What’s New / Resources

It is with great sadness we announce the passing of Jeff Schneider, our colleague, partner, and friend. Jeff was instrumental in the growth and success of Caras & Shulman, PC, and those who were fortunate to work with him will remember his unwavering commitment to the firm and his clients. Jeff began his accounting career in New York after graduating from State University of New York at Binghamton and later earned his Master of Science in Taxation from Bentley College while working at Caras & Shulman. In his nearly 30 years with the firm, Jeff built a reputation as a devoted mentor for our staff, trusted advisor for our clients, and respected member of our partner team. His dedication and humorous, kind, and cheerful nature will be deeply missed.

The April issue of Integra International’s Audit & Accounting Alert is now available. Topics include: Bitcoin: A Fad or the Future for Business?: Virtual currencies seek to transform the conduct of financial transactions Improved Audit Quality Slow in Coming: Third annual international survey plays like a broken record of recurrent deficiencies Revenue Recognition Standard Advances Judiciously: Implementation and interpretation issues are addressed Integra International’s Audit & Accounting Alert is provided to association members with the intent to highlight emerging issues in the profession. The goal is to give Integra members an awareness of developments impacting the practice of Audit & Accounting, enabling them to stay on the forefront of industry trends.

The March issue of Integra International’s Audit & Accounting Alert is now available. Topics include: Is Your Accounting Data Secure?: New report, COSO in the Cyber Age, offers blueprint for bolstering cyber security Audit Reports to Have a New Look: International Board issues groundbreaking standards Canadian Accountants Unite: CAs, CMAs and CGAs join forces to become Canadian CPAs Integra International’s Audit & Accounting Alert is provided to association members with the intent to highlight emerging issues in the profession. The goal is to give Integra members an awareness of developments impacting the practice of Audit & Accounting, enabling them to stay on the forefront of industry trends.

The February issue of Integra International’s Audit & Accounting Alert is now available. Topics include: Big Data is Transforming the Audit and Accounting World: Will Google eat the accountant’s lunch? XBRL Promotes Global Transparency in Financial Reporting: The digital language will ease analysis and comparison of financial data Worldwide Update: Quarterly roundup of recent and upcoming actions and activities by audit and accounting organizations Integra International’s Audit & Accounting Alert is provided to association members with the intent to highlight emerging issues in the profession. The goal is to give Integra members an awareness of developments impacting the practice of Audit & Accounting, enabling them to stay on the forefront of industry trends.

The January issue of Integra International’s Audit & Accounting Alert is now available. Topics include: Signs of Life for IFRS in the United States: SEC opens the door slightly while the FASB and IASB consider a future together The Fraud-Resistant Organization: New report from the Anti-Fraud Collaboration stresses prevention Sustainability Accounting and Reporting Forge Major Inroads: Diverse sources promote the role of accountants Integra International’s Audit & Accounting Alert is provided to association members with the intent to highlight emerging issues in the profession. The goal is to give Integra members an awareness of developments impacting the practice of Audit & Accounting, enabling them to stay on the forefront of industry trends.

The December issue of Integra International’s Audit & Accounting Alert is now available. Topics include: Integra Highlights 20th Year Anniversary Conference with Worldwide IFRS Roundup: Variations standout as countries adapt the “universal” standards to local conditions Global Management Accounting Principles Issued: The quest for “universal” management accounting principles resembles the IFRS movement to worldwide financial reporting standards Reporting on Unaudited Financial Statements gets a Major Overhaul in the United States: AICPA issues new Compilation and Review Standard Integra International’s Audit & Accounting Alert is provided to association members with the intent to highlight emerging issues in the profession. The goal is to give Integra members an awareness of...

The November issue of Integra International's Audit & Accounting Alert is now available. Topics include: When Going Concern Becomes an Issue: Approaches for reporting and disclosure differ across the Atlantic Revenue Recognition-a Persistent Challenge for Auditors: New accounting standard draws attention to ongoing audit concern Worldwide Update: Roundup of recent and upcoming actions and activities by audit and accounting organizations Integra International's Audit & Accounting Alert is provided to association members with the intent to highlight emerging issues in the profession. The goal is to give Integra members an awareness of developments impacting the practice of Audit & Accounting, enabling them to stay on the forefront of industry trends.

On October 23, 2014, the IRS announced Cost of Living Adjustments (COLA) related to retirement plans effective January 1, 2015. Highlights include:   Qualified Plan Compensation Limit $265,000.00  Profit Sharing Plan Maximum Plan Contribution Limit $53,000.00  401(k) Maximum Elective Deferral* $18,000.00  Catch-Up Contribution Limit 401(k)* $6,000.00      for participants 50 years old or older during 2014  Wage Base For Social Security $118,500.00   For more information visit: https://www.irs.gov/Retirement-Plans/COLA-Increases-for-Dollar-Limitations-on-Benefits-and-Contributions

Integra International recently celebrated its 20th Anniversary at the Annual World Wide Conference in Vienna, Austria. Over 160 people from around the globe, including Mark Fiato, Partner at Caras & Shulman, PC, were in attendance. Caras & Shulman, PC has been a member of Integra International® since June 1996. About Integra Integra International is an interactive global association of local independent Accounting and Consulting firms dedicated to exchanging information and advising growing businesses and professionals. It is an interactive association of CPAs, CAs and Business Advisors that share knowledge openly and regularly. Members offer expanded professional services to their clients, including meeting their national and international needs. Each member firm retains its'...

Caras & Shulman, PC has recently promoted Rachael Hylan, CPA, MPAc to Tax Supervisor. Rachael will be responsible for preparing and reviewing a variety of tax returns, assisting in tax planning and estimations, and responding to notices and law changes for Caras & Shulman's closely held businesses and high-net-worth individuals, as well as mentoring others in the firm.