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The MLK Day of Service: Monday, January 19, 2015

Dr. Martin Luther King Jr. once said, "Life's most persistent and urgent question is: 'What are you doing for others?'" Each year, Americans across the country answer that question by coming together on the King Holiday to serve their neighbors and communities. The MLK Day of Service is a part of United We Serve, the President's national call to service initiative. It calls for Americans from all walks of life to work together to provide solutions to our most pressing national problems. Just look ... Read more

IRS Raises Standard Mileage Rate for Businesses

The Internal Revenue Service issued the 2015 optional standard mileage rates that are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be 57.5 cents per mile for business miles driven, up from 56 cents in 2014. The rate will be 23 cents per mile driven for medical or moving purposes, down ... Read more

Year-End Gifting Rules Revisited

The Internal Revenue Service is reminding individuals and businesses making year-end donations that several important tax law provisions have taken effect in recent years regarding gifting. Charitable contributions of clothing and household items Household items include furniture, furnishings, electronics, appliances and linens. Clothing and household items donated to charity generally must be in good used condition, or better, to be tax-deductible. A clothing or household item for which a taxpayer claims a deduction of over $500 does not have to meet ... Read more

Happy Holidays – Office Closings

Wishing you... The gift of love. The gift of peace. The gift of happiness. May all these be yours this holiday season! With best regards from the professionals at Armao LLP Armao LLP will be closed from December 24th through December 26th. We will reopen on Monday, December 29th. We will also be closed from December 31st through January 2nd, reopening on Monday, January 5 Read more

Sal Armao & Rosa Arreaga-Negron In The News

Armao LLP boasts a prominent place in the Garden City Chamber of Commerce and the Long Island Hispanic Chamber od Commerce. Read all about it in this Garden City News article. Read more

401(k) and IRA Changes Coming in 2015

Investors will be able to contribute $500 more to a 401(k) or save in a myRA in 2015.  Retirement savers will have a new retirement account option in 2015. Investors will also be eligible to contribute $500 more to a 401(k) next  year. Here's a look at how retirement accounts will change in 2015. Introducing the myRA. The Treasury will offer a new type of retirement account, the myRA, beginning in late 2014 that is guaranteed by the government  to never lose ... Read more

Rosa Arreaga-Negron named a Top 50 Woman in Business

Join us in congratulating Rosa Arreaga-Negron, honored on October 23, 2014 as one of Long Island's Top 50 Most Influential Women in Business, recognizing her business acumen, mentoring and community involvement. Read more

“Looking Through A Limited Scope” by Salvatore J. Armao

As a Fiduciary, would you feel comfortable if your benefit plan’s independent auditor did not apply any auditing procedures to your plan’s investments?  Do you think the plan’s participants would be happy to know that the plan’s investments were not being audited by the plan’s independent auditor?   When a plan administrator instructs the independent auditor not to perform any auditing procedures with respect to investment information as is allowed under ERISA section 103(a)(3)(c) the independent auditor performs what is called ... Read more

Armao LLP’s Karen Auer named to Who’s Who in Professional Women

Congratulations to our colleague and friend, Karen Auer, on being named to Long Island Business News' Who's Who in Professional Women. Read more

Top 10 Tax Breaks You’ll Miss in 2014

August 7, 2014 By Salvatore J. Armao, CPA/PFS, CFP, CFE, CGMA Managing Partner, Armao LLP Who’s thinking about taxes during the lazy, hazy, crazy days of summer? Well, at Armao LLP, we are...and so should you! You probably didn't notice, but when the clock struck midnight on December 31, 2013, a number of popular tax benefits, commonly included in the list of provisions referred to as "tax extenders" expired. While it's possible that Congress could retroactively extend some or all of these items, ... Read more
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