Category: Insights

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

When the Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in 2019, it included several provisions concerning IRAs and required minimum distributions (RMDs). However, many beneficiaries were unsure how to navigate the new legislation as these changes lacked specifi Read More

The IRS recently announced that it will increase the standard mileage rate for qualified driving expenses for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. As of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, compar Read More

A statewide decoupling from IRC 280e, a major update for business owners in the cannabis industry, was included in New York state’s 2022-2023 budget and signed into law last month by Gov. Kathy Hochul. The code, still enforced at the federal level, prohibits cannabis business owners from de Read More

100% bonus depreciation is scheduled to expire at the end of 2022 and will decrease over time until it’s phased out by 2027. The current law, passed under the Tax Cuts and Jobs Act of 2017 and finalized in 2020, gives business owners the option to deduct a larger percentage of qualified ass Read More

For the 2022 tax year only, the deadline for making the New York State Pass-Through Entity Tax election has been extended to September 15, 2022. This update, signed on May 6 by New York Governor Kathy Hochul, will allow taxpayers who missed the original March 15 deadline to take advantage of Read More

Are you looking for an easier, more efficient way to manage your company’s bill pay? Manually entering invoices and waiting on approvals and signatures can cause significant delays. Fortunately, there is a better way with Bill.com. Bill.com uses automation technologies and digital processes Read More