News

Employees: Don’t forget about your FSA funds

Many employees take advantage of the opportunity to save taxes by placing funds in their employer’s health or dependent care flexible spending arrangements (FSAs). As the end of 2020 nears, here are some rules and reminders to keep in mind. Health FSAs  A pre-tax contribution…

Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of…

Travel Advisory for NYS Updated

Governor Cuomo has announced new guidelines allowing out-of-state travelers to New York to “test out” of the mandatory 14-day quarantine which are effective November 4th. Travelers from states that are contiguous with New York will continue to be exempt from the travel advisory.  Essential workers…

How Series EE savings bonds are taxed

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is…

Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a…

Divorcing couples should understand these 4 tax issues

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are…

New Guidance on New York Paid Sick Leave Released

The New York State Department of Labor has released the long-awaited guidance on the New York State Paid Sick Leave. As previously reported, effective September 30, 2020, all New York State employers have to comply with the requirements of § 196-b of the New York…

U.S. DOL Issues Revisions to Regulations of Families First Coronavirus Response Act (FFCRA)

As a follow-up to our previous client email regarding The U.S. District Court striking down four provisions of the Families First Coronavirus Response Act (FFCRA), the U.S. Department of Labor recently issued revisions to regulations that implement the Emergency Paid Sick Leave and the Expanded…

New York State Election Law Updates

In 2019 the New York State Election Law was amended to increase the amount of paid time off that employees could take to vote from two hours to three hours regardless of how much time an employee had to vote before their workday began or…

Buying and selling mutual fund shares: Avoid these tax pitfalls

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares. Surprise sales You may already have made taxable “sales” of part of your mutual fund investment without knowing it. One way this can happen is if your…