New Lease Accounting Standards: Important Facts to Know
On February 8, 2022, two of Tronconi Segarra & Associates’ Partners, Chuck Pezzino, CPA, and Jeremy Blecha, CPA, presented a live webinar in which they discussed the new Accounting Standards Codification (“ASC”) 842: Lease Accounting. This important information is relevant to every business that has leases and helps business owners and their management teams understand […]
Annual Payroll Tax and Form 1099 Update #2
Payroll Tax Update NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees, in addition to New York State provisions providing up to 14 hours of emergency sick time due to Covid-19. This requirement is based on the employer’s […]
Part II: Cutting Ties with New York State – Statutory Residence Test #2
By Melissa S. Howell, CPA, Principal In our summer newsletter, we discussed cutting ties with New York State and highlighted the two tests used by the New York Tax Department for determining residency. We explored in some detail the first test, the Domicile Test and what steps an individual should take to support their new […]
Required Minimum Distributions: Temporary Waiver Lifted & 2021 Refresher #2
By Michele Loretto, CPA, Manager The CARES Act provided taxpayers with temporary relief in 2020 from the requirement that retirees and beneficiaries of inherited IRAs withdraw and pay tax on their required minimum distributions (RMDs). The Act also provided relief for retirement age employees that separated from service. However, some relief enjoyed by taxpayers will […]
NYS Pass-Through Entity Tax: Next Steps
By Joseph M. Becht, CPA, CGMA, Senior Manager The pass-through entity tax (PTET) created under new Tax Law Article 24-A is an optional tax that eligible New York S corporations and partnerships may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If the eligible entity elects […]
Tools, Tips and Tidbits for 2022 #2
By Jenny Willis, Supervising Senior Accountant Tax Year 2022 Key Amounts Standard Deduction – Married filing jointly — $25,900 – Married filing separately — $12,950 – Head of household — $19,400 – Single — $12,950 Child Tax Credit (fully refundable) – Children ages 5 and under: $3,600 – Children ages 6 through 17: $3,000 – […]
COVID EIDL Deadline is December 31, 2021 #2
The deadline to apply for the COVID Economic Injury Disaster Loan (EIDL) is Friday, December 31, 2021. COVID EIDL is a low-interest, fixed-rate, long-term loan made by the U.S. Small Business Administration (SBA) to help small businesses and other entities overcome the effects of the pandemic by providing borrowers with working capital to meet ordinary […]
Special Edition of our Quarterly Small Business Newsletter
Read our new quarterly small business newsletter here for key information and updates you won’t want to miss, plus our annual 1099/Payroll update AND a fun Holiday puzzle for those who enjoy a little challenge every now and then. As always, feel free to contact your Tronconi Segarra & Associates advisor with any questions. Happy […]
Webinar Rewind: Remote Workers -Their Impact on the business and Employee #2
If you missed our webinar with Employer Services Corporation on remote workers, you can listen to it on our YouTube channel here.
Affordable Care Act Reporting Deadline
Employers should be planning now to ensure they will be ready to distribute 2021 Affordable Care Act (ACA) Forms 1095-C to employees by the January 31, 2022 deadline. Last year, the IRS announced an extension for the 2020 forms deadline in early October; but it appears increasingly unlikely that an extension will be granted this […]