March 2022
Featured Article From Our Experts
Don’t Miss the New York State Pass-Through Entity Tax Program Election for the 2022 Tax Year!

The New York State pass-through entity tax (PTET) is an optional, entity-level tax which provides a workaround to the state and local tax (SALT) cap that was enacted with the Tax Cuts and Jobs Act (TCJA) of 2017. Eligible entities that want to participate in the 2022 PTET program must make an irrevocable election by March 15. In this article, I will review the details of the PTET, including who qualifies and how to make an election.

Slim Your 2021 Tax Bill by Fattening Your IRA
It may not be too late to lower your 2021 tax bill. Qualified individuals can still make deductible contributions to traditional IRAs until the tax filing date of April 18, 2022, and claim the deduction for 2021. This article provides details on eligibility and contribution limits, as well as alternate strategies.
Hiring? You May Be Eligible for a Valuable Credit
Business owners who intend to hire should be aware of a recent law that has extended a valuable credit through 2025 to those that hire members of certain targeted groups. In this article, we will review the Work Opportunity Tax Credit and how employers can qualify to claim it.  

What To Do About Fraudulent Credit or Debit Card Charges
It’s an awful feeling to learn that your credit or debit card has been used fraudulently. Whether you’re liable for charges typically depends on the type of card, whether you still possess the card and when the card issuer is alerted. This article provides further details on what you should do about fraudulent charges.
Act Fast and You May Avoid Forfeiting FSA Funds
An employer-sponsored flexible spending account allows participants to pay health care costs with pre-tax dollars and be reimbursed, tax-free. Unused funds at year-end may be forfeited unless the plan includes one of two exceptions. In 2021, the IRS added some items to the list of qualifying expenses. This brief article provides the details.

About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty plus years' history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com.