CPA Client Bulletin - September 2018

New York Establishes Employer Compensation Expense Program

(Aug, 2018)

This past April New York established the Employer Compensation Expense Program (ECEP) as a component of the 2018-2019 New York Budget (S7509-C/A9509-C) which will begin in 2019.  The new optional payroll tax referred to as the Employer Compensation Expense Tax (ECET) is a workaround to reduce the effects of the Tax Cuts and Jobs Act (TJCA) that limits itemized deductions for state and local income taxes (SALT) for individuals to $10,000 per year.  The TJCA limits the deductibility of state income taxes paid by individuals, however, there is no cap for ordinary and necessary business expense

Vacation Homes Under the New Tax Law

(Aug, 2018)

Upon returning home from that great summer vacation the idea of buying a second home in those beautiful locations may be on your mind, along with the sounds of the waves and Jimmy Buffet.  While there are many economic (pricing and carrying costs) and lifestyle factors to consider with the second home purchase decision, the tax implications should also be carefully considered. Navigating the tax complexities of these decisions has not become any simpler under the Tax Cuts and Jobs Act (TCJA) signed into law December 22, 2017. 

Beyond the Numbers: DB&B Payroll Services

(Aug, 2018)

Payroll Services can provide you the solution to streamline your company’s payroll process and allow you to run a more efficient business and increase profitability.  Dermody, Burke & Brown has been providing quality payroll services for a number of years to a variety of clients around the Central New York area.

CPA Client Bulletin - August 2018

FASB’s Revenue Recognition for Not-for-Profits Effective December 31, 2019

(Aug, 2018)

Most of us are steeped in the implementation guidance for the new Financial Accounting Standards Board (FASB) reporting standard update beginning with December 31, 2018 year-ends, but right on its heels a year later for most not-for-profit (NFP) organizations is ASU 2014-09.  It is the hope of the FASB that there will be improved comparability of revenue recognition across all NFP industries and between entities when it becomes effective for December 31, 2019 year-ends and beyond.  Although this new revenue recognition standard focuses more on contracts with customers, its application to NF

Sales Tax: How the South Dakota v Wayfair Court Decision Changes All the Rules

(Jul, 2018)

South Dakota v. Wayfair

On June 21, 2018, the United States Supreme Court delivered its opinion in South Dakota v. Wayfair, Inc., et al. The opinion overturned the Supreme Court's prior decision made in Quill Corp. v. North Dakota that an out-of-state vendor must have physical presence in the taxing state before the state can require the vendor to collect and remit sales tax. This decision will affect many online sellers and multistate businesses.

Taxability of State and Local Tax Incentives: Pre Vs. Post "Act"

(Jul, 2018)

Is your company eligible for a state or local tax grant in the near future? There are several items that you need to be aware of when you consider applying for a grant. The Tax Cuts and Job Act (the Act) signed by President Trump enacted the largest restructuring of the federal tax code since the Tax Reform Act of 1986. This article will look at the significant changes to the treatment of certain tax incentives offered to taxpayers by state and local governments.

Beyond the Numbers: Susana Brutsky

(Jul, 2018)

Susana Brutsky recently joined Dermody, Burke & Brown as an Associate in the New Hartford office. Susana received a Bachelor’s degree in Accounting from The State University of New York Polytechnic Institute and an Associate’s degree in Business Administration from Mohawk Valley Community College.

She is currently pursuing an MBA in Technology Management with a concentration in Accounting & Finance from The State University of New York Polytechnic Institute. Susana is responsible for tax preparation, bookkeeping and payroll processing. She resides in Whitesboro.

CPA Client Bulletin - July 2018