In a previous article, “Contractor Vs. Employee: What Are the Differences?”, we looked at the ways to determine whether an individual is an employee or independent contractor by introducing the categories for the degree of control and independence – Behavioral Control, Financial Control, and Type of Relationship. In this article, we will compare the personnel […]
In this “Webinar Rewind,” Anthony Pezzino, CPA, Principal, discusses the pivotal role a not-for-profit organization or foundation’s Board of Directors plays in navigating the complexity of the organization, fostering innovation, and addressing any crises that may arise, all while remaining aligned with the organization’s mission and values. A strong Board is the bedrock of any […]
Several years ago, New York State enacted a law to make the Secure Choice Savings Plan (SCSP) mandatory for certain employers. Secure Choice is a retirement savings plan for private-sector employees who are not offered a retirement plan through their workplace, which will encourage more people to save for retirement. The law provides that an […]
For nearly a decade, taxpayers have been able to claim enhanced bonus depreciation deductions under the Tax Cuts and Jobs Act. For 2024, the bonus depreciation allowance is reduced to 60 percent and unless the tax law changes, will continue to decrease by 20 percent each subsequent year until completely phased-out after 2026. Depreciation is […]
New York State recently enacted a budget bill for the fiscal-year 2024- 2025 that includes a new Commercial Security Tax Credit designed to help alleviate the burden on small businesses for implementing additional security measures. The credit is being offered to incentivize retail businesses operating in New York to invest in the necessary security equipment […]
Enjoy the latest issue – Summer 2024 – of our Small Business Newsletter. View or download it here.
Click here to read how we helped a retailer save over $300,000 in taxes through a cost segregation study.
The IRS Commissioner announced as part of its strategic plan, the intention to ramp up audits over the next three years as it looks for additional revenue, but not every group of taxpayers will face more scrutiny. The agency reiterated it won’t boost enforcement for taxpayers that earn less than $400,000 annually, at least for […]
Click here to view/download the latest issue of our Small Business Newsletter – the 50th edition of our Small Business Newsletter! This edition also includes important information on the Visa and Mastercard Settlement for businesses that accepted Visa and Mastercard between January 1, 2004 through January 25, 2019. Claim forms to be part of the […]
The small business subtraction modification is a considerable benefit for New York State tax purposes that is oftentimes overlooked by taxpayers and practitioners. If you meet the definition of a small business, or are a member, partner, or shareholder of an LLC, partnership or S corporation in New York State, you may be entitled to […]