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Wednesday, January 22, 2020

Important Tax Figures for 2020

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The following table provides some important federal tax information for 2020, as compared with 2019. Some of the dollar amounts are unchanged and some changed only slightly due to inflation.

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Monday, January 20, 2020

Stretch IRAs Lose Potency under the SECURE Act

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The Setting Every Community Up for Retirement Enhancement (SECURE) Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances. As a result, some carefully constructed estate plans will be damaged. […]

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Wednesday, January 15, 2020

SECURE Act Affects Retirement and Tax Planning for Individuals

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On December 20, President Trump signed into law the Setting Every Community Up for Retirement Enhancement (SECURE) Act. It was part of the Further Consolidated Appropriations Act federal spending package.  In general, the SECURE Act is intended to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans. Here […]

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Wednesday, January 15, 2020

What Employers Should Know About the SECURE Act

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The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans. Here are some provisions that may affect business owners.  Increased […]

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Tuesday, January 7, 2020

New Tax Law Provides 10 Key Breaks for Individual Taxpayers

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A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Here are ten breaks that can benefit eligible individuals. 1. Reduced Threshold for Medical Expense Deductions The Tax Cuts and Jobs Act (TCJA) […]

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Tuesday, January 7, 2020

New DOL “Rate of Pay” Regs Update Overtime Pay Rules

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What is the “regular rate of pay” for a nonexempt employee? The answer is needed when calculating hourly overtime wages, which must exceed base wages by 50%. New regulations from the U.S. Department of Labor (DOL) that take effect January 15 update the definition of “regular rate of pay” to guide your overtime pay calculations. To […]

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Monday, December 30, 2019

FAQs about Home Office Deductions

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In the past, home office deductions were available to a wide range of taxpayers, including certain employees who worked from home. But the Tax Cuts and Jobs Act (TCJA) has effectively eliminated home office deductions for employees through 2025. Fortunately, many self-employed individuals can still claim deductions — even if they don’t itemize deductions on their […]

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Friday, December 13, 2019

Marek Gonzalez Earns CPA License

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Marek M. Gonzalez, Tax Associate has earned his Certified Public Accountant (CPA) license. Gonzalez joined the Firm in October, 2018. He received his B.S. and M.B.A. in Accounting from SUNY Oswego

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Tuesday, November 26, 2019

THE FUTURE OF INTEGRATED CARE IN NEW YORK STATE’S MEDICAID PROGRAM

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The State of New York is seeking a four-year extension/renewal of its Delivery System Reform Incentive Payment (DSRIP) program from the Centers for Medicare and Medicaid Services (CMS) as of September 17, 2019, hoping to build upon the success of DSRIP 1.0. The goal? To gain more time—and money—for value-based payment (VBP) arrangements to mature, […]

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Tuesday, November 19, 2019

Spotlight on M&A: Why Buyers Love Asset Purchase Deals

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Are you thinking about buying a business? How you structure the deal will affect the taxes owed by the buyer (you) and the seller (the other party). The Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the federal income tax rules for businesses, including some changes that affect the taxation of mergers and acquisitions. […]

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