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. 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.

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. 

For those taxpayers that elected to pay the NYS pass-through entity tax for 2021 (which was newly enacted for tax years starting in 2021) and may elect again for tax year 2022, some important compliance deadlines are coming up.  Although the state is still providing guidance regarding some items, please be aware of the deadlines below as you are working through your 2021/2022 taxes.

2021 TAX YEAR:

On August 25, 2021, New York State released guidance regarding the New York State pass-through entity tax (PTET) election which allows owners of pass-through entities (PTE) to receive a federal deduction for the New York State income taxes paid by the PTE.

The PTET is a tax, based on the taxable income of the pass-through entity. The PTET paid by the entity reduces the taxable income passed-through to each individual partner/shareholder. Each partner/shareholder then receives a dollar-for-dollar refundable credit for their direct share of the PTE tax paid.