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.
The Benefits of Oursourced Accounting
Outsourcing your organization’s accounting function is a flexible, cost-effective way to address the ever-changing operational needs of your organization. There are many different accounting tasks that can be outsourced, each of which can provide a variety of benefits...
The Importance of Internal Controls in a Hybrid Work Environment
Nonprofit organizations have a responsibility to donors to maintain strong internal controls to prevent and detect fraud. Due to the COVID-19 pandemic, many employees are now working remotely, causing controls that were previously implemented to no longer be as...
New York State Pass-Through Entity Tax
New York State enacted a new pass-through entity tax for tax years beginning on or after January 1, 2021. Any pass-through entities including a limited liability company treated as a partnership for federal purposes and any New York S Corporations are eligible to make...
Changes to 3rd and 4th Quarter Employee Retention Credit
On August 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-49 which provided additional guidance and clarification for the Employee Retention Credit (ERC) for quarters 3 and 4 of 2021. For all quarters of 2021, the employee retention credit can be...
Sciarabba Walker Named Finger Lakes’ Favorite Accounting Firm
Sciarabba Walker has been named the Finger Lakes' favorite accounting firm for 2021! Cayuga Radio Group's Finger Lakes Favorites campaign solicited votes from the local community to crown the area's favorite companies in categories from Eat & Drink, Education,...
Child Tax Credit Payments to Begin July 15
Eligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child...
Restaurant Revitalization Grant Fund
The Small Business Administration (SBA) has released guidance on the Restaurant Revitalization Fund. This fund provides needed resources to some of the hardest-hit businesses of the COVID-19 pandemic. As part of the released guidance, a sample application was...
NYS Tax Credits for High Technology Companies
There are several credits available to high technology companies located in New York State, many of which are directed to companies that incur research and development expenses. The most readily available tax credit for NYS companies performing R&D activities is...
Federal & NYS Individual Tax Deadlines Extended
On Friday, March 19, New York State announced the extension of the individual tax deadline from April 15 to May 17, 2021, to align with the IRS' recent extension of the federal tax deadline. It is important to note that both federal and New York State first quarter...
Employee Retention Credit Changes – American Rescue Plan
All the following changes relate to wages paid after June 30, 2021 and before January 1, 2022. The act codified the Employee Retention Credit and extended it through the end of 2021. The Employee Retention Credit is allowed against Medicare tax. Recovery Startup...