A significant but overlooked provision in the tax law passed last December is related to Opportunity Zones. This provision seemed to slip past most professionals and taxpayers alike last January as everyone was attempting to digest the many changes for ...

Tagged with: James Saylor Keeping Your Balance

Cyberattacks are increasing in sophistication and magnitude of impact across all industries globally. According to a recent report issued by the U.S. Security Exchange Commission (SEC) the average cost of a cyber data breach is $7.5 million and is continually ...

Tagged with: Jackie Lee Keeping Your Balance

The provisions of the Tax Cuts and Jobs Act of 2017 (the Act) present significant opportunities for estate planning. Below is a summary of the key provisions under the Act and a discussion of key estate planning strategies to consider. ...

Tagged with: Anthony Sandonato Keeping Your Balance

Under the Tax Cuts and Jobs Act, far few taxpayers will itemize their deductions when filing their tax returns for 2018 and beyond. This has sent many charities into a bit of a panic as many would be charitable givers ...

Tagged with: Keeping Your Balance Kristina Stamatis

A number of the tax reform provisions favorably impact accounting methods for federal income tax purposes, including full expensing and the small taxpayer simplification. First, the new law extends and modifies bonus depreciation through 2026 (or through 2027, for longer ...

Tagged with: Keeping Your Balance Thomas L. Wolf

It’s October. The Buffalo Bills are on yet another Super Bowl run, the leaves are turning, and we have weeks with highs approaching 80 degrees and lows reaching the 30s. These are the telltale signs that now is the time ...

Tagged with: Keeping Your Balance Kevin R. Kopp

The IRS recently issued Notice 2018-71 providing guidance on the employer credit for paid family and medical leave under Section 45S of the Internal Revenue Code. Section 45S establishes a general business credit that employers may claim based on a ...

Tagged with: Caitlin Langmead Keeping Your Balance

The statistics are clear: The age landscape is changing and will continue to change in the next decade and the Greater Rochester Area is not immune to this impending “Silver Tsunami.” Consider the following facts and figures… At a Macro ...

Tagged with: Keeping Your Balance

In light of Hurricane Florence, I wanted to point out some important information released by the Internal Revenue Service this week — as well as some unfortunate reminders that there are scammers out there looking to take advantage in these ...

Tagged with: Keeping Your Balance Megan Broomfield

To some employees, a loan from their retirement plan account seems like a convenient and quick way to access some much-needed cash. However, these transactions can carry pitfalls with them that both participants and plan sponsors need to be wary ...

Tagged with: Bill Green Keeping Your Balance

The Tax Cuts and Jobs Act (TJCA) included several provisions that will allow more taxpayers to take advantage of some tax methods previously unavailable to them. These provisions contain the following changes: Expanded use of the overall cash method of ...

Tagged with: Jenifer Kloppel Keeping Your Balance

The IRS is working on a new Form 1040 for the 2019 tax season and announced in late June that they are streamlining the Form 1040 into a “shorter, simpler postcard-sized” form intended to replace and consolidate current Forms 1040, ...

Tagged with: Keeping Your Balance Raechel Taddei