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 Changing Preferences of Younger Donors
While the dictionary definition of philanthropy is “the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes,” millennials have modernized the word to encompass a broader meaning of helping their community...
The New Leasing Standard – FASB ASU No. 2016-02
The date for implementing the new leasing standard is here. Sciarabba Walker recommends that an inventory of lease agreements is completed, and the various reporting requirements for year-end are taken into consideration. The effective date of the standard had...
NYS COVID-19 Capital Costs Tax Credit Program
New York State's $250 million COVID-19 Capital Costs Tax Credit Program provides financial assistance to small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to health-related...
New York State Homeowner Tax Rebate Credit (HTRC)
The New York State homeowner tax rebate credit (HTRC) is a one-year program benefitting nearly three million eligible homeowners in 2022. Eligibility To be eligible, you must have: qualified for a 2022 STAR credit or exemption, had income that was less than or equal...
The Tax Rules of Renting Out a Vacation Property
Summer is just around the corner. If you’re fortunate enough to own a vacation home, you may wonder about the tax consequences of renting it out for part of the year. The tax treatment depends on how many days it’s rented and your level of personal use. Personal use...
NYS Pass-Through Entity Tax 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...
High Technology Federal Tax Credits
Research & Development Credit The research and development (R&D) credit is a federal tax credit available to U.S. companies for increasing research activities. The research must be undertaken for discovering information that is technological in nature, and its...
Tips to Speed Processing This Tax Season
Earlier this month, the National Taxpayer Advocate, Erin M. Collins, released her 2021 Annual Report to Congress in which she warned of the IRS' backlog of over 10 million unprocessed returns entering this tax season and her expectation of delayed refunds. While...
Evan Ramiza Promoted to Partner at Sciarabba Walker & Co., LLP
Accounting and business consulting firm Sciarabba Walker & Co., LLP announces the promotion of Evan Ramiza to Partner, effective January 1, 2022. Mr. Ramiza joined Sciarabba Walker in 2011. He focuses on tax planning and preparation for individuals and small...
New York State Secure Choice Savings Program
On October 21, 2021, Governor Hochul signed legislation ensuring retirement plan security for private-sector employees. The seven-member New York Secure Choice Savings Program Board will run the program. This law will apply to both for-profit and non-profit employers...