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.
How to Raise Funds in an Uncertain Environment
While the global pandemic brought many hardships, it also encouraged a great deal of generosity. 2020 and 2021 were two of the strongest giving years on record, but now we enter a new, post-pandemic era with great economic uncertainty. 2022 saw decreases in overall...
Key Aspects of the Nonprofit SEAT Act
On April 26, 2022, the House of Representatives introduced the Nonprofit Sector Strength and Partnership (SEAT) Act. This bill aims to reinforce the relationship between nonprofits and the federal government, identify common goals, achieve common objectives, encourage...
Revenue Recognition for Software as a Service Companies
The revenue recognition standard, ASC 606, applies to all industries; however, there are certain unique items to consider when accounting for software and software-as-a-service (SaaS) contracts under these rules. Two important terms to understand before determining...
Ways to Manage Charitable Giving
Charitable giving affords crucial support to nonprofit organizations that are providing essential services to communities. With a little planning, they also offer potential income tax savings to the donor. For income tax purposes, the amount of a deductible...
NYS PTET Opt-In Deadline Upcoming
The New York State Pass-Through Entity Tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. Who is eligible? Any partnership [including a limited...
Sciarabba Walker & Co., LLP Wins ClearlyRated’s 2023 Best of Accounting Award
The accounting and business consulting firm Sciarabba Walker & Co., LLP has received ClearlyRated’s Best of Accounting® Award for 2023. ClearlyRated is an industry leader in client satisfaction surveys, and the award recognizes public accounting firms that have...
Do You Need to File Form 1099?
With year-end rapidly approaching, the 1099 filing due date of January 31, 2023, is right around the corner. If your business pays an individual or company more than $600 for services or rent, you may be required to file Form 1099. The information below explains the...
Proposed Changes to Required Minimum Distributions
The “Setting Every Community Up for Retirement Enhancement” Act, or SECURE Act, was enacted on December 20, 2019. Over two years after the law was enacted on February 23, 2022, the IRS issued proposed regulations on the SECURE Act, which include changes to inherited...
Year-End Giving to Charity or Loved Ones
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive...
Strategies for Investors to Cut Taxes as Year-End Approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals...