Weekly Digest – April 19th 2024 & Our Bags are Packed 💼🧳✈️🏔️🚠⛷️😎

The April 15th 2023 tax deadline is in my rearview mirror and it’s definitely time to relax, reflect, party and take a much needed vacation. For me that all started Tuesday, with a long walk at sunrise followed by a nap, soak in my whirlpool tub, leisurely bagel brunch and then another nap.  What, no workout, NO, I needed a break from that too.  I am glad I was able to take even a short walk on the beach most day, it helps clear my head and is a great way to start my day…

Beautiful Saturday Morning Sunrise on Rockaway Beach
Beautiful Saturday Morning Sunrise on Rockaway Beach
Sunday Rockaway Beach Sunrise
Sunday Rockaway Beach Sunrise
Caught the Sun on Monday Morning Before the Tax Storm
Caught the Sun on Monday Morning Before the Tax Storm

Wednesday, 2 of my professional groups held events.  Over 50 CPAs attended our annual NCCPAP tax season postmortem where we celebrated that another “hardest tax season ever” was over. We held a round table discussion sharing what worked best/what failed and why.  We also announced our incoming NCCPAP Nassau/Suffolk chapter slate of officers. I was thrilled that our nominating committee came up with another “dream team” to support and guide our membership.  A huge thanks to our incoming board president Bob Goldfarb CPA, incoming executive VP Kristina Grimmer CPA,  incoming VP, Ken Rick CPA, incoming secretary Carol Markman CPA, treasurer Paul Sadej CPA, and board members: Larry Bloom CPA, Lori Di Marco CPA, Nannette Watts CPA, Richard Finelli CPA – thank you all for volunteering.  Our professional organization is our support community, especially during high stress times.

Atfer Tax Season MAP Meeting - Long List of Take-Aways
Atfer Tax Season MAP Meeting – Long List of Take-Aways

Wednesday evening I attended the annual CAS CPA end of tax season celebration as we played number games and feasted on a Chinese banquet which included jelly fish (it was really good) and other delicious and beautifully prepared dishes…

theThree of Us Together Again for Our 2nd Event of the Day!
theThree of Us Together Again for Our 2nd Event of the Day!
A #'s Game at the End Of Tax Season CASCPA Party
A #’s Game at the End Of Tax Season CASCPA Party

Next stop is the SLC airport as we head to the Snowbird and Alta slopes  for some end of the season Utah champagne powder.  Check in next week for those shots. 💼🧳✈️🏔️🚠⛷️😎and Yes Elissa you are correct, I have not packed yet, you know me too well…

Always Time for the Beach, Even if I Haven't Packed Yet
Always Time for the Beach, Even if I Haven’t Packed Yet

I hope you have some great plans for the weekend as well. I know many of you have already started preparing your garden for your annual planting and others are setting up your barbecue grills and lawn furniture, enjoy!   PS if you are celebrating passover – here’s a twist on choclolate chip cookies that are also gluten free, I am going to make a batch for us:  Chunky Monkey Cookies {with Almond Flour).


Among the new software recommendations, I heard the same point made over again, creating and following a set process helped most tax professionals navigate tax season 2024. I while agree that sticking to our processes is critical, during our office huddle tax season review session we added “flexibility and compassion for our clients and staff are important considerations; you never know what is going on in someone’s life”

Beautiful Tuesday Morning Beach Day for me & my Friend
Beautiful Tuesday Morning Beach Day for me & my Friend


Tax planning- whether you have filed your 2023 tax returns or are on extension for this and possibly prior years here is a list important tax documents:

Save a hard copy or digital file of receipts of:

  • charitable donations made via check, credit card or cash
  • charitable donations from food, toy, clothing or other drives
  • capital improvements to your home (this can help reduce future taxes when you sell your home)
  • work related expenditures – with so many people working remotely you may be eligible for a reimbursement from your employer or be able to reduce taxes at your state or local level
  • ordinary and necessary business expenses – even though you have proof of payment, these receipts can help determine tax treatment or support the expense during an audit

Save a hard copy or digital file of statements of:

  • IRA contributions
  • IRA withdrawals
  • Year-end brokerage account statements and annual forms (1099-INT, 1099-DIV, 1099-Broker)

AND remember taxes start with planning!


U.S. Hing School Students Want Financual Education at School

The recently published Intuit Financial Education survey, found that 85% of U.S. high school students say that they are interested in learning about financial topics in school, and 95% of students who currently receive financial curriculum find it helpful.  During my years volunteering on the Intuit Tax Counsel and later with Intuit during Virtual Enterprises International events I saw how Intuit embraced the ideas of “Financial Education Powers Prosperity”-“Finance Starts at Home”-“Let’s Make Finance Fun” supporting those projects that aimed at financial literacy for students.  I worked with another not-for-profit organization to create a set of videos as curriculum support for high schools looking to include financial literacy within the classroom. The process was a real eye opener as was warned to assume they had -0- knowledge of finances.  I started with linking their afternoon or summer job pay check with the student’s purchase of school supplies and wardrobe enhancements – we worked up from hourly wages to take home pay and opening a bank account.

Gas Prices Surge to Six-Month High 0f $3.60/gallon

According to this article in Forbes: “Gas prices in the U.S. surged this week to a six-month high, with drivers paying roughly $3.60 per gallon at the pump, as high oil prices, refinery maintenance and international turbulence in the energy market continue to leave a dent in drivers’ pocketbooks.”  I am wondering if it’s also due to increased demand as people tend to get out more during the spring or take vacations and plan trips during the summer months.

Soaring Insurance Costs Hit as US Buyers Get a Break on Automoble Prices

According to this article in Reuters: “A new form of sticker shock has hit American car buyers. In one of the cruel twists of an inflation-weary U.S. economy, car prices are coming down after surging by record amounts during the COVID-19 pandemic. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates that for some models now account for more than a quarter of the total cost of owning a vehicle.”

Jobs Report: Unemployment Hits 3.8% as Job Growth Pops

According to this article in Reuters: “The U.S. added more jobs than expected in March, as the economy walks the tightrope between moderating inflation and keeping the labor market afloat.”

You Can Thank the Baby Boomers for the Stunning Strength of the US Economy

According to this article in BusinessInsider.com:  “The US economy has baby boomers to thank for its strength and resilience even as some worry about a potential recession. According to market veteran Ed Yardeni, the baby boomer generation is powering spending in key areas of the economy that have seen massive job gains in recent years.” You’re welcome.

Biden-Harris Administration Announces Preliminary Terms with TSMC

According to the US Department of Commerce:  “The Biden-Harris Administration announced that the U.S. Department of Commerce and TSMC Arizona Corporation (TSMC Arizona), a subsidiary of Taiwan Semiconductor Manufacturing Company Limited (TSMC), have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.6 billion in direct funding under the CHIPS and Science Act.”


We sincerely hope that you and your family are well and remain well. If you have any questions or concerns, don’t hesitate to reach out to us. We are here for you.

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