A Secure Strategy for Retirement Savings: Bridge the Income Gap with Guaranteed Lifetime Income

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1 T C LAIR Soltions Professionally Speaking CONGRATULATIONS to Brian DiMattesa, CPA, who was promoted to a Principal of St. Clair CPA Soltions, effective Janary 1, Brian has served as a Manager in or Tax and Acconting and Aditing departments since joining the firm in Agst St. Clair CPA Soltions prodly sponsors the Arts & Bsiness Concil (ABC) of Greater Philadelphia s Bsiness on Board 2017 Leadership Training program. On March 3, Frances Sperling Feldbam, CPA, an almna the program, will share her nonprofit bsiness expertise and board experience with the 2017 Leadership Training class. Fran joined the BalletX Board of Directors pon completing the program, and presently serves as Treasrer for this contemporary ballet company. To learn more abot this excellent program, contact Fran in or office, visit or call The Arts & Bsiness Concil is affiliated with The Chamber of Commerce for Greater Philadelphia. Presented by St. Clair CPA Soltions and its sbsidiaries St. Clair CPAs, P.C. CPA Financial Grop, LLC Plan To Bild Wealth SM PERSONAL BUSINESS ESTATE An independent member of BKR International Dear Clients and Friends A Secre Strategy for Retirement Savings: Bridge the Income Gap with Garanteed Lifetime Income Will yo otlive yor retirement savings? Will Social Secrity provide sfficient income for yor lifestyle if yor savings rn ot? Are these qestions keeping yo p at night? According to a new srvey, yo re not alone: 56% of Americans lose sleep worrying abot retirement.* Historic volatility in the financial markets, componded by the risk of otliving retirement savings, has many people wondering how they will maintain their qality of life in the years ahead. Annities offered by varios insrance companies can be a valable financial strategy to earn retirement income and achieve longterm objectives, inclding: 32% of Americans age 50 or older expect to otlive their retirement savings. The Associated Press-NORC Center for Pblic Affairs Research, May 26, 2016 Contined on page 2 Important Tax Figres for 2017 Every year, the dollar amonts allowed for varios federal tax benefits are sbject to change based on inflation adjstments and legislation. In the chart below, we ve highlighted the items which have changed between 2016 and 2017, inclding the estate tax exemption, Social Secrity wage base, qalified retirement plan and IRA contribtion limits, driving dedctions, allowable bsiness write-off amonts and more. Many of the dollar amonts are nchanged or have changed only slightly de to low inflation. Other amonts are changing de to legislation. Contined on page 5 Starting Yor Franchise: Acconting and Financial Do s and Don ts presented by St. Clair CPA Soltions Snday, Febrary 12 1:00 pm NY/NJ Franchise Expo Meadowlands Exposition Center In this seminar, inclded with Expo admission, William St. Clair IV, CPA, Frances Sperling Feldbam, CPA and Colleen E. Levin, CPA will discss: the best entity formation options for yor new franchise bsiness the most efficient and profitable way to operate yor new bsiness how to maximize financing options and tax strategies. Find Franchise Expo and ticket information at Can t make the Expo? Please contact s with yor qestions abot the franchise indstry. 28 Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

2 2 ST CLAIRSoltions A Secre Strategy for Retirement Savings: Bridge the Income Gap with Garanteed Lifetime Income, CONT. Accmlate tax-deferred savings to generate a secondary pension of garanteed income payments for yor life or the life of yor spose Save for one or more specific retirement goals Leave a probate-free legacy to beneficiaries. These strategies are niqely designed to offer tax-deferred savings pls potential interest growth based on changes in one or more indexes offering the opportnity to accmlate assets faster. Annities are strctred to provide three levels of protection, which investors may find reassring: 1. Bilding wealth: principal payments and credited interest are protected against market downtrns 2. Garanteed income: payments contine throghot life to protect against the possibility of otliving personal assets 3. Death benefit: may help provide for loved ones. How does it work? A Fixed-Indexed Annity (FIA) is a contract between yo and an insrance company: in exchange for a premim payment, the insrer provides yo with income. Depending on yor age, needs and goals, payments may start immediately or in the ftre. FIAs typically have two phases: in the Accmlation phase, yo choose how yo wold like to earn interest; in the Distribtion phase, yo choose from several payot options inclding garanteed lifetime income or income withdrawals. A strategic reallocation of yor assets may be sed to fnd premim payments, while maintaining a portfolio that addresses yor retirement needs. FIAs often offer a choice of indexes, as well as other variables that may inflence how interest is calclated and credited. Or financial professionals can discss these important options and how they differ between varios investment vehicles, and help yo determine if annities will help yo meet yor retirement goals. Please contact s to explore whether a FIA or other annity makes sense for yo. *2016 Retirement in America Srvey condcted by Ramsey Soltions In This Isse A Secre Strategy for Retirement Savings Important Tax Figres for Ghosting Exploits the Stolen Identities of the Dead IRS Approves Section 199 Dedction for Constrction Bsiness Federal Tax News In Or Commnity Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

3 3 ST CLAIRSoltions S P E C I A L R E P O R T Ghosting Exploits the Stolen Identities of the Dead to spport victims of identity theft, reports that it can take as long as 60 days for a name to make it onto the Death Master File maintained by the Social Secrity Administration (SSA). That file lists the names, date of death and Social Secrity nmbers of people who have passed. It also notes whether the death was verified and a death certificate issed. Identity thieves can strike anyone, it seems, inclding people who ve passed away. Each year, the identities of millions of deceased individals are misappropriated to commit a crime called ghosting. Criminals se information sch as Social Secrity nmbers, previos addresses, birth dates and employment history often gathered from obitary notices to get loans, tax refnds, credit cards and more. This article incldes prevention tips to protect yor family. It s bad enogh that the living have to worry abot identity theft. Criminals also exploit the deceased and their families and others have to deal with the conseqences. Each year, throgh a tactic called ghosting, thieves steal the identities of nearly 2.5 million deceased Americans to fradlently open credit card acconts, obtain loans and tax refnds, and get cell phone or other services, according to the IRS. Law enforcement and government nits are vigilant in prsing and pnishing this type of frad. In one recent case, two co-conspirators in Florida were nabbed by the FBI, convicted, sentenced to long prison terms and ordered to pay $1.3 million in restittion. Backgrond Information It takes time for financial instittions, credit reporting breas and government entities to pdate their records. This lag gives nimble criminals a relatively wide window of opportnity to cash in. Adding to the thieves sccess, the victims are no longer arond to monitor their finances and grieving families are often occpied with other matters. So, how long is the information at risk? The Identity Theft Resorce Center (ITRC), a not-for-profit organization established That 60-day window gives the ID thieves enogh time to do their dirty work. In addition, the deceased person s credit acconts remain open ntil the reporting agencies and creditors are notified of the death. The ITRC says an accont can stay open for as long as 10 years withot showing any activity. Snshine State Scammers In the recent Florida case, two residents were sentenced to 11 and 12 years in prison, respectively, followed by three years of spervised release, for their roles in a ghosting scam. The two criminals were fond gilty by a jry of: One cont of conspiracy to commit wire frad, One cont of conspiracy to commit identity frad, 15 conts of wire frad, and Five conts of aggravated identity theft. In addition to being sentenced to prison, the crooks were ordered to pay joint and several restittion of more than $1.3 million. The thieves committed their crimes by acqiring and sing the names, dates of birth and Social Secrity nmbers of deceased individals to file false federal tax retrns and claim refnds. They were going after refnds that are paid as Refnd Anticipation Checks. Bank isse these checks in the amont of the refnds, mins dedctions for any tax preparation and other service fees. The checks in this case were printed at a local tax preparation company where a particlar defendant had access or control, according to the Jstice Department. The checks were then deposited into a bank accont controlled by the do. Preventive Steps There are ways yo can work toward preventing this happening to yor family. Althogh emotions will be rnning high after a loved one s death, try to take these five steps as soon as possible to help prevent the theft of the person s identity: Contined on page 7 28 Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

4 4 ST CLAIRSoltions IRS Approves Section 199 Dedction for Constrction Bsiness The Section 199 dedction for prodcing domestic prodcts is often associated with the manfactring indstry. In fact, it is sometimes called the manfactrer s dedction. Bt it doesn t belong exclsively to manfactrers. Other indstries, inclding constrction, may take advantage of it. To drive home this point, the IRS recently issed a Technical Advice Memorandm (TAM ) approving the tax break for a company primarily engaged in renovation and constrction. Backgrond Information percentage of taxable income. Frthermore, the annal dedction is limited to 50% of W-2 wages the bsiness pays. This can be a significant limitation for employers trying to keep a lid on salaries. On the pls side, the Section 199 dedction isn t limited to C corporations. It may also be claimed by other types of bsiness entities, inclding S corporations, limited liability companies (LLCs), partnerships and sole proprietors. Ths, the tax break is available to a wide variety of taxpayers ranging from small bsinesses to corporate giants. Inside the Technical Advice The Section 199 dedction has been arond for more than a decade. When it first took effect in 2005, it was eqal to 3% of income from qalified prodction activities income (QPAI). It was dobled to 6% for 2007 throgh 2009, and raised to its crrent 9% level in For a bsiness in the 35% tax bracket in 2017, that dedction effectively will amont to a tax ct of more than 3%. The rles for compting QPAI are complex bt, generally, it eqals domestic prodction gross receipts (DPGR) mins the sm of: 1. The costs of goods sold that are allocable to domestic prodction gross receipts, 2. Dedctions, expenses or losses that are directly allocable to those gross receipts, and 3. Certain other dedctions, expenses and losses that aren t directly allocable to those receipts or another class of income. For this prpose, DPGR incldes money derived from the sale, exchange, lease, rental, licensing or other disposition of certain qalifying property that mst be manfactred, prodced, grown or extracted (MPGE) in whole or in significant part within the United States. (See Rles of the Road below.) Be aware that other significant limits may come into play. For instance, if a company s taxable income is lower than its QPAI before the dedction is calclated, the break is claimed as a Getting back to the IRS TAM, the company involved is considered to be a constrction bsiness nder the North American Indstry Classification System. Generally, it engages in all phases of field constrction, inclding bt not limited to: Direct hire of most labor crafts, Constrction and rigging engineering, Welding, Estimating, and Preparation for fondation and grond work. The projects at isse involved the renovation, constrction or erection of strctres not specified in the TAM. The renovations either materially increased the property s vale, sbstantially prolonged its sefl life, or both. Althogh specifics in the memorandm are largely redacted, the materials indicate that the projects were significant in terms of scale, crew and time commitment. The firm also bilds and ses in its constrction activities large strctres that weigh hndreds or even thosands of tons. Under a little-pblicized part of Section 199, gross receipts are treated as DPGR if they re derived from the constrction of real property within the United States while the taxpayer is actively engaged in constrction activities. The IRS has issed copios reglations on this isse. Notably, the regs inclde a special rle stating that, to determine what activities and services constitte an item of real property, a taxpayer in constrction may se any reasonable method, based on all of the facts and circmstances. Contined on page 8 28 Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

5 5 ST CLAIRSoltions Important Tax Figres for 2017, CONT. Social Secrity/Medicare Social Secrity Tax Wage Base $127,200 $118,500 Medicare Tax Wage Base No limit No limit Employee portion of Social Secrity 6.2% 6.2% Individal Retirement Acconts Roth IRA Individal, p to 100% of earned income $5,500 $5,500 Traditional IRA Individal, p to 100% of earned Income $5,500 $5,500 Roth and traditional IRA additional annal catch-p contribtions for accont owners age 50 and older $1,000 $1,000 Qalified Plan Limits Defined Contribtion Plan limit on additions on Sections 415(c)(1)(A) $54,000 $53,000 Defined Benefit Plan limit on benefits (Section 415(b)(1)(A)) $215,000 $210,000 Maximm compensation sed to determine contribtions $270,000 $265, (k), SARSEP, 403(b) Deferrals (Section 402(g)), & 457 deferrals (Section 457(b)(2)) $18,000 $18, (k), 403(b), 457 & SARSEP additional catch-p contribtions for employees age 50 and older $6,000 $6,000 SIMPLE deferrals (Section 408(p)(2)(A)) $12,500 $12,500 SIMPLE additional catch-p contribtions for employees age 50 and older $3,000 $3,000 Compensation defining highly compensated employee (Section 414(q)(1)(B)) $120,000 $120,000 Compensation defining key employee (officer) $175,000 $170,000 Compensation triggering Simplified Employee Pension contribtion reqirement (Section 408(k)(2)(c)) $600 $600 Driving Dedctions Bsiness mileage, per mile 53.5 cents 54 cents Charitable mileage, per mile 14 cents 14 cents Medical and moving, per mile 17 cents 19 cents 28 Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

6 6 ST CLAIRSoltions Important Tax Figres for 2017, CONT. Bsiness Eqipment Maximm Section 179 dedction $510,000 $500,000 Phase ot for Section 179 $2.03 million $2.01 million Transportation Fringe Benefit Exclsion Monthly commter highway vehicle and transit pass $255 $255 Monthly qalified parking $255 $255 Standard Dedction Married filing jointly $12,700 $12,600 Single (and married filing separately) $6,350 $6,300 Heads of Hosehold $9,350 $9,300 Personal Exemption Amont $4,050 $4,050 Personal Exemption Phaseot Married filing jointly and srviving sposes Begins at $313,800 Begins at $311,300 Heads of Hosehold Begins at $287,650 Begins at $285,350 Unmarried individals Begins at $261,500 Begins at $259,400 Married filing separately Begins at $156,900 Begins at $155,650 Domestic Employees Threshold when a domestic employer mst withhold and pay FICA for babysitters, hose cleaners, etc. $2,000 $2,000 Kiddie Tax Net nearned income not sbject to the Kiddie Tax $2,100 $2,100 Estate Tax Federal estate tax exemption $5.49 million $5.45 million Maximm estate tax rate 40% 40% Annal Gift Exclsion Amont yo can give each recipient $14,000 $14, Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

7 7 ST CLAIRSoltions S P E C I A L R E P O R T Ghosting Exploits the Stolen Identities of the Dead, CONT. 1. Don t pt too mch information in an obitary. Omit items sch as birth date, address, mother s maiden name or other personal identifiers that identity thieves cold exploit. 2. Obtain at least a dozen copies of the official death certificate. In many states, yo can get either informational or certified copies of a death certificate. Informational copies are for personal records and sally available to anyone pon reqest. Certified copies bear an official stamp, and are necessary to carry ot many tasks after a death. In an increasing nmber of states, certified copies are available only to members of the deceased person s immediate family, the exector of the estate or someone who can prove that he or she has a direct financial interest in the estate. 3. Obtain a copy of the deceased person s credit reports. Each report will indicate whether any credit acconts remain open (and, therefore, need to be closed) and whether any collection notices are pending. Be sre to ask for all contact information indicated on the deceased s open acconts. If yo re a srviving spose or own property jointly with the deceased, immediately notify credit card companies, banks and other financial instittions, creditors and mortgage companies of the death. 4. Also review each credit report and if evidence of frad exists, a srviving spose or exector shold add an alert to the report. In addition, a family member shold notify the police and contact any creditor associated with an affected accont. 5. Mail copies of the death certificates by certified mail with retrn receipt to each credit-reporting brea Eqifax, Experian and TransUnion. Ask them to place a deceased alert on the report. For joint acconts, remove the deceased s name. Send the IRS a copy of the death certificate as well, so the agency can flag the accont to reflect that the person is deceased. Many Potential Sspects Ghosting is typically a crime of opportnity perpetrated by strangers. Bt don t discont the possibility that a family member might commit this type of frad. If yo sspect that an incident of identity theft is an inside job, seek professional gidance. Federal Tax News Reminder: De dates for filing Affordable Care Act (ACA) information retrns are deferred. The ACA reqires health insrance issers, certain employers, and others that provide minimm essential health coverage to provide information statements to covered individals. The IRS extended some de dates for 2016 ACA reporting reqirements. The de date for frnishing to individals Form 1095-B changed from Jan. 31, 2017, to March 2, The de date for frnishing to individals Form 1095-C also changed from Jan. 31, 2017, to March 2, However, the de date for filing with the IRS Forms 1094-B, 1095-B, 1094-C and 1095-C remains Feb. 28, 2017 (March 31, 2017, if filing electronically). New law creates a new type of HRA. The 21st Centry Cres Act was recently signed into law. It contains several medical innovations and also creates a new type of health reimbrsement arrangement (HRA) called a qalified small employer HRA, which isn t considered a grop health plan for most tax law prposes. Therefore, it now allows small employers (those with fewer than 50 employees) to provide HRAs withot facing penalties for failing to satisfy certain Affordable Care Act reqirements. The law is effective for plan years beginning after Dec. 31, Standard mileage rates decrease for The IRS annonced that the optional mileage allowance for owned or leased atos, vans, pickps and panel trcks will go down by 0.5 to 53.5 a mile for bsiness travel after The rate can also be sed by employers to provide tax-free reimbrsements to employees who drive their own atos nder an accontable plan and to vale personal se of certain low-cost employer-provided vehicles. The rate for sing a car to get medical care or in connection with the moving expense dedction will decrease by 2 to 17 a mile. The charitable se mileage rate (14 per mile) is a stattory rate that s not adjsted for inflation so it will remain the same for Cort finds investments were nondedctible eqity and not debt. Yo can dedct bona fide debt that becomes worthless in the tax year. There mst be a bona fide debt arising from a debtor-creditor relationship based on a valid, enforceable obligation to pay a fixed or determinable amont. A capital contribtion isn t debt. In one case, a taxpayer made large investments in start-p bsinesses that he called loans. However, there was very little other eqity in the bsinesses and no loan agreements or repayment demands. The U.S. Tax Cort rled the investments were eqity (not debt), weren t worthless in the year at isse and coldn t be dedcted. (Sensenig, TC Memo ) 28 Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

8 8 ST CLAIRSoltions IRS Approves Section 199 Dedction for Constrction Bsiness, CONT. Critical Tax Analysis The company addressed in the TAM claimed that its activities were performed on real property nder Section 199, with gross receipts from each project constitting DPGR. It said that it s reasonable to consider each project as an item for this prpose. Note that the definition of real property in the In analyzing the isse, the IRS Chief Consel s Office (which writes the TAMs) looked to the two basic reqirements, nder tax reglations, for an inherently permanent strctre: 1. It mst be affixed to real property, and 2. It mst ordinarily remain affixed for an indefinite period of time. The Chief Consel s Office first determined that the nits were real property becase they satisfy both reqirements as inherently permanent strctres. It also determined that the conclsion that the nits qalified wasn t affected by the exception for machinery mentioned earlier. Accordingly, the TAM concldes that the company s projects qalified as real property constrction activities and the gross receipts constitte DPGR. reglations incldes inherently permanent strctres other than machinery, and strctral components of inherently permanent strctres. However, the Large Bsiness and International division of the IRS arged that treating each project as an item wasn t reasonable. It contended that the company s activities on these projects didn t qalify as the constrction of real property nder Section 199 becase the jobs were related to tangible personal property. Bottom Line Keep in mind that TAMs represent a final determination of an IRS position, bt only regarding the specific isse in the case at hand. Contractors can, however, take away this pearl: Any company may be eligible for the Section 199 dedction if it meets the reqirements. If yo think yo may qalify, conslt with yor CPA. This is a technical area of tax law best left to the experts. Rles of the Road Under Section 199, domestic prodction gross receipts (DPGR) may be derived from the following activities: Manfactre, prodction, growth or extraction by the taxpayer of tangible personal property inclding all tangible personal property (except land and bilding), compter software and sond recordings, Prodction of qalified film, Prodction of electricity, natral gas or water, Constrcting real property, and Providing services of architectre/engineering. DPGR reslting from the property prodced mst be owned by the taxpayer claiming the dedction. 28 Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.

9 9 ST CLAIRSoltions In Or Commnity St. Clair CPA Soltions spports local food banks and charities Or employees joyflly spent the last qarter of 2016 participating in regional food drives to spport families and individals sffering with food insecrity. In Pennsylvania, members of or team helped stock the Food Bank rn by the Colonial Neighborhood Concil, a nonprofit organization that provides critical social services for the elderly, nemployed, nderemployed and disadvantaged in commnities srronding the firm s Conshohocken office. In addition to collecting hndreds of ponds of food, a team of the firm s employees also worked with stdents from Saint Philip Neri School to nload nearly 10,000 ponds of food and stock the Food Bank s shelves. Together with other local bsinesses and organizations, the food drive collected an astonding 26,075 ponds of food. In the firm s Merchantville, New Jersey office, employees annally collect food from early November throgh Christmas for Joe s Place, which reglarly serves fll dinners to hndreds of hngry Camden residents. Developed by Or Lady of Lordes Hospital in memory of its former Chief Operating Officer, Joe s Place is a social ministry of St. Vincent de Pal at Sacred Heart Chrch, which has served the Camden commnity for more than 100 years. Employees of St. Clair CPA Soltions have donated nearly 500 ponds of food to Joe s Place dring this holiday season. Giving back to the commnity is a year-rond mission at St. Clair CPA Soltions, where each month the employees participate in Dressed Down for Charity. Throgh this volntary contribtion program, in which employees opt to make a donation to a designated charity in conjnction with wearing casal clothes each Friday, the firm has contribted financial spport to worthy nonprofit organizations inclding the Family Lives On Fondation, Project Chemo Crochet, Children s Hospital of Philadelphia (CHOP) fnd for Philomena Stendardo, Mended Hearts-Karli s Angels, Jstice Resce and Kevin from Heaven. If yo have a nonprofit organization yo d like s to consider, please Stephanie Sommers at ssommers@stclaircpa.com. Contined on page Soth Centre Street Merchantville, NJ (P) (F) West Elm Street, Site 500 Conshohocken, PA (P) (F) The financial professionals of CPA Financial Grop are Registered Representatives and Investment Adviser Representatives with/and offer secrities and advisory services throgh Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Tax and acconting services offered by St. Clair CPA Soltions are separate and nrelated to Commonwealth.