In The News
Top business and financial media outlets often turn to the partners of Weisberg, Mol?, Krantz & Goldfarb for expert analysis and commentary. Following are excerpts from industry news articles that have featured WMKG partners.
Article Title -- 'WMK&G On The Move", by Laura Theis, LONG ISLAND BUSINESS NEWS
...Accounting firm Weisberg, Mol?, Krantz & Goldfarb has moved its headquarters from Hicksville to 185 Crossways Park Drive in Woodbury.
The firm spent seven years at the Hicksville facility before scrapping the smaller space for a larger building with upgraded work areas and enhanced technology, according to Richard Mol?, managing partner of Weisberg Mol?.
The move follows recent employee and practice growth; the firm?s staff increased to about 28 and the company expanded its forensic and estate practices.
?It was just the right time to move,? Mol? said, adding that, unlike the old building where employees were split between two floors, the new building fits them all on one.
And Mol? said the four hires in the last 18 months may not be the last, with room for anticipated growth at the new facility.
Article Title -- 'Sell Service Contracts in Service Department, Too', by Steve Elliott and M.M. Gordon, F&I MANAGEMENT & TECHNOLOGY
When vehicle sales go down, dealers should stimulate selling of extended service plans in not one, but two, departments. So says Joseph P. Monahan, CPA, with the firm Weisberg, Mol?, Krantz & Goldfarb.
The obvious locale for increased extended service plan or VSC penetration is the F&I department. But an additional venue is the service department itself, Monahan said. "The service department finds out first whether an ESP is in force on vehicles being repaired or maintained," Monahan said.
For either F&I or a service department writer, a bonus plan is advisable for sale of ESPs, according to Monahan. Compensation should be tied to CSI, he said.
Article Title -- 'News panel helps hundreds on tax questions', by Nancy Dillon, NEW YORK DAILY NEWS
...One frequent question was whether or not the closing costs in refinancing a mortgage are deductible. "Generally, the only portion that can be deducted is the interest paid during the short period -- the time between the closing date of the loan and your first regular payment," said Richard Mol? of WMK&G. "Points are not deductible in this case."
Article Title -- 'Branding Standards', by Dale Buss, SHAREHOLDER VALUE
...Some observers believe that the changes [new Financial Accounting Standards Board Rules 141 and 142] will encourage more acquisitions of existing brands. "It no longer hurts your bottom line to go out and get an intangible asset," says Philip Goldfarb, partner in Weisberg, Mol?, Krantz & Goldfarb, LLP. "It used to be that when you had to amortize them, you'd be reluctant. But now you can go out and spend what you need on a particular asset and it can stay an asset."
Article Title -- 'Cover Story - Life Insurance', by Angelish Kumar, TICKER MAGAZINE
...Paul Chumsky, a CPA and partner at accounting firm, Weisberg, Mol?, Krantz & Goldfarb, noted, "Supposedly one of the benefits of having a life-insurance policy is that you're putting away money now, and you'll get it back tax-free."
But, he said, instead of paying a higher premium, people can put that money in their 401(k) plans and allow a lower amount of their salaries to be subject to income tax. The difference is whether they want to save tax money in the present or save it on future returns. "The time value of money is very important to me, and so I always say take the money now," Chumsky said.
...One of the other reasons Weisberg, Mol?, Krantz & Goldfarb's Chumsky advocates term life insurance is that the life insurance is likely to become unnecessary later in life.
Article Title -- 'The Costs of Auditor Chaos', by Rebecca Byrne, THESTREET.COM
...Richard Mol?, CPA and partner at Weisberg, Mol?, Krantz & Goldfarb, believes the death of Andersen could provide a "fresh start" to many of its clients. "A new set of eyes could give some of these companies more perspective, or insight, into how they report," he said.
Article Title -- 'Tax Time 2001; Answers to our readers tax questions', by Nancy Dillon, NEW YORK DAILY NEWS
Q: I've filed my tax return with the W-2 from my current job. But I just received a W-2 for a job I was at from January to March. What should I do?
A: To correct mistakes or omissions, you should file a Form 1040X. The Form includes a space to provide a clear explanation of the change you are reporting. A copy of the omitted W-2 should be attached to the form. Do not attach the initially filed W-2. Be aware the inclusion of these wages may change certain other reported amounts, which are based on formulas derived from gross income totals. If the original tax return requires modification, any revised schedules should be attached. Also keep in mind you should file Form 1040X immediately as the government may charge you interest on any unpaid balance.
>Answer this week comes from Richard Mol? of Weisberg, Mol?, Krantz & Goldfarb.
Article Title -- 'Weisberg, Mol?, Krantz & Goldfarb takes on auto dealers', by Claude Solnik, LONG ISLAND BUSINESS NEWS
A few months after Charles S. Krantz & Co. merged with Weisberg, Mol? & Co., the new combined accounting firm Weisberg, Mol?, Krantz & Goldfarb is making a bid to grow its business among automobile dealers.
"We've experienced some growth already (since the merger)," said Richard Mol?, managing partner. "We're looking to expand our practice."
WMKG over the past few months has grown to nearly 30 staffers, including one who signed on this week, he said. In addition to seeking to expand its business among financial services, health care providers and manufacturers, the company is hoping to sign on more local automobile dealers, a specialty of Charles S. Krantz.
"That's one of the main reasons for the merger," said Mol?. "We'd like to penetrate the Long Island market for auto dealers and expand our presence in markets we're already in (New Jersey, New York City and Westchester)."
Article Title -- 'Here a credit, there a credit, everywhere a little bit saved', by Julie Jacob, AMERICAN MEDICAL NEWS
...Don't hesitate to ask your accountant about credits that the accountant hasn't discussed with you, said Phil Goldfarb, a CPA and partner with the accounting firm Weisberg, Mol?, Krantz & Goldfarb. "Sometimes a physician client will say 'Hey, did you see this article [about a tax deduction or credit]' and if it fits them, then terrific," he said.
...Ask the medical equipment salesperson if the piece of equipment you're buying is eligible for any tax credits, Goldfarb suggested. If so, he said, "ask the vendor to attach a note as to what credit you are entitled to by purchasing this equipment so [your accountant] can look it up and document it."
...The tax credit for research and development expenses also has been extended indefinitely, Goldfarb said. Physicians are eligible for the credit if they "are spending money on research and development related to new processes," he said.
Article Title -- 'Tax experts offer year-end pointers for dealers', by Lance Helgeson, CAR DEALER INSIDER
...Given factory production levels, it's already too late for dealers to beef up their inventories. What to do? Keep your books open until December 31 to ensure you can book all of your new vehicle purchases as soon as they're shipped, say CPAs Paul Gans and Joseph Monahan, of Weisberg, Mol?, Krantz & Goldfarb, LLP, a N.Y.-based accounting firm.
...Write down obsolete parts. Here's the accepted guideline: You can write down the value of a part that hasn't sold in the past year as obsolete. But "it's important that you junk them" rather than leave them on your shelves, Gans and Monahan say.
Recent Announcements
WMK&G LLP ANNOUNCES RELOCATION OF HEADQUARTERS
- Offices Move from Hicksville to Woodbury in Response to Expanding Client Base -
WOODBURY, N.Y. ? Weisberg, Mol?, Krantz & Goldfarb, LLP (WMK&G), a prominent Long Island-based certified public accounting firm, announced today it has relocated its headquarters from Hicksville to Woodbury. The Woodbury office ? located at 185 Crossways Park Drive ? will now serve as WMK&G?s headquarters; the firm also operates an office in Oradell, N.J.
The office move is in response to the firm?s growing client base and need for additional space based on its rapidly expanding practice areas such as forensic accounting and estate planning. The new facility allows for additional anticipated growth and will provide an upgraded work environment for the staff.
WMK&G Managing Partner Richard A. Mol?, CPA, CFE, said, ?Our firm views the relocation and expansion to Woodbury as a logical step in best serving our clients on Long Island and surrounding areas.? WMK&G has been providing its clients with a full range of accounting, auditing, tax, and advisory services for more than 65 years.
Mr. Mol? continued, ?WMK&G prides itself on its ability to blend the professional experiences, resources, and talent of a large firm with the personalized, one-on-one attention of a smaller firm. Our reputation on Long Island and in New Jersey is built upon our ability to help our clients succeed.? He concluded, ?This new office space in the vibrant community of Woodbury will enable WMK&G to continue its dedication to helping clients achieve their financial goals for years to come.?
The firm?s main phone number is (516-933-3800)and our our fax number is(516-933-1060).
www.weisbergmole.com
