May 30, 2017 | Firm Updates, Individual Tax
All charitable donations are not created equal—some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your deduction. Take vehicle donations, for...
May 26, 2017 | Firm Updates
The New York Nonprofit Revitalization Act was amended in 2016 to clarify and simplify some of the provisions that apply to New York State nonprofit organizations. The revisions, which reduce some of the burden for nonprofits, include modifications to key definitions...
May 23, 2017 | Firm Updates, Small Business
If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process....
May 19, 2017 | Firm Updates
On Wednesday, staff from Sciarabba Walker helped the Food Bank of the Southern Tier pack bags of food for local students at risk of hunger as part of the organization’s Backpack Repack program. The program provides food-insecure children with a bag of...
May 16, 2017 | Firm Updates, Tax Tips
Income and losses from investment real estate or rental property are passive by definition—unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are...