Wouch, Maloney & Co., LLP is a regional certified public accounting firm that provides closely-held business and personal clients with a wide array of accounting services. Our domestic multi-state and international clients have come to rely on our highly technical and personalized expertise. For over twenty-five years, our firm has provided these services in a proactive, knowledgeable, and caring manner. We skillfully respond to the varied goals and needs of our clients, as we help to preserve and enhance their economic well-being.
Latest News & Events
November 27, 2013
The First Time Homebuyer Credit Account Look-Up
In order to stimulate a depressed housing market, the first time homebuyer tax credit was established in 2008, providing taxpayers with a $7,500 credit for buying a home. The program was applicable for tax years 2008, 2009 and 2010, and carried repayment terms based on when the credit was taken.
November 25, 2013
When Business Expenses Aren't Ordinary and Necessary
Under Section 162(a) of the Internal Revenue Code, taxpayers are allowed to deduct all business expenses considered “ordinary and necessary”. An ordinary expense is one that commonly occurs in the taxpayer’s business. A necessary expense is one that is appropriate and helpful in carrying on the taxpayer’s business.
November 12, 2013
Documenting Proof For Your Dependency Exemption
Taxpayers are allowed to deduct a personal exemption, set at $3,900 for 2013, for each dependent they claim on a tax return. A dependent is categorized as either a qualifying child or a qualifying relative. Each category has its own criteria for determining if a dependent may be claimed.
Product Pricing and Cost Analysis
Wouch, Maloney & Co., LLP successfully assisted a major client with substantially improving its profitability by performing a study of its product pricing and current cost structure. The study enabled the client to identify areas of underpricing relative to competitors, identified specific costs related to product lines and assisted the client in creating procedures to monitor specific costs and apply them to various pricing models. As a direct result of implementing changes to its product pricing, the client’s bottom line increased over 100%, strengthening the Company’s financial position considerably.
Wouch, Maloney & Co., LLP provided valuable assistance to a client in analyzing a specific investment opportunity. The investment was suboptimal for the client with respect to both tax and retirement planning based on its structure and contractual requirements. We were able to assist the client in choosing an alternative investment plan that saved substantial income taxes, preserved retirement benefits and achieved the goals desired while avoiding the financial pitfalls of the original proposal.
Affordable Health Care Act Seminar
On September 12, 2013, Wouch, Maloney & Co., LLP hosted a seminar to present the Affordable Care Act's key features and to explain how the changing benefits marketplace will directly impact businesses and their employees over the next 18 to 24 months and beyond.
Eric Seidman Discusses MLB Mega-Trade
Eric Seidman, a Senior Accountant at Wouch, Maloney & Co, was on WYGM-740 The Game in Orlando, FL to discuss the tax ramifications of the baseball mega-trade between the Miami Marlins and the Toronto Blue Jays. Listen as Eric discusses "The Jock Tax", deductible expenses for athletes, and how the differences between the United States and Canada, and the state of Florida and the province of Ontario, will impact the traded players.
Tax Planning For Athletes and Entertainers
In July 2012, Wouch, Maloney & Co., LLP attended the 3rd annual EMG Sports Networking Event in New York City. The event featured numerous NFL players and was designed to connect athletes with professionals in various fields. We led a roundtable discussion with the players, highlighting the history and complexities of "The Jock Tax", general multi-state tax issues, the consulting and advisory services Wouch Maloney can offer to athletes and their business partners, and several important considerations specific to athletes as they begin their careers.
Mergers and Acquisitions
Wouch, Maloney & Co., LLP successfully assisted a major client with structuring a buy-in. The buy-in encompassed a commercial real estate portfolio valued at over $166 million owned by 9 separate partnerships. Advice on entity selection and extensive tax planning resulted in a structure that was acceptable to the purchaser yet enabled our client to complete the transaction at a tax cost that was several million dollars less than the taxes that would have resulted from the original proposed structure.
Wouch, Maloney & Co., LLP provided valuable assistance to a client in connection with the re-structuring of its existing businesses. We successfully developed a structure that enhanced asset protection, provided positive tax benefits, and also leveraged estate planning opportunities. We also worked with the client’s attorney to draft a Shareholders Agreement which contained business continuity provisions that were acceptable to both the majority and minority owners as well as structured compensation agreements.