On August 3rd, Dermody, Burke & Brown employees participated in the United Way of CNY annual Day of Caring.

Dermody, Burke & Brown, CPAs, LLC recently hired Lauren Stapleton, MBA as an Accounting and Auditing Associate in the Syracuse office.

Christian Samara, CPA, Tax Manager, has been named a 2023 40 under Forty honoree by the Central New York Business Journal. The 40 under Forty award recognizes professionals under the age of 40 who have excelled in both the workplace and the community. 

Congratulations Christian Samara as a 40 under Forty Honoree! We thank you, for all of your hard work and accomplishments in the community and at Dermody, Burke & Brown.

The rise of remote work has transformed the way businesses operate, allowing companies to provide increased flexibility to their employees, while having the ability to hire from a global talent pool.  However, the shift towards remote work has also introduced a myriad of tax and compliance challenges that businesses need to be cognizant of.  

The S corporation is a popular option of tax classification for business owners.  As a pass-through entity S corporations are subject to a single layer of tax. In addition, the earnings and owner distributions are not subject to Social Security or Medicare taxes.  These are attractive prospects for owners looking to improve cashflow.  However, there are some key issues that can be overlooked when establishing and operating an S corporation.  

Ownership Restrictions

As we age there are many new things to experience, assess, and keep our eye on. Among these, it is especially important to be aware of new tax considerations that may become applicable and warrant an in-depth discussion with your tax advisor.

The following are some preliminary items to consider for discussion with your tax advisor:

Now that we are half way through the 2023 tax year, we should consider cleaning out our old records to prepare for the next tax year.

The biggest question is what am I required to keep and for how long? If I get audited what records will I need to provide to the auditor? You must first consider what the IRS wants you to keep and for how long.

On June 3rd, a group from Dermody, Burke & Brown gathered in downtown Syracuse to participate Paige's Butterfly Run. This widely attended event attracts walkers and runners from all across Central New York, raising funds and awareness to support patients with pediatric cancer. Since 1997, Paige's Butterfly Run has raised over $4,500,000 for Upstate Golisano Children's Hospital. We are proud to participate and offer congratulations to all those who showed up to help find a cure for cancer. 

In honor of Mother's Day, this May we held a drive for "Mothers United." The staff at Dermody, Burke & Brown were eager to contribute, gathering and purchasing toiletries and other personal items for Central New York moms in need. The results were astounding. Staff were excited to contribute and as a result, we had an overflowing amount of donations! Our overloaded box was just the cherry on top of a huge barrel of supplies donated by other partners of The United Way and left at Tops Friendly Market in Fayetteville, one of the designated drop-off centers. 

Technology has empowered us to be more connected than ever.  In turn, companies can easily conduct business, sell goods, and perform services nationwide.  Although this expanded market can lead to increases in sales and net profits, there are also added challenges that arise when transacting business in numerous states.