What is the Purpose of Your Business?
Profit is the result of what a business does, but it is not the purpose. Businesses spend an inordinate amount of time asking questions
State Historic Tax Credit Program Cap Issued
The statutory cap of $5,000,000 in total credit in the NYS historic tax credit program applies separately for each certified historic structure contained within a
10 Ways to Successfully Manage a Remote Workforce
The workforce has left the building—the office building, that is. Remote work opportunities have become an expectation in the workforce, and business owners and managers
AI Used In Audit Selection For Tax Gap Estimation Needs More Transparency – GAO
The Internal Revenue Service’s use of artificial intelligence in selecting tax returns for National Research Program audits that are used to estimate the tax gap needs more documentation and transparency, the U.S. Government Accountability Office stated. In
Senate Finance Committee Hears Push for Universal Savings Accounts
A savings account with the tax benefits of a health savings account or an educations savings account but without the singular restricted focus could be something that gains traction as Congress addresses the tax
Treasury, IRS Announce Tax Loophole and Abusive Partnership Transaction Enforcement Initiative
On June 17, 2024, the U.S. Department of the Treasury and the Internal Revenue Service announced a new regulatory initiative focused on closing tax loopholes and stopping abusive partnership transactions used by wealthy taxpayers to avoid paying taxes. Specifically
Guidance Provided on Early Retirement Distributions for Emergencies and Domestic Abuse Victims, Notice 2024-55; IR-2024-170
The IRS has provided guidance on two exceptions to the 10 percent additional tax under Code Sec. 72(t)(1) for emergency personal expense distributions and domestic abuse victim distributions. These exceptions were added by the SECURE 2.0 Act of
Retiring or Changing Jobs? What Should You Do With Your 401(k)?
If you’re planning to retire or change jobs in the near future, and you have a sizable balance in your current employer’s 401(k) plan, it’s
How to Minimize Investment Taxes
As an investor, your first priorities should be 1) to develop an asset allocation strategy that aligns with your investment objectives and risk profile, and
Change of Accounting Method Procedures Updated, Rev. Proc. 2024-23
The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures set forth in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. The latest
Forbes List of America’s Top 200 CPAs Includes Rochester’s Tim Flaherty
(May 20, 2024) — Forbes has named, managing partner, Tim Flaherty of Flaherty Salmin CPAs, as one of America’s Top 200 CPAs. The list of
Four Tips to Hire (and Retain) Quality Employees
Recruiting and onboarding new employees can be costly, so high turnover is something few businesses can afford. To minimize turnover, it’s important to develop strategies
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