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.
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...
Medical Expenses: What It Takes to Qualify for a Tax Deduction
As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary...
The In’s and Out’s of ITIN Renewal for 2020
An ITIN is a tax ID number used by taxpayers who don't qualify for a Social Security number. Certain ITINs expire at the end of each year, so if you have an ITIN, it is important to be aware of the expiration. Any ITIN with middle digits 83, 84, 85, 86 or 87, as well...
Congress gives a holiday gift in the form of favorable tax provisions
As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also...
Holiday parties and gifts can help show your appreciation and provide tax breaks
With the holiday season in full swing, your business may choose to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they tax deductible by...
Do you have a side gig? Make sure you understand your tax obligations
The number of people engaged in the “gig” or sharing economy has grown in recent years, according to a 2019 IRS report. And there are tax consequences for the people who perform these jobs, such as providing car rides, renting spare bedrooms, delivering food, walking...