A certified public accountant with more than 30 years of experience, Salvatore J. Armao serves as the managing partner of Strategic Tax and Consulting Services in New York City. Engaged in the accounting industry outside of his daily work, Salvatore J. Armao is a longtime member of the American Institute of Certified Public Accountants (AICPA). In May 2019, AICPA partnered with the National Association of State Boards of Accountancy (NASBA) to issue proposals for updating the organization’s Statement on Standards for Continuing Professional Education (CPE) Programs. The statements were most recently updated in 2016. Proposed amendments include standardized consideration for self-study programs in determining CPE credit. Other changes have been suggested to help clarify the CPE process as a whole. The work on developing these new changes to the standards began in May 2018. The public comment period for all of the proposed changes is open until August 31, 2019. Revisions can be found at nasba.org/blog/2019/05/20/proposed-changes-to-cpe-standards/.
Salvatore J. Armao is a successful financial advisor and accountant who helps clients achieve financial security and prosperity through services such as asset protection, risk management, tax planning, and estate planning. Salvatore J. Armao serves as the managing partner of Strategic Tax & Consulting Services, LLP in New York City. Outside of work, he enjoys spending time at the gym to stay fit. When selecting a gym, it is essential to consider factors such as cost, contract requirements, crowd, and specialized program offerings. Gyms should also offer access to a wide array of equipment that is regularly maintained and kept clean. Standard gym equipment should include:1. Free weights - made up mostly of dumbbells, free weights should consist of multiple sets so that more than one person can use a specific weight.2. Cardio machines - a range of machines that includes bikes, treadmills, ellipticals, rowers, and recumbent bikes should be available in the gym for variety.3. Weight training machines - these machines can be adjusted for different levels of resistance and to put more emphasis on different lifting phases.4. Stretching areas - stretching is a vital part of an exercise. A gym must have a dedicated space that is large enough to accommodate one or two people for a quick stretch routine.
Certified public accountant Salvatore J. Armao, the managing partner of Strategic Tax and Consulting Services, has more than three decades of professional experience of serving various clients in New York in the fields of accounting, auditing, government reporting, and consultancy. Salvatore J. Armao also offers professional guidance through the complexities of the Tax Cuts and Jobs Act of 2018.The Tax Cuts and Jobs Act of 2018, the newest tax legislation, took effect on January 1, 2018. The new tax law brought several changes in the tax computations for both businesses and individuals. Here are some of the changes embedded in the new law that will affect individual taxpayers.1. There was a slight increase in personal deductions, and experts expect that more taxpayers will opt for standard deduction over itemized deduction because it is simpler to use.
2. The medical expense deduction threshold was decreased to 7.5% based on the adjusted gross income. This may be used for both the alternative minimum tax and the regular tax. In 2019, the medical expense deduction threshold will revert to 10%.
3. The state and local tax (SALT) cap is fixed at $10,000. The cap includes property tax and all state sales or income tax.
4. No casualty loss deduction except for federally declared disasters.
5. An increase in the deduction for charitable contributions from 50% to 60% of the adjusted gross income. However, the deduction is not allowed if the contribution has secured seating rights during athletic events.
6. Increased child tax credits for double the amount are allowed, but only when Social Security numbers are provided for every qualified child.
Accounting professional Salvatore J. Armao has developed his financial skill set since entering the industry at the age of 28, acquiring credentials that include a Certified Public Accountant and Certified Fraud Examiner. Currently, Salvatore J. Armao leverages his experience and credentials to serve as managing partner of New York-based Strategic Tax & Consulting Services. Throughout his career, Mr. Armao has also been recognized for his expertise related to labor unions, and he has served as a featured expert on Labor Lines and LaborPress Radio. Founded in 2009, LaborPress provides media programming for unions and workers. Although LaborPress is a leading provider of national labor news, it also focuses on the New York regional labor market. Recently, the platform featured a story on the success of labor politicians in New Jersey. Authored by New Jersey AFL-CIO President Charles Wowkanech, the article discusses the strategy of electing union members to political office rather than hoping for the best from the status quo. By implementing this strategy, the New Jersey AFL-CIO successfully achieved passage of a $15 minimum wage and a landmark paid family leave program, among other legislative victories. To read the article, visit www.laborpress.org.
Salvatore J. Armao is an experienced accountant and entrepreneur who possesses nearly three decades of experience in the financial sector. Currently, Salvatore J. Armao serves as managing partner at Armao LLP in Garden City, New York, overseeing client services and firm operations. At his firm, Mr. Armao draws upon extensive credentials including certification as a financial planner (CFP) and fraud examiner (CFE), among others. The Association of Certified Fraud Examiners (ACFE) administers the latter credential, which recognizes excellence in the prevention, detection, and deterrence of fraud.Those interested in obtaining the CFE credential must first become a member of the ACFE. Members can then prepare for the CFE Exam by completing an exam review prep course, or a self study program. The CFE exam itself focuses on four areas within the fraud examination body of knowledge. These include fraud prevention and deterrence, financial transactions and fraud schemes, and investigation concepts. Moreover, the exam covers the legal elements of fraud examinations in the criminal and civil arenas. For additional information, visit www.acfe.com.
New York-based Certified Public Accountant and Chartered Global Management Accountant Salvatore J. Armao provides auditing and reporting services for organizations and firms of all sizes. Over the course of his career, Mr. Armao has received recognition for his contributions to the accounting industry and the local community, such as a Certificate of Merit from Senator Martin J. Golden. Salvatore J. Armao is also a member of the New York State Society of Certified Public Accountants (NYSSCPA), which advocates for legislation that benefits CPAs and the accounting industry. NYSSCPA supports Assembly Bill A8973, which would allow non-CPA professionals, such as analysts, IT experts, and regulatory specialists, to obtain minority ownership in CPA firms. This type of legislation has been passed in most other states, and it enables CPA firms to offer meaningful incentives to retain highly qualified and diverse staff members. As of 2018, New York State law mandates that CPA firms must be wholly owned by licensed shareholders. Proponents of the bill suggest that this creates a ceiling for many non-CPA professionals, who must go outside of the state for better career prospects.
Salvatore J. Armao is a certified public accountant and the managing partner at Armao, LLP, in Garden City, New York, where he is in charge of the firm’s administration, client services, and operations. In an effort to better serve his New York-based clients, Salvatore J. Armao stays abreast of current trends through membership in professional groups such as the American Institute of CPAs (AICPA).In October 2018, the AICPA announced that it has begun working with leading accounting firms nationwide to create new, disruptive technology that will completely re-imagine how auditing is performed. Altogether, the organizations have put forward $50 million to develop a Dynamic Auditing Solution, which will be developed by CaseWare International, the AICPA’s technology partner. CaseWare is also investing money of its own to expand its cloud infrastructure in order to support the new auditing platform. In his comments, AICPA president and CEO Barry C. Melancon, CPA, CGMA, said that his organization has chosen to embrace the impact that cloud technology can have on the auditing space, rather than approach the technology from a cautious perspective. Aligning with his vision, approximately 40 percent of the organization’s Major Firms Group have contributed financial backing to the Dynamic Audit Solution project.
