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,

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

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.

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.

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!

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.

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.