by severe declines in the stock market. Will sales slow down as businesses and individuals are deciding to make fewer purchases?  If sales continue unaffected by market conditions, will collections slow down, impacting cash flow? Some businesses will increase their collection efforts to keep the money flowing in. Consider if interest costs are increasing as borrowings increase to cover the possible cash flow decline. Will your business cut back on its purchases? Keeping a lean inventory could reduce sales as the time to obtain your goods for sale is increased. Predictions of slower sales could limit new initiatives to expand your markets.
A business who invests its free cash in the market may keep the funds liquid for emergencies and may also invest for long-term needs. Market declines can reduce the value of these investments. If the declines are temporary then the market can reverse itself and end up in positive territory when the funds are needed.
If profitability is down then bonuses to owners and dividends to shareholders could be cut. Contributions to retirement plans may be cut if they are tied to profitability.
Individuals who rolled some of their retirement assets into Roth IRA accounts may have second thoughts about this strategy. They could have paid tax on the distribution at a relatively higher tax rate and the value of the investment may have declined significantly. The individual can choose to have a recharacterization of the Roth IRA, by undoing the transaction, saving the tax on the initial conversion. Make sure you follow the rules of when you can do this and to what account to return the funds.
Estimated taxes are still due quarterly, but using the current year's income instead of the prior year safe harbor may result in a reduced estimated tax payment as well as an overall reduction of the actual tax liability.
In times of turmoil, keep your eyes on your business and your investments as you would in good times.  Continuous monitoring will help you evaluate your next steps as you retain familiarity with your business prospects and the stock market. 
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Applying for the Earned Income Tax Credit
Low income taxpayers who work can take advantage of the federal Earned Income Tax Credit. There are a series of questions that must be answered correctly in order to qualify for the credit. First you must work or have earned income. How much can you earn qualify for the credit? The amounts vary depending on whether you have a qualifying child, or not, and how many qualifying children you have. There is also a limit on investment income earned. Too much investment income will disqualify you for the credit. Your overall income, or adjusted gross income on your tax return is also taken into consideration in determining your eligibility for the EITC. 
You can file as a single or a married individual filing jointly, but you cannot file as a married individual filing separately in order to qualify for the credit. 
In order to prepare for claiming the EITC, take a look at publication 4716, Be Prepared to get the EITC you deserve. This publication will identify the forms you need to take to your tax practitioner to make sure you qualify. If you have children you will need to supply documentation that they are indeed your children, and that they live with you. A copy of their birth certificate and other records, such as school records should be assembled to support that the child in question lives with you. How do you show you have earned income? In many cases your W-2 form from your employer will be necessary to show your income. If you are self employed, you will have to come with your business records to support the income and expenses you are taking on your tax return. Your tax preparer will be asked to show on the tax return what records were relied upon from your business to support the credit. These can include bank statements, ledgers, or other records you bring to the tax preparer.
Be careful that you qualify for the credit. If the Internal Revenue Service disallows or reduces your credit one year, not for mathematical errors but for more serious reasons, you may be unable to file again for the credit for a number of years. If you are determined to be reckless or intentionally disregard the rules on a prior claim you cannot file for the EITC until you sit out for two years. if you are determined to have filed a claim that disallowed due to fraud, you will have to wait for ten years before filing another claim. If this applies to you make sure you let your tax preparer know and they may be required to attach form 8862 to your tax return, which flags the return as being acceptable to file the EITC claim but has an issue in prior years. The preparer includes form 8867 in the return which includes the answers to a series of questions asked of the taxpayer. It also shows the documents used by the preparer to become satisfied that the taxpayer qualifies for the credit. If the taxpayer has qualifying children  to make them eligible for the credit, then schedule EIC is included in the return, listing the qualifying children and their birthdates.
The Earned Income Tax Credit is one of the most popular tax credits in the Internal Revenue Code. Make sure you claim it if you are entitled.
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Joseph L. Rosenberg

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Fridays will donate 20% of your meal to the Livingston NJ library today. Bring coupon or click on it from your phone. I was president of the library's endowment fund for many years. http://livingston.bccls.org/friends-tgif-may2015-coupon.pdf
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Joseph L. Rosenberg

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back from out of town usually celebrate that day as eat what you want day then back to basics.
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if you get pulled over it is a wake up call and hopefully you will be the right frame of mind when responding.
 
When you are stopped by the police, answer politely and without sarcasm...and maybe the officer will exercise their discretion in not issuing a ticket... Of course, if you do decide to exercise your freedom of speech, the officer may decide to see how many summonses they can actually write for you. Remember, '...when you call down the thunder, you only have yourself to blame if you get burned by the lightning'...and prosecutor's will not dismiss a bunch of tickets out of sympathy for the cops response to your attempt at humor.

Howard W. Bailey, Esq.
Certified by the NJ Supreme Court as a Criminal Trial Attorney
Admitted as an Expert in Criminal Defense by the NJ Superior Court
550 Broad Street, Suite 601
Newark, NJ 07102
973-982-1200

#njcriminaldefenselawyer   #trafficticket   #sarcasm  
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Hello everyone

Living in city of North India, around 400 kms away from Kathmandu(capital of Nepal), I experienced the most devastating earthquake for the first time.
The 7.9 magnitude quake hits my city at about 6.9 magnitude.

On 25 April, at 11:45 am, I was working on my laptop, resetting the hotspot for WiFi.
The bed shook, vibrated slightly like someone shove from behind,
I turned around and saw no one, bed was still shaking, 
I was still in room gazing at things as the adjacent cupboard opened automatically.
In a glance, I understood it's an earthquake 
I shouted for my mother, Run Earthquake, she followed me from another room and we went out of the house.

I live in a dense populated colony,
The atmosphere outside was unbelievable, like a scene from sci-fi movie.
The stormy wind was speedy, cloud thundered, noise coming from everywhere.

What fascinated me is the groups of monkeys came on roads along with street dogs, 
they are like rivals on normal days
The birds circling above

And believe me, Earth was still shaking, like never before, never for this long.
I was feeling dizzy, people were fainted on road!!

That earthquake lasted for about 1:30 minutes at least.

People had discussions and shared their experienced thoroughly in groups and then returned to their home.

Power was cut already.
Mobile networks were unavailable already.

I ran for my laptop and searched for the news related earthquake in India, (I was not knowing the epicenter is in Nepal).
Believe me, There was NO NEWS related earthquake at that time, No update.
The news media was literally discussing on Delhi's politics.
Though, after a minute they showed bottom strips and then news was flashing on every channel about the earthquake.

I tried to call my father on phone, but the line was unreachable.

The wind slowed, sun shone again.
But it was not the end.

Another earthquake soon after the first one was felt, 
It was less on magnitude and lasted for about 20 seconds.
everyone came out the houses.
They were scared, half of them didn't returned home.

At least 14 aftershocks have been observed on that day(In Nepal), the powerful ones reached my city and further cities, the last one at around 6:30 pm, even that was so severe that my bed was shaking.

Some people gossiped till late night, some went to nearby field to spend the night in temporary tents.

It was my first big Earthquake experience,
and first for most of the Nepalese and North east Indians.

Now, people are suffering from post traumatic disorders, It feels like you have traveled 2-3 days in train.

On 26 April, 40 tremors has been recorded, fresh tremors were felt across North India.
Another earthquake from different epicenter measured at 6.9 magnitude.
The tremors badly hit my city and nearby cities, killing at least 12 people and many injured,
And in Bihar, (adjacent state) where 60 people died, the tremors went on for several minutes.

The rumors on social media is unlimited.
The reality is like a nightmare.

In Nepal, at least 6000 people are now known to have died in a massive earthquake.

Pray for Nepal,
Donate for Nepal.

And if possible, provide them meal.

#nepalearthquake   #nepal   #kathmandu  
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Incredible, the humanity
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I'm teaching Marketing Strategies for Business Success at Passaic County Community College in Wayne NJ over two nights September 9 and 16 from 6 to 9pm. Contact the college to register.
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Enjoyed the concert, especially Maple Leaf Rag which I learned about 15 years after I stopped lessons in the early '60's. My son's friend David included Piano Man in his repetoire in the mid '00s so that was also a delight.
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Querido feliz aniversário, que este dia se multipliquem por vários anos. bjs um abraço

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Joseph L. Rosenberg

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lots of interesting ideas to obtain a targeted list plus see who follows you back.
If you're building a brand online, you don't just want any Google Plus followers, you need to know how to get targeted Google Plus followers. Here's how...
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Very helpful! Thanks for sharing!
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Take a look at tsu.co I've been there since inception, making new friends and staying with the early adapters to create something new.
 
tsu users describe why they think tsu is a "new revolution", accompanied by my song "new revolution". Turn it up.

 "new revolution" is available on iTunes here: https://itun.es/i6Lg2jB

Video link: https://youtu.be/VMc0b11KDGM

#tsu #music #newmusic #iTunes #YouTube   #merehsa  
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Going to the NY CPA show on Thursday to hear about best practices and technology in 2015.
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Education
  • New York University Stern School of Business
    Accounting, 1967 - 1971
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CPA -NJ and NY
Introduction
New Jersey and New York Certified Public Accountant. I prepare personal and business tax returns, setup and assist businesses with Quickbooks accounting software, and teach small business topics at a couple of local community colleges. An avid networker.
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Certified Public Accountant, Certified Quickbooks Professional Advisor, Instructor in small business subjects at local community college in New Jersey
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  • Joseph L. Rosenberg CPA
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Florham Park, NJ - Livingston, NJ - North Arlington, NJ - New York, NY
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973-443-4332