Secure Act 1.0 & 2.0: Increased Tax Credits for Small Employers
SECTION ONE Changes to the credit for Small Employer Retirement Plan Start-up Costs with Secure Act 2.0 Effective for taxable years beginning after December 31, 2022, the start-up credit for adopting a retirement plan increases from 50% to 100% of administrative costs for small employers with up to 50 employees. The credit remains at 50% […]
The SECURE Act 2.0 – Important Highlights to Know
The Consolidated Appropriations Act, 2023, which includes the SECURE Act, 2.0 was signed into law on December 29, 2022. The SECURE Act 2.0 is designed to build upon the provisions of the original SECURE Act to expand participation and boost retirement savings. In part, the SECURE Act 2.0 does this by helping to ensure that […]
NYS Enhanced STAR Exemption #2
You may have recently received a notification letter, Form RP-425-MBE from the New York Department of Taxation and Finance indicating that you are receiving the Basic STAR, but that you may now be eligible for the Enhanced STAR exemption, which provides a larger benefit to seniors. To be eligible for the Enhanced STAR exemption, you […]
How to Obtain Your 2022 SSA-1099 #2
To assist in gathering your 2022 tax documents, here is a reminder of where to obtain a copy of your information return related to your Social Security Benefits. If you are a nonresident alien and you received or repaid Social Security Benefits, you will receive Form SSA-1042S. All others receiving Social Security Benefits will receive […]
Deferral of Form 1099-K Requirement
What is a Form 1099-K? This is an IRS tax form that summarizes transactions made by third-party settlement organizations. These companies are typically payment processors such as credit card companies, PayPal, Venmo, or Square. You may receive a Form 1099-K if your business processes a significant amount of credit card sales or accepts payments through […]
Severe Winter Storm Relief for Businesses and Individuals in New York State
Victims of the New York severe winter storm beginning December 23, 2022, were granted tax relief by the IRS for those areas declared disasters by the Federal Emergency Management Agency (FEMA). The declaration allows the IRS to delay certain tax-filing and tax-payment deadlines for those taxpayers who reside or have a business in the designated […]
Use “SafeSend” to Send Us Your Personally Identifiable Information (PII) #2
It can be tempting to send sensitive information via email, especially when you are time-stressed and multi-tasking (who isn’t these days?). However, did you know that regular email is not as cyber-secure as you may think? That’s why we recommend our clients use our “SafeSend” secure, encrypted email system when sending us any information that […]
New This Year For Our Clients – “SafeSend Suite” #2
In the interest of providing our clients with a convenient, safe and efficient experience during the tax preparation and document delivery process, we have implemented SafeSend Suite. SafeSend Suite is a high-end online experience including electronic tax organizers, e-signatures, document and tax return delivery. As more and more of our client’s work-from-home and require remote […]
Accounts Payable Best Practices
Organizing and keeping up with paperwork related to your business can be a time consuming and daunting task. QuickBooks Online (QBO) can help organize your documents, simplify your document filing and provide access to your documentation anytime, anywhere. The attachment feature in QBO is a fast, streamlined process resulting in a paperless-office and making your […]
Switch to a Fixed-Rate Loan – or Not? #2
The Federal Reserve aggressively raised its key federal funds rate seven times in 2022 in an effort to slow down the economy and moderate price growth. However, these actions also had the effect of more than doubling the prime rate, an interest rate set by banks and other lending institutions that lend money to businesses […]