Is Your Business at Risk

(Jul, 2010)

It is said that small businesses in America drive the US economy. Businesses with fewer than 500 employees are estimated to contribute over 50% of the private gross domestic product. According to recent estimates by the "Small Business Administration" there are 22.9 million small businesses that employ about 50% of all private sector workers. Small businesses are great businesses. They are innovators; highly skilled and they can change rapidly as times change. As a result of these features, small businesses can be quite profitable.

Beyond the Numbers: Brian R. DuMond, CPA

(Jul, 2010)

Brian R. DuMond, CPA, started with Dermody, Burke & Brown in January 1987, and leads the Firm’s Risk Management Niche. He is a graduate of Le Moyne College and is a member of the NYSSCPA and AICPA.

Expanded Information Reporting on Forms 1099 Included in Health Care Bill

(Jun, 2010)

On March 23, 2010 President Obama signed the comprehensive health care overhaul legislation known as the Patient Protection and Affordable Care Act into law. The much publicized portions of the law dealt with the expansion of health care coverage through market reforms, tax incentives and the expansion of eligibility for Medicaid. A not so publicized portion of the law has dramatically changed the requirements in regards to the informational reporting done on forms 1099.

Mid-Year Update on New and Expiring Tax Provisions

(Jun, 2010)

In our February 2010 issue of The Focus, William Killory, CPA, discussed the "expiring tax provisions affecting your bottom line". This month we will touch on a few other expiring tax provisions and discuss some newly adopted tax provisions for 2010.

Beyond the Numbers: Lisa M. Cornish

(Jun, 2010)

Lisa M. Cornish, CPA, CMA is a certified public accountant and certified management accountant at Dermody, Burke & Brown, CPAs, LLC with 19 years accounting experience. She recently joined the firm in January and previously worked in private accounting as a controller for a local general contractor, where she managed the accounting and financial aspects of the company. At DB&B, Lisa mainly works in the tax department preparing individual, corporation, subchapter S-Corp and partnership returns.

The Patient Protection and Affordable Care Act 2010

(May, 2010)

Health care reform is now the law of the land. And nearly every individual and business in the U.S. will be affected by the new law's provisions.

The law generally requires most individuals to have health insurance coverage. This will be accomplished with credits for small businesses who supply health care insurance and penalties to larger businesses that don't. There will also be credits for taxpayers who obtain insurance and penalties in the future for those who do not have coverage. That is the easy part to explain.

Does Your Company Have the Right Retirement Plan?

(May, 2010)

When a business gets to the point in its life when the owners know the business is going to survive, it may be time to start thinking about setting up a retirement plan. This is usually when the owner's are making enough money and starting to complain about how much they are paying to Uncle Sam.

There are several different types of retirement plans to consider. The right plan will depend upon how you answer the following questions:

Beyond the Numbers: Madelyn H. Hornstein, CPA

(May, 2010)

Madelyn H. Hornstein, CPA has been with Dermody, Burke & Brown since 1983 and serves as the firm’s Chief Executive Officer. Madelyn focuses on setting the company’s future course through strategic growth, ensuring continued client success, and maintaining the personal relationships so vital to a successful firm. Madelyn also heads DB&B's Employee Benefits division. She and her team provide design, set-up and on-going administration of retirement plans.

Cost Segregation Studies

(Apr, 2010)

When is a building not a building? When you can perform an engineering study and break the building up into its component parts. The Internal Revenue Code assigns commercial property a depreciable life of 39 years and 27.5 years for residential real estate. This long recovery period delays the tax benefits of owning real estate and creates a mismatch between mortgage payments and the related tax benefits. 

Where's the Money? Income versus Cash Flow

(Apr, 2010)

The April 15th deadline has passed and many of you may be reflecting on your tax return and wondering where all that income is. Did I really make this kind of money and why isn't it in my bank account? There are many methods of calculating income from Generally Accepted Accounting Principles (GAAP) to varying ways allowed by the Internal Revenue Code. And then there is the amount that actually shows up in your checking account. All these ways of measuring your income can have substantially differing results.

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