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.
Net Operating Losses After the TCJA
Among the many changes brought about by the Tax Cuts and Jobs Act (TCJA) are changes to the calculations of Net Operating Losses on individual income tax returns. Losses arising in tax years ending after 2017 can generally only be carried forward (the carry-forward...
Do You Qualify for the NYS State School Tax Relief Program?
The NYS State School Tax Relief Program, also known as the STAR, provides homeowners in New York with relief on their property taxes. There are two types of STAR programs - the Basic STAR and the Enhanced STAR. To qualify for the Basic STAR, you need to fulfill these...
New IRS Procedures Enable Expats to Come into Compliance with U.S. Tax and Filing Obligations
The IRS has announced new procedures that allow certain expatriates who have relinquished their U.S. citizenship to come into compliance with their U.S. tax and filing obligations and receive relief for back taxes. The new procedures can be found on the IRS website....
TCJA Curbs Parking Deductions for Employers
In late 2017, the Tax Cuts and Jobs Acts (TCJA) created the most significant overhaul of the tax system in over 30 years. Throughout 2018, the IRS issued notices to clarify the new law and its effects on taxpayers. The IRS issued notice 2018-99 regarding parking...
How Guaranteed Payments Affect Your Qualified Business Income Deduction
A guaranteed payment is a payment by the partnership that is made without regard to the income of the partnership (meaning the payment is guaranteed even if the partnership doesn’t have a profit). The partnership’s deduction for guaranteed payments will reduce the...
Sciarabba Walker Welcomes Four New Staff Members
Sciarabba Walker is proud to announce the addition of two full-time employees and two tax interns! Miriam Nussbaum (above left) grew up here in Ithaca, New York. She earned a B.A. in Linguistics and Music from Cornell in 2011. Miriam continued on to earn her Masters...
What You Need to Know About Employee Stock Options
Stock options are an increasingly popular incentive offered to employees of tech start-ups. They are a way to reward employees for their contributions and motivate them to invest themselves in the company’s success and growth. If you are considering offering stock...
The Effect of the AICPA’s SAS 136
UPDATED 5/14/20 - In May 2020, SAS 141 was issued by the AICPA Auditing Standards Board which delays by one year the effective date of SAS 136 from December 15, 2020 to December 15, 2021 and permits early implementation. ORIGINAL BLOG - In July 2019, the AICPA...
Bonus Depreciation Under the Tax Cuts and Jobs Act
The Modified Accelerated Cost Recovery System (MACRS) is required for most tangible depreciable property placed in service after the year ending December 31, 1986, unless certain specific exceptions apply. The useful lives under MACRS include 3, 5, 7, 10, 15, 20,...
2020 Inflation Adjustments Affecting International Tax Issues
It's that time of the year again! The IRS has issued its 2020 inflation adjustments. Just like last year, we will provide you with an overview of the adjustments related to international tax items for tax year 2020. Please feel free to hop over to our 2019 inflation...