8321 Main Street, Williamsville, NY 14221
Solutions Beyond the Obvious.
Solutions Beyond the Obvious. More than a theme line, it's the philosophy that Tronconi Segarra & Associates' partners adopted many years ago to convey how they, and all Firm associates, serve and work with our clients...providing more in-depth information, taking a closer look at our clients' business activities, inquiring about more than just accounting, auditing and tax matters, ensuring that our most senior level professionals are intimately involved in every client engagement, and tapping into the unique, collective expertise and experience of all of our associates to develop innovative ways to assist our clients in achieving their objectives.
Over the years, our clients have told us that our solutions have made a difference in their businesses and given them the confidence to take the next steps -- acquire a new business, expand a plant, open a new branch, prepare to sell, hire additional employees, secure external financing, develop an executive compensation program, market internationally, and more. In other words, grow, prosper and provide opportunity to numerous stakeholders...employees, vendors, customers...even the cities and towns in which they do business.
This is what makes Tronconi Segarra & Associates different. A practiced commitment to put our clients first. A dedication to maintain the highest ethical standards. A belief that the trust we have earned from our clients is more precious than gold. And a desire to constantly improve, challenge ourselves, and do better each and every day.
Thank you for visiting our web site. Please feel free to contact me if you would like to learn more about us and how we make a difference in our clients' businesses each day.
Jim Segarra, CPA
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ACA Update: Small Businesses Await Action by Congress
Small business employers (those with fewer than 50 employees) - beware: If you are among the 14 percent of small businesses nationally that reimburses its employees for some or all of the costs incurred when obtaining individual market health insurance, you are risking catastrophic Internal Revenue Service (IRS) penalties. Why? Because trying to help your employees cover such costs (because you can't afford to offer a group-sponsored health insurance plan) is now against the law as legislated by the Affordable Care Act.
Starting July 1, 2015, businesses face fines of $100 per day, per employee, if found to be reimbursing employees for health care insurance or medical bill expenses. Many ACA experts have said this is an unintended consequence of the law. In fact, bipartisan legislation has been introduced in both the House (H.R. 2911) and the Senate (S. 1697), both aptly named the Small Business Healthcare Relief Act. However, since neither branch has acted on their proposed legislation to date, the fines against small businesses could be growing and growing.
"It's the biggest penalty that no one is talking about," said Kevin Kuhlman, National Federation of Independent Business (NFIB) policy director. "The penalty for compensating employees for healthcare-related expenses is enough to destroy most small businesses." Kulhman noted that small businesses that get caught helping their employees purchase insurance or pay medical bills can be fined 18 times more than larger employers that don't provide health coverage at all.
The National Association for the Self-Employed, an advocacy group for the self-employed and micro-business community, has called on the U.S. Treasury Department to immediately delay the policy implementation until the end of 2015 in order for bipartisan legislation to be passed through Congress and remedy the situation.
The NFIB is asking small business owners to share their stories on this subject with Congress. Visit http://www.nfib.com/article/were-fighting-hard-on-your-behalf-and-we-need-your-help-64188/ to let Congress know how this regulation may be impacting you and your employees.
Joe Falbo - Q&A With The Buffalo News
Tronconi Segarra & Associates partner Joe Falbo was featured in a great Q&A article in the Sunday, June 28th issue of The Buffalo News. Click here to read all about it!
SCOTUS Upholds Subsidies
In a 6 - 3 decision in King v. Burwell, the Supreme Court of the United States today voted to uphold the Affordable Care Act individual health insurance subsidies purchased from marketplaces that are either state-run or those run by the federal government.
The decision spurred a rally of health care stocks as well as intense political backlash by those opposing Obamacare and today’s decision. While the SCOTUS’s decision means less disruption to the current legislation and the systems that are in place, it may not be the end of the ACA controversy, considering that 2016 is a presidential election year.
On May 14, the NYSSCPA held its annual dinner meeting to announce the new officers for the upcoming year, which begins June 1. Congratulations to Joe Falbo who will be the 2015-2016 president of the NYSSCPA! See below for the slide ad that the Firm ran at the annual dinner to show our support for Joe and the NYSSCPA. As a further show of support, several partners flew to NYC to attend the dinner at the Eventi Hotel.
Bloomberg BNA publishes article from Tom Mazurek
Tom Mazurek, Tronconi Segarra & Associates' State & Local Tax Principal, was recently invited by Bloomberg BNA to write an article for their Weekly State Tax Report, a high honor indeed. Tom chose to write about how to actively manage compliance issues during a NYS sales tax audit. The over 5,500-word article was published on April 23rd, but if you did not have the chance to read the publication or view it online, you can read the article here.
Please feel free to contact Tom at email@example.com if you have any questions or feedback about his article or state and local tax / sales & use tax issues in general. Tom is also the New York State blogger for SalesTaxSupport.com, one of the nation's leading sales tax information web sites.
Partner's Article for Buffalo Niagara
Enterprise Explains NYS Corporate Tax Changes
Citing the significant changes to New York State corporation tax laws that went into effect on January 1, 2015, Tronconi Segarra & Associates' Partner Andy Toth authored an article for the Buffalo Niagara Enterprise (BNE) to explain how businesses in New York State can benefit from these new laws. Many of the changes are aimed at simplifying an overly complex system of taxation, including the elimination of some taxes and revisions to the tax bases. Also included are changes that will greatly benefit qualifying New York State manufacturers by reducing the income tax rate to 0% and creating a 20% real property tax credit. Click here to read Andy's full article on the BNE web site, and feel free to contact Andy at firstname.lastname@example.org if you have questions or would like additional information.
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Are you a beneficiary of a Canadian RRSP or RRIF? The IRS has news for you. Click here to read more.