Phase-Out of Bonus Depreciation
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 […]
Personal Financial Statements: Nuts & Bolts
As featured in our previous newsletter: “Understanding and Evaluating your Personal Financial Statements,” we learned that personal financial statements refer to a document or spreadsheet that highlights an individual’s financial position at a given point in time. The statements include information about the individual, such as a name or address, along with a personal balance […]
Personal Financial Planning Services
By Lisa A. Mrkall, CPA, MBA, Partner We have the distinct privilege of touching clients’ lives each year when we provide tax preparation services for them. Our client’s tax returns serve as a roadmap to begin to understand their personal financial situations. We often see situations during the preparation of the tax return that lend […]
New NYS Commercial Security Tax Credit
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 […]
Summer 2024 Small Business Newsletter
Enjoy the latest issue – Summer 2024 – of our Small Business Newsletter. View or download it here.
Webinar Rewind: Estate Planning – Not Just for the Wealthy
Estate planning – the generational transfer of wealth – can be an important financial planning tool for people regardless of the size of their estate. In this recorded webinar, Lisa Mrkall, CPA, MBA, Partner, and Adam Ohar, CPA/ABV, Principal, discuss important estate planning documents such as wills, financial power of attorney, advance health care directive, […]
Success Story: Cost Segregation Study Saves Retailer on Taxes
Click here to read how we helped a retailer save over $300,000 in taxes through a cost segregation study.
Webinar Rewind: Cost Segregation Studies & Their Tax Benefits
Purchasing or renovating an existing building or constructing a new building? Consider a cost segregation study to maximize the potential tax benefits available. A cost segregation study examines the costs associated with a building structure and related building systems to determine how to segregate these costs into various asset class lives. Segregating costs into various […]
SCOTUS: Life Insurance Proceeds Increase Corp.’s Estate Tax Value
On June 6, 2024, The U.S. Supreme Court, in a unanimous decision, held that life insurance proceeds received by a corporation to fund a shareholder redemption agreement increased the corporation’s value for estate tax purposes. Since December 2023, estate planning professionals have been closely monitoring the Supreme Court’s June 6, 2024 decision in Connelly v. […]
Webinar Rewind: 2024 Mid-Year Sales Tax Update
SALT Partner Tom Mazurek, Jr., CPA, and SALT Senior Analyst Gerad Levey discuss recent trends in state and local business taxes, new state and local taxes that are cropping up in various states, and new economic nexus thresholds. A lot of great information in this sales tax webinar that your business needs to know about. […]