CPA Client Bulletin - December 2017

2017 Year-End Year-Round Tax Planning Guide

Employer Assistance in Providing Employee Education

(Nov, 2017)

"An investment in knowledge pays the best interest." - Benjamin Franklin

I think everyone will agree that education is very important, maybe now more than ever in our history.  A study by Georgetown University estimates that by 2020, 65% of all jobs in the economy will require post-secondary education and training beyond high school.  35% of job openings will require at least a bachelor's degree, and 30% of job openings will require at least some college or an associate's degree.

Beyond the Numbers: Brittany Becker

(Nov, 2017)

Brittany Becker, MBA was recently hired by Dermody, Burke & Brown as an Associate in the Auditing & Accounting department. 

Estate & Gift Tax Update

(Nov, 2017)

The American Taxpayer Relief Tax Act of 2012 (ATRA) set a $5 million effective estate and gift tax exemption (indexed for inflation) and a top estate tax rate of 40%.  In 2017, the applicable exclusion from the federal gift and estate tax is $5,490,000.  The applicable exclusion from the generation-skipping transfer tax (GST) is also $5,490,000.  ATRA made permanent the concept of “portability.”  Portability allows widows and widowers to carry over the unused estate tax exemption of their predeceased spouse giving a married couple a potential combined exemption of $10,980,000. 

CPA Client Bulletin - November 2017

Matt Brewing Co. has over 100 years of history and experience brewing high-quality, award-winning beer. As the brewery expanded, we needed a CPA Firm we could trust so we were free to focus on mastering our craft.  CEO Nick Matt hired Jim Kane and Dave Bowles (photographed) to provide tax, auditing & accounting services at the highest professional level for over 20 years.  Without the expertise and continuous support of our longtime CPAs, our longevity and growth would not be possible. Today, Matt Brewing Co.

Beyond the Numbers: Joshua Lewis Earns CPA Credential

(Oct, 2017)

Joshua Lewis of Dermody, Burke & Brown, CPAs, LLC, has successfully completed the certification process to earn his designation as a Certified Public Accountant (CPA).

Joshua joined the firm in 2016 as an Associate in the Auditing & Accounting Department.  He received both a Bachelor of Science degree in Accounting from State University of New York at Brockport and a Bachelor of Science degree in Economics from the Rochester Institute of Technology. He resides in Syracuse.

Research & Development Credit Update

(Oct, 2017)

Every taxpayer yearns for a reduction on their tax bill. One of the biggest ways to achieve this is through tax credits, which lower the amount of tax liability owed. The federal research and development credit is obtained by businesses who enhance or develop their products or services, in an array of science related industries by tracking qualified research expenses. In 2015 the Protecting Americans from Tax Hikes Act passed, making this credit more beneficial to businesses of all sizes. There are two different calculations that can be used to compute the research and development credit.

Save Some Green, Think Energy Efficient

(Oct, 2017)

Considering a major home renovation this fall? Historically the IRS has allowed a series of credits to help entice homeowners to move towards energy efficient or alternative energy products. However, the ever changing tax code has eliminated many of these most commonly used credits beginning for the tax year ending December 31, 2017. We will cover what credits are still available and which credits have expired.

What Credits Are Still Available?