Keep these state farmer tax credits in mind

Here are the most important tax credits to consider for your farm or ag-related business As Congress continues to debate federal tax reform legislation, New York State farmers and ag-related producers should be aware of state tax credits in 2017. These credits, designed for New York’s agricultural industry, can help producers further manage their tax …

Continue reading Keep these state farmer tax credits in mind

This One Thing Can Boost Construction Business Profits

Although it’s tempting to stick with the same trusted bookkeeper you know and love, the complexity of construction bidding and cash flow could prevent you from boosting the construction business profits you deserve. As your company grows, this one thing is worth the investment. Hire a CPA. Keep your loyal bookkeeper (especially if it’s a …

Continue reading This One Thing Can Boost Construction Business Profits

Takeaways on Estate Planning Trends from Heckerling Institute

By Thomas P. Terry, CPA, Partner I spent the week of January 24 at the 53rdAnnual Heckerling Institute on Estate Planning provided by the University of Miami School of Law. As always, it was a week full of exceptional speakers with even better thoughts and ideas. Yes, this is what I do for fun while …

Continue reading Takeaways on Estate Planning Trends from Heckerling Institute

What to Expect from an Employee Benefit Plan Audit

An employee benefit plan audit is something a plan administrator should see as a tool to help protect their most valuable company asset – their employees. In 1974, the Employee Retirement Income Security Act (ERISA) was established to set minimum standards for employee benefit plans of private-sector employees. Over the years, it has been amended …

Continue reading What to Expect from an Employee Benefit Plan Audit

Qualified Business Income Deduction – Section 199A

The Tax Cuts and Jobs Act (TCJA) adds a new deduction for noncorporate taxpayers for qualified business income. The deduction reduces taxable income, rather than adjusted gross income, and is available to taxpayers who qualify, even if they take the standard deduction. The deduction is 20% of the taxpayer’s qualified business income (QBI) from a partnership, …

Continue reading Qualified Business Income Deduction – Section 199A