On April 7, New York Governor Kathy Hochul signed the state’s 2022-2023 budget into law, which includes several updates relevant for New York pass-through entities (PTE). Assembly Bill A 9009C/Senate Bill S8009C modifies the existing New York State Pass-Through Entity Tax (SPTET) program, p Read More
Is your accounts payable process straightforward? There are many tools out there that can help streamline the billing and collection process, such as Bill.com. Using technology for your accounts payable process can help reduce payment delays and the amount of time your team is spending on man Read More
Update: Status of ERC Refunds
Apr 14, 2022Did you claim the Employee Retention Credit (ERC) to help support your business throughout the COVID-19 pandemic? If you are still waiting for your cash refund, you’re not alone. While the IRS is still working on processing existing claims (some dating back to 2020), IRS Commissioner Charle Read More
Once your organization has evaluated and selected a new technology solution best suited to your needs, as covered in a previous blog post, it’s essential to develop a documented strategy and plan for both implementation and ongoing use. Mapping out your steps will help you better adhere to Read More
It’s been one year since New York state legalized recreational marijuana use. Former Governor Andrew Cuomo signed the Marijuana Regulation and Taxation Act (MRTA) into law on March 31, 2021. Along with legalizing the substance, the bill included the formation of the Office of Cannabis Manag Read More
Although exploring and implementing new technology seems like a daunting task, continual technology updates are crucial for the long-term health and success of your business. While there’s no shortage of applications available, it’s important that these solutions work best for your busine Read More
Over the past several years, many states have implemented certain taxes on the shareholders and members of various entities. These taxes are often called pass-through entity (PTE) taxes. As a result of the Tax Cuts and Jobs Act (TCJA), New York recently joined the growing list of states that Read More
The IRS has announced additional filing information for pass-through entities regarding two new tax forms — Schedules K-2 and K-3 — for the 2021 tax year. Schedules K-2 and K-3 replace, supplement and clarify the reporting of certain amounts formerly reported on a partner’s or sharehold Read More
Every business faces unique industry related challenges – and opportunities. Whether you are in the professional services sector or the commercial goods industry, you know that there are certain regulatory, technological, and operational complexities specific to your field and business. Pla Read More
Many companies have traditionally held the belief that all accounting and finance functions must be in-house and cannot be outsourced. As cloud technologies have advanced and workforce challenges have expanded, the benefits of outsourcing have multiplied. This has become even more apparent as Read More