Recruiting season has started. If you would like to apply for a tax internship please use the link on our career page to send over your resume. 

Dermody, Burke & Brown, CPAs, LLC recently hired Stephanie Kubis as a Senior Associate in their Tax 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.

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.

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

If you really want to make an impact in your new grad’s life, make an investment in his or her future with a 529 College Savings account. There are two versions: an investment account and a prepaid account. Assuming you are opening an account now and don’t have time for investment growth, you may need to fund it with a significant chunk of money for it to be useful. The savings plan is good for building an investment balance over time, including while the student is in college.

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

It is that time of the year again- tax time. Eagerly you gather all of the year's tax information with one goal in mind: the timely filing of your tax return. With all of your "i's" dotted and your "t's" crossed you submit your tax return and then you wait. And you wait. And then you wait some more. Something seems wrong, should it be taking this long for my tax return to get processed, you might be wondering. Did something go wrong? What do I do next?

It is that time of the year again- tax time. Eagerly you gather all of the year's tax information with one goal in mind: the timely filing of your tax return. With all of your "i's" dotted and your "t's" crossed you submit your tax return and then you wait. And you wait. And then you wait some more. Something seems wrong, should it be taking this long for my tax return to get processed, you might be wondering. Did something go wrong? What do I do next?

Tis the season for taxes, gathering tax information, preparing tax forms and tax returns, calculating taxes as well as paying taxes.  Let's talk about the first item, gathering tax information.  What information do you need to prepare and file a complete and accurate tax return?  Aside from your normal tax documents, you will need to consider life changes that occurred during the year as well as any other unusual events or transactions that could be considered taxable events.