Dermody, Burke & Brown Announces the Addition of a New Principal

Dermody, Burke & Brown Announces the Addition of a New Principal

Don Albright, CPA has been promoted to Principal in the Audit & Accounting Department. Don has over twenty-two years of experience in public accounting.  His areas of practice include Family-owned businesses, consulting, construction contracting, manufacturing, and not for profit organizations.  

Year-End Tax Considerations

Year-End Tax Considerations

The end of 2023 is rapidly approaching, and we know everyone has about a million things to keep track of and check off their ‘to-do’ lists. We have compiled the following list of year-end tax items that are easy to overlook during the craziness of December, but important to start thinking about before the new year. Hopefully this will serve as a reminder, and possibly a checklist, to make your life easier and optimize tax outcomes.

 

Compliance with the New Electronic Filing Requirements

Compliance with the New Electronic Filing Requirements

The Internal Revenue Service (IRS) processes billions of returns each year, with the amount consistently rising.  The sheer volume of returns requires efficiency, and to that end, the IRS had previously implemented an electronic filing (E-file) threshold of 250 returns per type of return filed.  In February 2023, the Department of the Treasury and the IRS issued regulations that lowered the 250 return E-file threshold to a combined 10 returns per taxpayer for returns filed after January 1, 2024.  In those same regulations, it was established that partnerships with more tha

Beyond the Numbers: Kathy K. Ly

Beyond the Numbers: Kathy K. Ly

Kathy K. Ly, CPA joined Dermody, Burke & Brown as an Audit & Accounting Senior Associate in the Audit department.

She received a Bachelor of Science degree in Accounting, with a Minor in Business, and a Master of Science degree in Forensic Accounting from the State University of New York at Albany. Kathy comes to the firm with prior auditing experience. Kathy resides in Syracuse, New York.

Contact Kathy at 315.234.8116 or kkl@dbbllc.com

Amortization of Specified Research or Expenditures under Section 174

Amortization of Specified Research or Expenditures under Section 174

The IRS released Notice 2023-63 offering additional guidance on the treatment of Section 174 specified research or experimental expenditures. This guidance is applicable to tax years ending after September 8, 2023. Taxpayers are not required to immediately follow the guidance provided by the notice but can choose to if all rules of the interim guidance are met.

Beyond the Numbers: Julia Salmons, CPA

Beyond the Numbers: Julia Salmons, CPA

Dermody, Burke & Brown, CPAs, LLC recently hired Julia Salmons, CPA Tax Senior Associate in the Syracuse office.

Julia Salmons, CPA was hired by Dermody, Burke & Brown as a Tax Senior Associate. She received a Bachelor of Science degree in Accounting with a Concentration in Forensic Accounting from Grove City College. Julia resides in Liverpool, New York.

Contact Julia at 315.234.8115 or jss@dbbllc.com

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Beyond the Numbers: Catholic Charities House of Providence Awards

Beyond the Numbers: Catholic Charities House of Providence Awards

We had the privilege and pleasure to attend the Catholic Charities House of Providence Awards Dinner where three honorees were awarded for their extensive contributions to the community.  Our very own beloved, retired partner David de Silva was recognized posthumously for his lifelong commitment to the community and support of the Catholic Charities mission.  It was a wonderful event and we’d like to extend congratulations to ALL of the Honorees!

The Corporate Transparency Act Part II

The Corporate Transparency Act Part II

As mentioned in last months’ edition of the Tax Focus, The Corporate Transparency Act (CTA) goes into effect January 1, 2024. The CTA mandates the filing of ownership information for corporations, limited liability companies and other entities that are registered to do business in the United States. These filings have the intention to identify illegal activities like drug trafficking, terrorism and money laundering via these filings which will report on the ownership and beneficial ownership of the entities.

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