Dermody, Burke & Brown, CPAs, LLC recently hired Shannon Tinsmon, MBA as a Senior Associate in the Syracuse office.

IT security policies are becoming a 'must' for all companies and organizations. With employees working from home more often than ever, it is wise to introduce policies for staff to follow, ensuring you are not compromised.

For more than two decades, the IRS has published a list known as “The Dirty Dozen” with the goal of raising awareness of tax-related scams and fraud schemes for both taxpayers and tax professionals.  The list is not all-inclusive, but rather changes and evolves from year to year to include what the IRS deems to be the most serious and pervasive fraud methods and occurrences of that time.  Many tax fraud schemes and methods, such as the impersonation of charitable organizations, phishing, identity theft, and return preparer fraud first appeared over a decade ago a

Due to recent gasoline price increases, mileage rates will be adjusted for the final months of 2022. On June 9, 2022 the Internal Revenue Service (IRS) announced the optional standard mileage rate increase for the remainder of the year. The adjusted mileage rates, effective July 1, 2022, may be used by taxpayers to calculate the deductible costs of operating an automobile for business and certain other purposes.

Dermody, Burke & Brown, CPAs, LLC recently hired Jack Van Pelt as an Associate in the Syracuse office.

In 2021, New York State introduced the pass-through entity tax (PTET), which allowed owners of electing pass-through entities to circumvent the $10,000 state and local tax deduction limitation on their individual tax returns.  As a result, many shareholders and partners of the entities which elected PTET enjoyed significant tax savings.  If your pass-through entity missed out on the 2021 PTET, have no fear - it is not too late to elect for 2022: the 2022 election deadline has been extended to September 15, 2022.