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Your IRA —
Less than Meets the I?
You've been saving for years in an IRA account, and you're sure that either you or your beneficiaries will enjoy the fruits of your savings. But will they? There may be more or less than meets the eye in your IRA.
For example, although you have been prudent enough to change the beneficiaries in your will as life circumstances (divorce, marriage, death) change, it may not affect your IRA. Moreover, unless specifically provided for, if one of your beneficiaries dies before you do, his or her share may not be distributed as you had intended.
Because an IRA beneficiary designation supersedes that of a will, it is important to make sure that these two documents are consistent. For more information about IRA distribution regulations or contribution alternatives or limits, speak to your accountant or contact Dave Becker (dbecker@tpcpa.com) or contact Trachtenberg & Pauker. |
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SBA Awards T&P
Accounting Advocate of 1999
The United States Small Business Association has named Trachtenberg & Pauker, LLP, The Accounting Advocate of the Year for the Northeast region, encompassing NY, NJ, and Puerto Rico.
"We really appreciate the recognition. Our greatest
satisfaction comes from helping clients out so this is really
a bonus," commented Marvin Trachtenberg, partner in the
70 year old Long Island CPA firm.
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Innovative Help for
Undercapitalized Start Ups
[Text of speech delivered by Marvin Trachtenberg at LISBAC (Long Island Small Business Assistance Corporation) Conference, September 10, 1999]
Trachtenberg & Pauker is a small CPA firm located in
Woodbury working with mostly small to medium sized businesses.
Small businesses are those with sales starting around one
million dollars a year; our medium sized businesses are
those whose sales range up to fifty five million dollars
a year.
We have found in our 70 odd years of doing business that
it takes more than capital to assure success. With the right
guidance, a small company can grow to become a large one.
Several experienced sources, primarily accountants, lawyers,
and bankers usually provide that advice. And it usually
works best when they are all working together. The more
successful business owners are those who learn from their
advisors. The advisors have the specialized knowledge and
experience to anticipate problems, formulate plans to avoid
them, and save the business owner from reinventing the wheel.
The business owner should also be using the advisors to
design a business plan that details where the business is
going and how it is going to get there.
Our firm has been working with the LIDC (Long Island Development
Corporation, a licensed community development company) for
about twenty years now, and we are very proud of what they
have done for the business community of Long Island. When
we were discussing with them the formation a program of
this type we realized that loans without services would
provide little chance of success. Services in the form of
professional advice would increase the chance greatly. However,
we also realized that these businesses couldn't afford to
pay for the services. So we came to the conclusion that
the services would have to be donated, at least at the start.
Our firm has been feeling for a long time that we have wanted to do something more to help our community. We think that this is the perfect place to start. Since our greatest satisfaction has always come from helping and watching our small business clients grow, we are more than happy to be a part of this. |
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