August 2024

Internal Revenue Service Announces Plan for Compliance Efforts Regarding Employee Retention Credit

The Internal Revenue Service (IRS) introduced the Employee Retention Credit to aid businesses affected by the pandemic. However, some filed improper claims due to misleading marketing schemes. In response, the IRS intends to deny thousands of high-risk claims to protect taxpayers. This article explains the IRS's plans for compliance, the risks associated with improper claims and guidance on assessing your eligibility.

Many Factors Are Involved When Choosing a Business Entity

Anyone starting a new business or considering changing their business entity needs to determine what will work best for them. Should they operate as a C corporation or as a pass-through entity such as a sole proprietorship, partnership, limited liability company (LLC) or S corporation? There are many aspects to consider.

Keep Control Over Inventory at Your Business

Inventory is expensive, so it needs to be as lean as possible without compromising revenue and customer service. This article provides suggestions to help businesses trim the fat from inventory, as well as inventory ratios for benchmarking and evaluating their mix of products.

A Tax Break for Educators Gets an Update

Teachers who are getting their classrooms ready for a new school year often pay for some of their classroom supplies out-of-pocket. They may be able to get some of that cost back by taking advantage of a special tax break for educators. This deduction improved after the Tax Cuts and Jobs Act became effective in 2018. Here’s how eligible teachers and other educators can benefit.

Using an IRA Withdrawal for a Qualified Home Purchase

Taxpayers hoping to purchase a home may find themselves short of cash for a down payment or related costs. That’s where withdrawing from an IRA could come in handy. But for taxpayers who are below age 59½, the IRS considers that to be an “early withdrawal,” which is generally subject to a 10% tax penalty. However, exceptions apply, including one for certain home purchases. This article highlights the details.

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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-five-year 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.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street, Suite 101, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

3001 N. Rocky Point Drive, Suite 214, Tampa, FL 33607

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