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.
Depreciation-related breaks on business real estate: What you need to know when you file your 2018 return
Commercial buildings and improvements generally are depreciated over 39 years, which essentially means you can deduct a portion of the cost every year over the depreciation period. (Land is not depreciable.) But special tax breaks that allow deductions to be taken...
Should You Serve as Executor?
When someone asks you to serve as executor of his or her estate, it is generally meant as a compliment that he or she trusts you to serve in this important role. But don't simply accept the role before you have given the matter serious thought. Not only does the job...
There’s still time to get substantiation for 2018 donations
If you’re like many Americans, letters from your favorite charities have been appearing in your mailbox in recent weeks acknowledging your 2018 year-end donations. But what happens if you haven’t received such a letter—can you still claim an itemized deduction for the...
SALT Alert: New York Issues Guidance on Remote Sales Tax
The New York State Department of Taxation and Finance recently published guidance on the requirements for out-of-state vendors to register and charge sales tax. This guidance follows the Supreme Court ruling in South Dakota v. Wayfair, which removed the physical...
What will your marginal income tax rate be?
While the Tax Cuts and Jobs Act (TCJA) generally reduced individual tax rates for 2018 through 2025, some taxpayers could see their taxes go up due to reductions or eliminations of certain tax breaks—and, in some cases, due to their filing status. But some may see...
The New Revenue Recognition Standard Is Here – Is Your Organization Ready?
Effective for annual reporting periods beginning after December 15, 2018, all U.S. Generally Accepted Accounting Principles (GAAP) nonpublic entities are subject to the new revenue recognition guidance under Accounting Standards Codification (ASC) 606. The standard...
2019 Inflation Adjustments Affecting International Tax Issues
At the end of each year, the IRS adjusts certain tax items to account for inflation. The 2019 inflation adjustments were recently announced for more than 60 tax items. Of those, here are some of the adjustments related to international tax items: Inflation Adjustments...
Two major tax law changes for individuals in 2019
While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care...
Renata Dabrowska Promoted to Partner at Sciarabba Walker & Co., LLP
Accounting and business consulting firm Sciarabba Walker & Co., LLP announced the promotion of Renata Dabrowska to partner, effective January 1, 2019. With Ms. Dabrowska’s promotion, women now make up 50 percent of the firm’s partners. Ms. Dabrowska joined...
The TCJA’s Impact on Home Office Deductions
The Tax Cuts and Jobs Act suspended miscellaneous itemized deductions, including the deduction for unreimbursed employee business expenses (expenses ordinary and necessary to your profession, but not reimbursed by your employer). Under the old law, some employees who...