The U.S. Department of Treasury has extended the reporting deadline for the Project & Expenditures Report for all recipients of the Coronavirus State and Local Fiscal Recovery Fund (SLFRF). According to NYGFOA and several other local government legislative advocacy groups across the country, the U.S. Department of Treasury sent an

Last updated on January 10th, 2024New York State individual owners of partnerships and S corporations have an opportunity to benefit from valuable tax deductions. The NYS Pass-Through Entity Tax (PTET) is effective for tax years beginning on or after January 1, 2021. Given the high real property taxes and high

Last updated on November 2nd, 2020One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail

Last updated on November 2nd, 2020Do you owe self-employment (SE) tax on non-wage income that you collect only occasionally or in a one-off circumstance? Some sources of income may not be subject to the dreaded SE tax. Here’s what you should know if you earn income from “irregular” sources. Reality

Last updated on November 2nd, 2020It’s hard to believe 2019 is almost over! It’s been a busy year in many sectors, often forcing small business owners to put tax planning on the back burner while they’ve tended to daily business operations. But procrastinate no longer. Consider the following moves to

Last updated on November 2nd, 2020Have you always wanted to buy rental property and become a landlord? As you can imagine, putting up with some tenants can be a pain in the neck. But the discomfort can be eased by the valuable tax breaks available to rental property owners. In

Last updated on November 2nd, 2020For investors, fall is a good time to review year-to-date gains and losses. Not only can it help you assess your financial health, but it also can help you determine whether to buy or sell investments before year end to save taxes. This year, you

Last updated on October 19th, 2020“Why do I need to worry about proper classification?  It’s not my responsibility.  I am just a small business owner trying to grow my business……” Unfortunately, improperly classifying someone as an independent contractor when they are truly an employee can cause some major headaches! The