Electricity and natural gas used in the production process by manufacturers in New York State are not subject to sales or use tax, which can add money to the bottom line. Sounds simple enough; but calculating the amount of exempt energy used in the production process can be complicated, requiring … [Read more...] about New Webinar: Sales Tax Utility Studies & Savings
News
Business Succession Planning – Steps to Selling Your Business
Jim Segarra, Managing Partner of Tronconi Segarra & Associates LLP and Jamie Batt, Partner at law firm Rupp Baase Pfalzgraf Cunningham LLC recently presented Part II of their webinar on Business Succession Planning Considerations in the Era of COVID-19 to a special audience of the Niagara … [Read more...] about Business Succession Planning – Steps to Selling Your Business
New Lease Accounting Standards: Important Facts to Know
On February 8, 2022, two of Tronconi Segarra & Associates' Partners, Chuck Pezzino, CPA, and Jeremy Blecha, CPA, presented a live webinar in which they discussed the new Accounting Standards Codification ("ASC") 842: Lease Accounting. This important information is relevant to every business that … [Read more...] about New Lease Accounting Standards: Important Facts to Know
Annual Payroll Tax and Form 1099 Update
Payroll Tax Update NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees, in addition to New York State provisions providing up to 14 hours of emergency sick time due to Covid-19. This requirement is based on the … [Read more...] about Annual Payroll Tax and Form 1099 Update
Part II: Cutting Ties with New York State – Statutory Residence Test
By Melissa S. Howell, CPA, Principal In our summer newsletter, we discussed cutting ties with New York State and highlighted the two tests used by the New York Tax Department for determining residency. We explored in some detail the first test, the Domicile Test and what steps an individual … [Read more...] about Part II: Cutting Ties with New York State – Statutory Residence Test
Required Minimum Distributions: Temporary Waiver Lifted & 2021 Refresher
By Michele Loretto, CPA, Manager The CARES Act provided taxpayers with temporary relief in 2020 from the requirement that retirees and beneficiaries of inherited IRAs withdraw and pay tax on their required minimum distributions (RMDs). The Act also provided relief for retirement age employees … [Read more...] about Required Minimum Distributions: Temporary Waiver Lifted & 2021 Refresher