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.

Tips to Speed Processing This Tax Season

Tips to Speed Processing This Tax Season

Earlier this month, the National Taxpayer Advocate, Erin M. Collins, released her 2021 Annual Report to Congress in which she warned of the IRS' backlog of over 10 million unprocessed returns entering this tax season and her expectation of delayed refunds. While...

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Statement on the Passing of James Kenneth Walker

We are deeply saddened by the recent passing of founding partner, James Kenneth (Ken) Walker. Sciarabba Walker & Co., LLP was founded in 1976 by Ken and Andrew Sciarabba. The two foresaw the Ithaca region was poised for economic growth that would require the...

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The New Leasing Standard

The New Leasing Standard

The effective date for the new lease standard was postponed due to the COVID-19 pandemic, however, that extension is now quickly coming to an end. In February 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standard Update (ASU) No. 2016-02...

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New York State Pass-Through Entity Tax

New York State Pass-Through Entity Tax

New York State has enacted a new pass-through entity tax (PTET) for tax years beginning on or after January 1, 2021. The PTET is an optional tax that partnerships or NYS S corporations may elect annually. For PTET taxable years 2022 and later, the eligible entity may...

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