The “payroll tax holiday,” which was scheduled to end on December 31, 2011, was extended by Congress through the end of February. But with partisan politics playing a major role as national elections loom in 2012, the long-term outcome is far from certain. For the time being, let’s look at the way things used to [...]

The following table provides some important federal tax information for 2012, compared with 2011. Some of the dollar amounts change due to inflation. Other amounts are changing due to legislation.    

To survive and thrive in a competitive marketplace, companies need to secure help and guidance from a wide range of sources. To do so, many companies create advisory boards, or more formally, a board of directors to help guide them and hopefully facilitate growth. If your company plans to go public, it will be required [...]

As the new year begins, we face the usual uncertainty about what will happen to a slate of federal income tax breaks that expired on December 31. If you pay attention to tax issues, you know this has become an annual ritual. What could happen to all these tax breaks? In some cases, Congress may extend [...]

Shafiq N. Jalal has received the prestigious Accredited Senior Appraiser (ASA) designation from the American Society of Appraisers, specializing in business valuation. The American Society of Appraisers is the oldest and only major internationally recognized organization of multidisciplinary appraisal specialists. Shafiq has successfully completed the extensive educational proficiency and experiential requirements to attain his ASA [...]

Is your company giving employee gifts this holiday season? Unexpected tax implications can tarnish such gestures. There are strict rules attached to employer gifts and awards that often confuse businesses and recipients. Here is a rundown of the tax rules to keep in mind.   With the holidays coming up, it’s a good time to [...]

Americans donated more than $290 billion to charitable causes last year, according to the Giving USA Foundation. That represents an increase of 3.8 percent from the year before. Despite the economy, many Americans continued to give generously. The holidays are a popular time to make gift donations. If you’re getting ready to donate, be aware of the [...]

On the heels of the new corporate electronic payment mandate, New York State is moving in the same direction for individual taxpayers.  Fortunately, the new electronic payment rules for individuals using tax software are not as strict as the corporate rules and will allow checks to be sent if accompanied by the appropriate voucher.  There [...]

Please join the Partners in welcoming two new Senior Accountants to our firm Daniel Byles-Smith, CPA, has joined the firm as a Senior Accountant. Daniel is a 2009 graduate from Purdue University and has moved to the Buffalo area from Chicago, where he was previously associated with a local CPA firm.  Daniel has extensive tax [...]

The State of New York has recently announced that starting on December 1, 2011, corporate estimated tax payments must be made in electronic format, either from the New York website or traditional electronic filing.  This means you can no longer write a check and put it in the “snail mail”. New York has become the [...]