Long Island Business News quotes Robert Spielman, Tax & Business Services Partner, in "Social Insecurity" article.
Long Island Business News
By Claude Solnik
Accountants and financial advisors are changing the advice they give to some clients amid new Social Security regulations and the uncertainty over other aspects of that program in the future.
The Social Security Administration as part of the Bipartisan Budget Act of 2015 as of this spring will close a loophole known as “file and suspend” and “restricted application.”
Robert Spielman, a tax partner at Marcum with offices in Melville, said many people don’t even know about this loophole. As a result, only savvy taxpayers are likely to be affected.
“There are people who know about it and those who don’t,” Spielman said. “Some don’t understand the complexity of the Social Security rules and collect as soon as they can.”