News

Get ready for the 2023 gift tax return deadline

Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if it’s not required….

Tax Benefits for Higher Education

Whether you are paying off your own student loans, or paying the student loans of another person, higher education can be a very costly endeavor. Thankfully there are a number of tax benefits that exist to lower the amount of liability you will have from…

Filing jointly or separately as a married couple: What’s the difference?

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately,…

Tips from a Recent Graduate Part 4: Tips for transitioning to full-time work

Are you an accounting student who is feeling overwhelmed by the recruiting process? This column is a series intended to help you succeed as you begin your journey with the accounting profession. Internship As an intern through various Spring tax seasons, the hardest thing for…

If you gave to charity in 2023, check to see that you have substantiation

Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax…

Want to escape the winter weather and work somewhere warm for the season?  Things to consider before working remotely. 

The flexibility with working remote and traveling can be attractive, but it is important to be aware of the tax implications associated with it. Starting off, it is important to understand which state you are a resident of.  A resident state is a state you…

Should your business offer the new emergency savings accounts to employees?

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the…

Answers to your tax season questions

The IRS announced it will open the 2024 income tax return filing season on January 29. That’s when the tax agency will begin accepting and processing 2023 tax year returns. Here are answers to seven tax season questions we receive at this time of year….

Understanding the New York Pass-Through Entity Tax (PTET): A Comprehensive Guide

The tax landscape for businesses is ever-evolving, and in response to changes in federal tax laws, states often implement their own measures to maintain fiscal balance. One such initiative is the New York Pass-Through Entity Tax (PTET), which aims to address the limitations imposed by…

The kiddie tax could affect your children until they’re young adults

The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax…