Articles

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Effects of the Tax Law Vary Based on Major Life Events

Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes — from marriage and birth to divorce and death — can provide opportunities…

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New Tax Benefits of Hiring Your Kid

Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee…

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Ensure Compliance With New York’s Revitalized 421-a Tax Abatement Program

For developers able to navigate the city’s unfolding new rules, the New York skyline offers an enticing tax break. New York’s 421-a property tax exemption lapsed in early 2016, amid escalating concerns that developers weren’t providing adequate affordable housing in exchange for tax breaks, but it was officially renewed as “Affordable New York” in April…

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New Tax Law Boosts Appeal of Qualified Small Business Corporations

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. That translates into a 0%…

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New Tax Law Tough on Entertainment

Forget deducting season opera tickets or passes to sporting events. Ditto for business outings to the local golf course or the nearest hunting lodge. While taxpayers may see a net benefit under the new tax law that reduces tax rates to 21 percent for corporations and 37 percent for individuals at the top marginal rate,…

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3 Affordable Care Act Taxes Postponed by Congress

On January 22, President Trump signed into law a short-term government funding bill. It ended the brief government shutdown by funding the federal government through February 8. It also suspends the following Affordable Care Act (ACA) taxes, which were designed to help fund health care coverage provided under the ACA.

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What to Expect When You’re Expecting to Sell a Business

by: Raymond Chang, CPA avoid these 5 surprises when preparing your business for sale As the CFO of a company that is likely to be sold in the near term, it makes good sense to perform some due diligence about the sales process, well before you meet the buyer. The CFO’s role in a business…

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How the Work World is Changing with Millennials

Definitions of the Millennial generation vary, but basically these are people who, today, range from 20 to 36 years old. Their distinctive characteristics are attributed to two primary factors: Most were raised by highly attentive Baby Boomer parents, and Instant communication via electronic technology has been ubiquitous.

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What New York’s Paid Family Leave Act Means for Your Business

by: Teresa Loheide, Manager Linda Rubenau, Paraprofessional Are part-time employees entitled to paid family leave in New York State? If you’re a New York State-based business – or even if you’re an out-of-state business with part-time employees who work at least 30 or more days in a year in New York – a new law…

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Dialing in on Smartphones for Kids

Do your kids (or grandkids) have a smartphone? On average, American children receive their first smartphone at the age of 10, according to a recent study by market research firm Influence Central.

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Tax reform, Amazon will impact food biz

as published in Amazon and tax reform are going to shake up the food industry in the coming year, according to a survey by Margolin Winer & Evens. The Garden City-based accounting firm surveyed 101 attendees at Tuesday’s Food + Beverage Biz LI, a Long Island Business News food industry…

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Defaulting on Retirement Plan Loans Causes Taxable Distributions

Want to borrow money from your retirement plan? Not so fast. Retirement plan loans can be a viable way to get money in a crunch, but you need to follow the rules about repaying them. If you don’t, it could lead to unfavorable tax consequences, as two taxpayers recently learned the hard way in U.S.…

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Use Tax: The Cost of Unintentionally Saving a Few Dollars

by: Raymond Chang, CPA Is your company a distributor or manufacturer in the U.S.? If yes, then how thorough is your use tax compliance? From a sales and use tax perspective, companies like yours typically have the collection and remittance of sales tax on goods and services sold to customers down to a science. But…

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