Fust Charles Chambers_Tax_Deductions Syracuse Accounting Small Business

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If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business for the first time. In any event, there's been a recent uptick in the number of people starting small businesses. Uncle Sam… Read more

Tags: Covid, Tax

Fust Charles Chambers_Passive Activity LLC
Many privately held businesses have incurred losses during the COVID-19 pandemic. Unfortunately, the federal income tax passive activity loss (PAL) rules can limit an owner's ability to currently deduct tax losses thrown off by passive activities. Here's an overview of how the PAL rules apply to…

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Tags: Tax, Cpe, Seminar

Fust Charles Chambers Annual Not-for-Profit Tax Seminar Syracuse Accounting Firm
Join us virtually for a two-day program!

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Tags: Tax

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In the midst of other legislation for fiscal year 2020-2021, New York State quietly amended Sections 172-B, 172-E and 172F of the Executive Law, which governs many reporting requirements for charitable tax-exempt organizations.

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Tags: Tax

Fust Charles Chambers New York State Pass Through Tax
On April 19, 2021, New York Governor Andrew Cuomo signed into law the FY 2022 budget, which includes a Pass-Through Entity Tax (“PTET”) election.

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Tags: Tax, Tax law

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On April 19, 2021, NYS Governor Andrew Cuomo signed into law the FY 2022 budget.

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Tags: Covid, Tax

Temporary Changes to the Child and Dependent Care Credit
The American Rescue Plan Act (ARPA) includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit. The changes are favorable for most taxpayers, except high-income individuals. Here's what you need to know about this credit and how it's changing for…

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Tags: Tax

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The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The…

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Tags: Covid, Tax

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Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there’s a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era. Here are some tax-smart ideas to consider.

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