If your New York based company is not currently offering a retirement plan for your employees, you may be required to offer one immediately.

Most taxpayers are alright with paying their share of taxes on income that they have earned throughout the year. However, there are ways taxpayers can reduce their federal and state income tax liability. One of these ways is through tax credits. Some credits not only reduce the amount that an individual ends up owing on their personal tax returns, some are refundable to the taxpayer.

A little over 18 months ago the unthinkable happened as COVID -19 ripped through our communities. Businesses were forced to close and employees were sent to work from home.  Employers and employees scrambled to establish a remote work "office".  Fast forward to today, the majority of businesses have reopened their doors but employees, given the option, have elected to work remotely in record numbers.

Elizabeth Stapleton, CPA recently joined Dermody, Burke & Brown as a Manager in the tax department.  Elizabeth specializes in trust and estate accounting, tax and advisory services. She joins the firm with years of experience in public accounting. Before transitioning into accounting, she practiced trusts and estates, elder, and real estate law for a private practice law firm.

Elizabeth Stapleton, CPA recently joined Dermody, Burke & Brown, CPAs, LLC as a Manager in the tax department.

On August 25, 2021, New York State released guidance regarding the New York State pass-through entity tax (PTET) election which allows owners of pass-through entities (PTE) to receive a federal deduction for the New York State income taxes paid by the PTE.

The PTET is a tax, based on the taxable income of the pass-through entity. The PTET paid by the entity reduces the taxable income passed-through to each individual partner/shareholder. Each partner/shareholder then receives a dollar-for-dollar refundable credit for their direct share of the PTE tax paid.    

On August 25, 2021, New York State released guidance regarding the New York State pass-through entity tax (PTET) election which allows owners of pass-through entities (PTE) to receive a federal deduction for the New York State income taxes paid by the PTE.