The Inflation Reduction Act of 2022 (IRA) updated and reinstated several notable credits and deductions related to Solar and Energy efficiency. Construction of new residential or commercial structures are ideal candidates for these tax savings but they do not preclude existing structures being renovated. Below are a few notable tax considerations. 179D Deduction 179D is… [keep reading…]
Tag: Accounting Firm
What Goes into Running a Smooth Board Meeting
It can be quite frustrating for board members if board meetings are not run smoothly and effectively. Effectively utilizing the board’s time together is important to keep the board mission-focused and forward-thinking. Wasted time at meetings could impact an organization negatively and financially. How a board meeting can be run smooth and effectively comes down… [keep reading…]
IRS Announces Pilot Program for Plan Audits
In June 2022 the IRS announced that they were beginning a pilot program of pre-audits, whereby they will send a letter to a plan sponsor which informs them that their plan has been selected for audit, along with instructions that state that they have 90 days from the date of the letter in which to… [keep reading…]
Inflation Reduction Act of 2022: Impact on Electric Vehicles and Related Equipment
If you have considered installing electric vehicle charging stations at your home or business or have thought of purchasing an electric vehicle, you may be able to take advantage of tax credits that were recently updated in the Inflation Reduction Act of 2022. The Inflation Reduction Act (IRA) of 2022 included several provisions related to… [keep reading…]
Diversity and Inclusion on Your Nonprofit Board
Diversity and Inclusion are words we’re all hearing these days. How are they important to your nonprofit board? A board that’s more diverse and inclusive will bring more ways of looking at issues and problems, capitalizing on the different ideas and points of view. Including voices from a wider range of backgrounds will add value… [keep reading…]
Tax Considerations in Light of New Lease Standards
Over five years after its original issuance, the new accounting lease standard (ASC 842) will become effective for all private companies for fiscal years beginning after December 15, 2021. While we have discussed the financial statement impact of ASC 842 in previous editions of TBC Today, companies should also consider the potential impact on their… [keep reading…]
Best Practices for Establishing a 401(k) Plan
Establishing a 401(k) Plan for your employees is a great benefit, but employers must be aware of their fiduciary responsibilities. To ensure your Plan is compliant and running well, consider the following best practices. Plan document review Every six years the Internal Revenue Service requires that Plan Documents be restated to properly reflect changes that… [keep reading…]
NYS Pass Through Entity Tax Program
The New York State’s Pass Through Entity Tax (PTET) program allows eligible partnerships and S corporations to pay tax at the entity level to provide tax deductions that may otherwise be disallowed when the income is reported on the partners’/shareholders’ personal returns. The program allows the partners/shareholders the ability to deduct New York State taxes… [keep reading…]
Tough Decisions for Business Owners: Renting or Purchasing Your Office or Work Space
A critical decision a business owner may contemplate is whether to rent or own the property for their business. There are many factors to consider in deciding whether to purchase or lease a property, including one that many business owners may not be aware of. One of the biggest advantages to owning a property over… [keep reading…]
Impacts of ASC 606 for Manufacturing Companies
As private companies are now a few years into the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, it is important to note the impact this has had on the manufacturing industry and understand the changes to revenue recognition so owners may better operate their businesses. By definition, a manufacturer should… [keep reading…]