As seen in Long Island Business News
John Bono, CPA is a partner at Friedman LLP in Uniondale. Bono has more than 20 years of experience in public and private accounting and performs a variety of tax services for a range of clients in various industries including commercial and residential real estate, engineering, apparel, service organizations, professional athletes, as well as high-net-worth individuals.
His expertise includes providing real estate owners and developers with tax planning and saving strategies; advising high-net-worth individuals and their families on tax planning; planning tax-saving strategies for closely held businesses; directing sophisticated I.R.C. §1031 like-kind exchanges, including coordinating with Qualified Intermediaries; and representing clients at federal and state government tax examinations and collection matters. Bono also has experience managing the internal accounting and tax department of a large real estate owner and development company.
As the end of 2016 approaches, the firm is focusing on assisting clients with year-end tax planning strategies, Bono said.
"We are always looking for ways to help our clients reduce their tax bills and manage their cash flow," he noted. "For example, a client may be looking to purchase a large piece of equipment for their business within the next six months. By reviewing the current P&L and the remaining year-end projection, we may be able to advise them that if they purchased the equipment before the end of 2016, they could deduct the full cost of the equipment this year. Alternatively, if they purchase it in 2017, they wouldn't be able to take the full deduction from prepaying their state tax liability in December vs. January or April," Bono explained. "Certain taxpayers don't get a benefit from doing so as they may be in the Alternative Minimum Tax."
"By meeting with our clients and reviewing their year-to-date activity, we are able to see where able to see where they stand financially, and ascertain their short-term goals for the remainder of 2016, as well as their long-term goals, Bono said.
A certified public accountant, Bono received a bachelor's degree in accounting at St. John's University. He is a member of the American Institute of Certified Public Accountants and the New York State of Certified Public Accountants.
He is also a member of the executive board of the Albertson-Herricks Little League and has managed both travel baseball and Williamsport baseball teams in the area. He has also been a CYO baseball coach the past several years.