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Aug 20, 2019BS&P Announces New Hires
Our firm is pleased to announce that we have recently hired two accountants. Matt Mernan received his Bachelor of Science in Accounting in May of 2018 and earned a Master’s in Business Administration from Canisius College in May of 2019. While attending Canisius College, Matt…
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Aug 20, 2019Governor Cuomo Signs Legislation Enacting Sweeping New Workplace Harassment Protections
Governor Andrew M. Cuomo signed legislation to enact sweeping new workplace harassment protections. This legislation strengthens New York’s anti-discrimination laws to ensure employees can seek justice and perpetrators will be held accountable by eliminating the restriction that harassment be “severe or pervasive” in order to…
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Aug 13, 2019What to do if your business receives a “no-match” letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given…
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Aug 06, 2019The tax implications of being a winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must…
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Jul 30, 2019The “kiddie tax” hurts families more than ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today….
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Jul 23, 2019The “nanny tax” must be paid for more than just nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You…
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Jul 16, 2019It’s a good time to buy business equipment and other depreciable property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And it was increased and expanded by…
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Jul 09, 2019Volunteering for charity: Do you get a tax break?
If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth. Because donations to charity of cash…
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Jul 02, 2019You may have to pay tax on Social Security benefits
During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed. If you’re getting…
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Jun 25, 2019If your kids are off to day camp, you may be eligible for a tax break
Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost. The value of a credit Day camp is…