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Fake charities make 2018 ‘Dirty Dozen’ list; Taxpayers should be alert to scams involving disasters, worthwhile cause WASHINGTON — The Internal Revenue Service warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These ‘fake’ charities attempt to attract donations… Read more »

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Many people (including some tax accountants) do not know, or forget, that there is a potential significant tax benefit for having invested in a startup business that is either a C Corporation or converts to a C Corporation from another structure such as a Partnership or LLC.  This benefit comes by way of what is… Read more »

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Now that the dust is beginning to settle on the release of the Tax Cuts and Jobs Act, a big taxpayer concern I’ve encountered is the loss of a tax benefit from charitable contributions.  But alas! In certain situations your tax benefit may not have disappeared for either individuals or business owners! First thing is… Read more »

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The Kane Family is hosting a Column of Hope picnic for those affected by Chiari, syringomyela and related disorders including Ehlers-Danlos syndrome on Sunday July 8, 2018.  This is a relaxed, enjoyable evening that allows the Buffalo medical community, families, friends and patients to share experiences. Read more about the event in the West Seneca… Read more »

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This post is geared for college students considering taking the CPA exam  – because as everything in life, it all comes down to planning and looking ahead! The first part of the post is geared towards first and second year college students. The remainder focuses on strategies to study for the CPA exam that I… Read more »

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The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. TCJA is broad in nature and represents the most sweeping tax reform in over 30 years. Most changes begin 1/1/2018, directly affecting your 2018 tax return, and will sunset on 12/31/2025 if not extended. The bill is vast and contains… Read more »

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The purpose of this post is to alert you of a significant new tax deduction taking effect in 2018 under the new Tax Cuts and Jobs Act (TCJA) tax law. It should provide a substantial tax benefit to individuals with “qualified business income” from a sole proprietorship, farm, rental, partnership, or S corporation. The new… Read more »

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The recently enacted Tax Cuts and Jobs Act (“TCJA”) is a sweeping tax package. Here’s an overview of some of the more important business tax changes in the new law. Unless otherwise noted, the changes are effective for tax years beginning in 2018.   New fringe benefit rules. The new law eliminates the 50% deduction… Read more »

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Andrew Ziolo Andrew attended Canisius College and subsequently gained a great deal of experience from the NYS Department of Taxation and Finance and several regional Western New York Firms. Andrew was welcomed into The Kane Firm in June 2016 as a Tax Manager. Andrew wears many hats at the firm and likes a good challenge!  From everyday tax questions to the… Read more »