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Sep 25, 2018Asset Capitalization and Depreciation
The Tax Cuts and Jobs Act increased the dollar limits on the immediate deductibility of certain capital assets placed in service during the tax year. Before determining whether accelerated depreciation is beneficial, it is important to consider whether the asset purchased must be capitalized. In…
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Sep 18, 2018The tax deduction ins and outs of donating artwork to charity
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax deduction and avoid the capital gains taxes…
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Sep 12, 2018
Sales Tax Reform: What You Need to Know about Complying With This Major Change in the Wake of the Wayfair Decision
On June 21 the Supreme Court ruled in favor of South Dakota in their case against Wayfair, granting the state the authority to impose sales tax obligations on out-of-state transactions from “remote sellers”, where the seller has no physical presence, or nexus, in that state,…
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Sep 11, 2018Required NYS Sexual Harassment Training Updates
New York State recently passed legislation scheduled to go into effect October 9, 2018, designed to prevent sexual harassment as a response to the widespread allegations of sexual harassment in the workplace. The new legislation requires employers to conduct mandatory annual sexual harassment training for…
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Sep 04, 2018Do you need to make an estimated tax payment by September 17?
Do you need to make an estimated tax payment by September 17? To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018…
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Aug 29, 2018BS&P Volunteers at United Way Day of Caring
On Wednesday August 15th, our firm participated in the Annual United Way Day of Caring. Three separate teams, placed at locations around WNY, served the community in the various needs of the participating organizations. The first group worked at Reinstein Woods Nature Preserve. They assisted in removing invasive…
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Aug 28, 2018HR Outsourcing
Thinking of Outsourcing HR? 3 Ways to Free up Your Time and Your Frustrations. There is a shift in the traditional way we view Human Resources (HR). The role of HR has transformed far beyond handling recruitment, retention and terminations. If executed effectively it proves to…
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Aug 21, 2018Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your…
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Aug 14, 2018Understanding Your Medicare Choices
Finding the best Medicare plan to fit your health care needs can be a very complicated and frustrating process. Do you have any of the following questions regarding Medicare? What is Original Medicare and are there other health care choices? What do Medicare parts A,…
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Aug 08, 2018Contemplating compensation increases and pay for performance
Contemplating compensation increases and pay for performance As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may…