Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
New Accounting Standard – Current Expected Credit Losses (CECL)
In 2016, the Financial Accounting Standards Board announced a new accounting standard introducing the current expected credit losses (CECL) methodology. CECL is effective beginning January 1, 2023, early adoption is allowed. CECL will cover all financial instruments...
Extended NYS Pass-Through Entity Tax Deadline is Approaching
If you have not yet made the New York State (NYS) Pass-Through Entity Tax (PTET) election for 2022, you may opt-in through September 15, 2022, using NYS' Pass-Through Entity Tax Annual Election application. An estimated payment is required upon opt-in. NYS advises...
Estimated Tax Payments: Who Owes Them and When is the Next One Due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains, or other income. Here are the applicable...
FASB’s New Statement of Activities Requirement
The Financial Accounting Standards Board (FASB)’s Not-for-Profit Advisory Committee has made amendments to Accounting Standards Update (ASU) 2020-07 – Not-For-Profit Entities (Topic 958): Presentations and Disclosures by Not-For-Profit Entities for Contributed...
The Challenges of Cryptocurrency
Donations of cryptocurrency are on the rise. If your non-profit has not encountered this yet, it most likely will at some point in time. Cryptocurrency can be obtained in various ways, but a common method is transferring from one cryptocurrency “wallet” to another. If...
Unrelated Business Taxable Income
Tax-exempt organizations have a federal income tax exemption and are not required to pay tax on exempt function income. However, in the 1950s, Unrelated Business Taxable Income (UBTI) was enacted to eliminate unfair competition between tax-exempt organizations and...
The Changing Preferences of Younger Donors
While the dictionary definition of philanthropy is “the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes,” millennials have modernized the word to encompass a broader meaning of helping their community...
The New Leasing Standard – FASB ASU No. 2016-02
The date for implementing the new leasing standard is here. Sciarabba Walker recommends that an inventory of lease agreements is completed, and the various reporting requirements for year-end are taken into consideration. The effective date of the standard had...
NYS COVID-19 Capital Costs Tax Credit Program
New York State's $250 million COVID-19 Capital Costs Tax Credit Program provides financial assistance to small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to health-related...
New York State Homeowner Tax Rebate Credit (HTRC)
The New York State homeowner tax rebate credit (HTRC) is a one-year program benefitting nearly three million eligible homeowners in 2022. Eligibility To be eligible, you must have: qualified for a 2022 STAR credit or exemption, had income that was less than or equal...