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Be Prepared For Your Tax Appointment

While 2020 was a year most of us would like to forget, we still need to look back to get ready for tax time.  COVID-19 presented a host of issues that make preparing for your annual tax appointment different

COVID Relief News We Have Been Waiting For!

The Consolidated Appropriations Act of 2021 Last night the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill. The measure now goes to President Trump for his signature. The bill provides $600 stimulus payments to individuals,

Reasonable Compensation for S-Corporation Shareholders

The IRS requires S-Corporation shareholders to take reasonable compensation.  What exactly is reasonable compensation?  The IRS defines it as “the value that would ordinarily be paid for like services by like enterprises under like circumstances.”  In other words, what

New NYS Sick Time Law

The New York State Sick Leave Law which was part of the State’s Budget for Fiscal Year 2021, became effective on September 30, 2020.  Employees may begin using the New York State Sick Law on January 1, 2021. Here

Is My RV or Boat Tax Deductible?

I just returned from a family road trip, during which we saw countless trailers, RV’s and boats which gave me the idea for this blog.  Can you deduct expenses for your trailer, RV or boat? If you own a

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