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Jul 17, 2018BS&P Announces Promotions
Our firm is pleased to announce the recent promotions of Greg Hack, Craig Haffa, CPA, and Mark Kransler, CPA to In-Charge Senior Accountants. Greg Hack has experience in working on many accounting and auditing engagements for many types of clients including manufacturers, distributors,…
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Jul 10, 2018What you can deduct when volunteering
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately, that’s not the case. Donations of time…
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Jul 03, 2018Outsourced Accounting Services
Looking to reduce costs and increase productivity? Find out how BS&P can help… Every business owner knows that profitability and business decisions are driven from the financials. A recent example is when one of our clients approached us because he was struggling with his accounting…
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Jul 03, 2018Congratulations to Marianne on her Retirement
We would like to congratulate Marianne E. Sullivan, CPA, on her recent retirement. Marianne had been an esteemed member of the staff at BS&P for 37 years. Marianne had started with BS&P as an intern and advanced to a Tax Principal. In her time…
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Jun 26, 2018Do you know the ABCs of HSAs, FSAs and HRAs?
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs. Here’s how to make sense of this alphabet soup…
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Jun 19, 2018Jennifer Insalaco Named Member of UB’s Accounting Advisory Council
Our firm is pleased to announce Jennifer N. Insalaco has been named a member of University at Buffalo’s Accounting Advisory Council. The mission of the Accounting Advisory Council is to assist in placing accounting students within the workforce, enhance internship opportunities and create additional inroads with…
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Jun 12, 2018The tax impact of the TCJA on estate planning
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce the number…
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Jun 05, 2018The Benefits of the Research & Development (R&D) Tax Credit
Frank A. Kaczmarczyk, CPA Among the many sweeping changes to the Internal Revenue Code as a result of the passage of the Tax Cuts and Jobs Act in late 2017 was the preservation and enhancement of the value of the Credit for Increasing Research Activities…
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May 29, 2018Saving tax on restricted stock awards with the Sec. 83(b) election
Today many employees receive stock-based compensation from their employer as part of their compensation and benefits package. The tax consequences of such compensation can be complex — subject to ordinary-income, capital gains, employment and other taxes. But if you receive restricted stock awards, you might…
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May 22, 20182018 Guide to Retirement Planning for Employees and Self-Employed Individuals
Americans are aware of the need for retirement planning; they just seem to be unable to undertake the task by themselves. There are many factors that play a role in planning for retirement. The following are reasons why developing a sound retirement plan is essential:…