News

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty.

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age…

3 ways your business can uncover cost cuts.

Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such…

Tax-saving ways to help pay for college — once your child starts attending.

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able…

Renting to a relative? Watch out for tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a tax loss for you,…

BS&P Quarterly Connect Newsletter – Welcome!

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Medicare Coverage: 2023 Premiums and Key Tax Considerations

  Medicare health insurance premiums can add up — especially if you’re upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on…

BS&P Staff Promotion – December 2022

  Molly Gibbs promoted to Senior Staff Accountant Molly started with the firm as a Junior Tax Intern in the Spring of 2019, returned as a Senior Tax Intern in 2020, then became a full-time Staff Accountant in August 2021. Most recently, Molly obtained her…

Staff Accountant, Katie Kriner, featured in University at Buffalo School of Management Article

For Full Article with Images: Building a legacy – School of Management – University at Buffalo Building a Legacy How the first two recipients of the Keith M. Stolzenburg Fellowship live by the late Stolzenburg’s example By Matthew Biddle Before he died in 2020, Keith…

The IRS Has Announced Various Tax Benefit Increases for 2023

The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here are some of the tax…

Our Firm is Pleased to Announce Our New Hires 10-6-2022!

Taylor Clark has joined the firm as a Senior Accountant. She has a Bachelor’s Degree in Accounting and MBA in Finance, both from Marywood University. Before joining BS&P, Taylor worked in both public and private accounting working in tax and audits.  Taylor is a member of…