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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 »

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File this form for each person to whom your business paid during the year: Payments paid to a single contractor, individual, partnership, or LLC totaling $600 or more for services performed (ie consulting, maintenance, lawn care etc.) Payments totaling $600 or more for rent paid to an individual, partnership or LLC (ie office space, machines, equipment… Read more »

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Eight Tips to Protect Taxpayers from Identity Theft   Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they… Read more »

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Blog update for the 2017 Tax Cuts and Jobs Act!! For those of you who may have not yet heard, the 2017 Tax Cuts and Jobs Act put a major damper on tax deductions for entertainment expenditures. Basically for 2018 and going forward the tax deduction for entertainment deductions is stuck at a measly 0%…. Read more »

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Checking the Status of Your Tax Refunds!   Checking the status of your tax refunds may seem like a process however it is fairly simple. To check the status of your IRS Refund, you will need: To visit: https://www.irs.gov/refunds SSN number Filing Status (Single, Married Filing Jointly , etc.) Exact refund amount You can also use the… Read more »

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S Corporations: Cut- Off vs. Pro Rata Year End   Most taxpayers know that the tax code is very complicated and sometimes unfair but are unaware of the actual intricacies and potential pitfalls that await the unsuspecting.  An example of one of these cases is if you own at least 20% of an S Corporation… Read more »

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Surviving the Tax Season! Here at The Kane Firm, we are always looking for new ways, both large and small, to relieve stress and squeeze out a few smiles during tax season.   This year, Danielle and Courtney, our firm coordinators, designed survival kits for each employee.     Included in our kits were: Stress… Read more »