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 “manufacturers’ deduction” isn’t just for manufacturers
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the manufacturers’ deduction. But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199...
Sciarabba Walker & Co., LLP Launches International Tax Blog
We are pleased to announce the launch of our new International Tax Blog. The blog features original content written by members of our International Tax Group. Each week, a new blog post examines a specific international tax issue and how it affects individuals or...
The investment interest expense deduction: Less beneficial than you might think
Investment interest—interest on debt used to buy assets held for investment, such as margin debt used to buy securities—generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction...
Amy Iles Admitted to the Partnership at Sciarabba Walker & Co., LLP
Accounting and business consulting firm Sciarabba Walker & Co., LLP is happy to announce the promotion of Amy Iles to partner, effective January 1, 2017. Ms. Iles joined Sciarabba Walker in 2006 as a senior accountant and was promoted to tax manager in 2012. She...
Deduction for state and local sales tax benefits some, but not all, taxpayers
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who...
Help prevent tax identity theft by filing early
If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16. But there’s another...
New York State Increases to Overtime Exempt Salary Threshold
The New York State Department of Labor rule that increases overtime exempt salary thresholds for New York employees is now in effect as of December 31, 2016. Employers in New York must comply with the new overtime salary thresholds as outlined in the chart below....
2017 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you are meeting all...
New York State Minimum Wage Increase Chart
Changes to minimum wage in New York State take effect December 31, 2016. The minimum wage rate is tiered by region and depends on the geographic location of the workplace, the size of the employer’s workforce, and the calendar year. Below is a breakdown of the rate...
Few changes to retirement plan contribution limits for 2017
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2017. The only limit that has increased from the 2016 level is for contributions to defined contribution plans, which has gone up...