As we near the end of another busy year, now is a great time to think about tax planning strategies that will put you in the best possible position for this year’s tax filing. When considering ways to save on taxes, it is important to keep in close contact with your tax professional to identify any significant financial changes you have had this year, along with any new tax rules that may affect you.

We are in the thick of recruiting season and are so impressed with the student candidates thus far. Dermody, Burke & Brown, CPAS LLC’s Tax Intern program is designed to provide a dynamic, challenging, and valuable on-the-job work experience in a Public Accounting Firm. This paid part-time (20-24 hours per week) position runs from mid-January through mid-April, 2023. To Learn more about it, check out the position listed in our careers page. 

On August 24, President Biden announced a three part plan to tackle student debt as families continue to recover from the additional struggles associated with the COVID-19 pandemic. This includes providing targeted debt relief, making the student loan system more manageable, and reducing the cost of college.

Many Americans are feeling the pinch from soaring inflation: skyrocketing grocery bills, gas bills that reached new heights, and supply chain issues are just a few of the many problems that impact us. It’s more important than ever to find ways to save and put a few greenbacks in our pockets. The recent signing of the Inflation Reduction Act contains a few green tax provisions that can help improve personal and corporate carbon footprints, as well as save a lot of money.

If you are a student interested in exploring a career in Taxation or Accounting & Auditing, this event is for you!

Experience just some of the things that make Dermody, Burke & Brown the place to jumpstart your career. Enjoy a catered picnic, meet our team, win raffle prizes, play lawn games, and get a tour of our historic office! 

September 19th, 2022

4 pm-6 pm, rain or shine! (In the event of inclement weather, this event will take place in our office at 443 N. Franklin Street)

On August 4th Dermody, Burke & Brown employees observed United Way’s 100th Anniversary by participating in the annual Day of Caring. Giving back is a core value at Dermody, Burke & Brown, and this was a wonderful way to engage with our community.

Established as part of the 2022-2023 NYS Budget, the COVID-19 Capital Costs Tax Credit Program seeks to support small businesses that incurred additional costs and expenses as a result of the COVID-19 pandemic. This Program allows small businesses to receive a tax credit of 50% of qualifying expenses up to a maximum of $50,000, which would result in a maximum credit of $25,000.

For a small business to qualify for this credit, it must:

On August 16, 2022 President Biden signed the Inflation Reduction Act into law. The IRA adds allowances (tax credits) in the form of expanded energy incentives, small business credits, healthcare provisions, as credits for individuals and much more.

This is an extensive bill with a lot of detailed information on new tax incentives and limitation. These are just some of the things you should know:

Dermody, Burke & Brown, CPAs, LLC recently hired Kathryn Stover as an Associate in the Syracuse office.

Retirement. To those active in the workforce, retirement could be the highly anticipated next chapter of life, or a distant goal.  For those living in retirement, it is hopefully a well-deserved dream come true. Wherever you are in your journey to retirement, it is important to have an understanding of the tax laws surrounding it. In today's constantly fluctuating world, with changing tax laws and record numbers of retirements, knowing the tax law surrounding retirement has never been more important.