Simple Internal Controls for Small Businesses #2
Internal controls are essential in any company but are even more critical in a small business environment. Without any controls or oversight, it is like leaving the door unlocked with the cash register drawer open hoping that no one will steal any money. Small business owners should consider the following simple recommendations to protect their […]
Restaurant Meals Fully Deductible Again in 2022 #2
The Consolidated Appropriations Act of 2021 made a temporary, but significant change to the deductibility of business meals provided by a restaurant. The Act increased the deduction from 50 percent to 100 percent for restaurant food and beverage expenses incurred in direct relation to business activities for 2021 and 2022. This temporary increase in deductibility […]
Research and Experimental Expenses: Major Changes in 2022
A provision of the Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2022, requiring taxpayers to change the way they treat research and experimental (R&E) expenses. Taxpayers may no longer elect to currently deduct R&E expenses, but now must capitalize and amortize these expenditures over a five-year period (15 years if foreign-sourced). […]
Taxpayer Advocate Service – the “Taxpayer’s Voice” at the Internal Revenue Service (IRS) #2
It would be safe to say that no one wants to deal with the Internal Revenue Service regarding an unresolved tax issue. It can be quite daunting and, in some instances, lead to no results despite your best efforts. When such a situation exists, there may be another option available to resolve your problem with […]
Business Start-Up Resources
Are you looking for resources to help with the launch of a new small business? We can help! Below are a number of relevant links* that provide useful information to help get you started. Erie County The Erie County Clerk Office offers a very detailed Business Brochure to assist with starting your business Small Business […]
Inflation Reduction Act of 2022: Key Tax Provisions #2
By a narrow margin in August 2022, Congress passed, and the President signed into law, the Inflation Reduction Act of 2022. The bill has been the subject of much debate and many experts claim that in the long run, the bill may actually worsen inflation by constraining the productive capacity of the economy. Major tax […]
It’s Not Too Early to Begin Year-End Tax Planning
School is back in session, which means the return to busy schedules and endless activities. It’s also the perfect time to take a look at some of your important tax and financial matters that you’ve been thinking about since our last tax time, before we arrive at the end of the calendar year. If you […]
Do You Want to Protect Your Assets? Then This Webinar Recording on Setting Up Trusts Is for You! #2
If you missed our “standing room only” webinar on setting up trusts as part of your estate planning, you can listen to the recording here. Adam Ohar, CPA, Principal in the Tronconi Segarra & Associates Tax Department, held everyone’s attention as he spoke about the different types of trusts, and how trusts can possibly be […]
New! Small Business Summer Newsletter #2
Full of timely and helpful information, the summer issue of our Small Business newsletter is here for you to read or download at your convenience. Please reach out to us if you have any questions or if there is something that we might be able to assist you with.
New York State Pass-Through Entity Tax (PTET) Update #2
New York State’s fiscal year 2022-2023 State Budget Bill and recent legislative amendments contain significant changes to the NYS Pass-through entity tax (PTET). Key changes include an extension of time to make the annual PTET election for the 2022 tax year, two classifications of S‑corporations for PTET purposes and the creation of a New York […]