What is Form W-9 and Why Do I Need It?
IRS Form W-9 is used to request a taxpayer identification number, as well as the individual or business name and complete address. The information provided on this form is used by a business (the payor) to determine if an annual information return (Form 1099-NEC and 1099-MISC) is required to be filed with the IRS and […]
Inflation-Fighting Tips: A Small Business Combat Plan #2
For small business owners, the last few years have not been easy to say the least. The ongoing pandemic has created a myriad of supply chain shortages that are coupled with economic struggles and challenges. To add more fuel the fire, inflation reared its ugly head in 2021 and has continued to surge in 2022 […]
What Is An “IP PIN,” and Do I Need One? #2
In times where identity theft is rampant, it may be a good idea to apply for an Identity Protection Personal Identification Number (IP PIN) as an added layer of protection when filing your federal income tax return. The IRS IP PIN is a 6‑digit number assigned to eligible taxpayers to help prevent the misuse of […]
Retirement Plan Options #2
As we have reached the midway point of the year, it is a great time to consider your retirement plan options. What accounts or plans do you currently contribute to, and are there opportunities to contribute to more than one type of plan? We always encourage our clients to reconsider their options in order to […]
Retention of Financial Records
Supporting financial documents contain vital information needed for proper recording to your accounting system. It is extremely important to keep these documents to substantiate your accounting entries and tax return filings in the event of an audit. Below are the main types of records you should hang on to: Bank statements Deposit information Canceled checks […]
Vacation Home Rental Considerations #2
Summer is in full swing, finally! For many families this means ice cream, swimming, travel and enjoying the great outdoors. For many families it also means visits to a summer home and for some, renting out the summer home to visitors. Renting out a vacation home can often times help offset some of the expenses. […]
IRS Begins Pilot Program for Qualified Retirement Plan Examinations
In an effort to reduce taxpayer burden as well as time spent by the Internal Revenue Service (IRS) on retirement plan examinations, the IRS announced its Employee Plans function is piloting a pre-examination retirement plan compliance program, which began in June 2022. Retirement plan sponsors that have been selected to participate in this pilot program […]
Mid-Year Standard Mileage Rate Increase
A little more help for those impacted by soaring inflation… To reflect the increase in gasoline prices in 2022, the IRS announced an increase in the standard mileage rate starting July 1, 2022. For the period July 1, 2022 through December 31, 2022, the updated mileage rate is 62.5 cents per mile, an increase of […]
New! Spring 2022 Issue of our Small Business Newsletter #2
Our latest and greatest newsletter full of important information and helpful tips including how to fight inflation, an update on the NYS Pass-Through Entity Tax and much more. Download a PDF of our newsletter here.
Webinar Rewind: Managing Sales Tax Audits and Compliance
Couldn’t attend our June 2022 webinar on Managing Sales Tax Audits and Compliance? You can still watch it, download the slides and obtain the handout of sample documents that attendees of the live webinar were provided. In this webinar, State & Local Tax Partner Tom Mazurek, CPA, discusses best practices and shares insights from his […]