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Category: Insights

Since 2006, the Financial Accounting Standards Board has been working on a new lease accounting standard intended to close the loophole of off-balance operating leases and to define what should and should not be included in lease accounting. One of the most significant changes to U.S. General Read More

The IRS recently announced updated guidance for the Work Opportunity Tax Credit (WOTC), which now requires employers applying for the program to submit a pre-screening and certification request document to their state workforce agency to be considered for the tax credit. The WOTC is intended Read More

Small businesses in New York State may be eligible to apply for tax credits to help address additional operational costs incurred as a result of the COVID-19 pandemic. With the COVID-19 Capital Costs Tax Credit Program, small business owners may receive a credit of up to 50% of qualified expe Read More

Implementing a monthly close process for your accounting department can help you gain a better understanding of the financial health of your business while allowing you to mitigate risks and plan for the future. Visibility into the financial results of prior months gives you a better pulse on Read More

New York Governor Kathy Hochul has signed a bill into law that expands New York City’s economic nexus rules and modifies the effective date for the New York City PTET to tax years beginning on or after January 1, 2022. The new legislation enacts a “bright-line” economic nexus standard f Read More

In a historic move, the IRS has announced it will waive most late filing penalties for the 2019 and 2020 tax years. In an effort to provide relief to taxpayers affected by the COVID-19 pandemic and get them into compliance as well as help the IRS focus its resources on processing backlogged t Read More

On Tuesday, August 16, President Biden signed the sweeping Inflation Reduction Act of 2022 into law. The Act is intended to lower the national deficit and, as a result, fight the rising inflation rate that has affected all aspects of the economy, including interest rates, consumer spending, e Read More

In October 2021, Gov. Kathy Hochul signed an employer-mandatory retirement savings program into law for all qualified New York employers. With the New York Secure Choice Savings Program, certain employers who do not currently offer retirement savings options will be required to administer a s Read More

The New York Department of Labor (DOL) has introduced a temporary interest surcharge to help the state address a substantial loan owed to the federal government. As a result of the COVID-19 pandemic, the NY DOL unexpectedly paid more than $110 billion in unemployment benefits between March 20 Read More

Protecting your company from fraudulent activity is a crucial part of managing a business and can often seem like a daunting task. As a business, most companies are not protected from fraud the way that consumers are. In fact, businesses are often held responsible for the fraudulent activity Read More