Changes to Employee Benefit Plan Audits Are on the Horizon
August 25, 2021 In July 2019, the American Institute of Certified Public Accountants (AICPA) released new audit requirements for employee benefit plans through the issuance of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The AICPA issued SAS 136 in […]
SBA Streamlines Forgiveness for Smaller PPP Loans
August 03, 2021 The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes at a […]
Now May Be the Right Time to Acquire a Business
July 27, 2021 The COVID-19 pandemic has resulted in financial losses for many businesses. As a result, some owners may be looking for an exit strategy. In this uncertain market, some investors see opportunity. For those who are able, now can be a good time to acquire a distressed business with an eye to turning […]
Is Your Buy-Sell Agreement Up to Date?
June 28, 2021 A buy-sell agreement is a critical tool for owners of closely held construction companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled or otherwise leaves the company. And it creates a market for departing owners’ shares, providing the owners and their families with liquidity and ensuring […]
Employee Retention Tax Credit – Are You Eligible Now?
June 17, 2021 The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit (ERC), a refundable tax credit that provided incentives to eligible employers to retain employees during the COVID-19 pandemic. Upon enactment the ERC credit was available only to businesses that did not receive a forgivable Payroll Protection Program (PPP) […]
Dannible/McKee and Associates Named One of Central New York’s Best Places to Work in 2021
June 02, 2021 Dannible/McKee and Associates, Ltd, and its affiliate firm Dannible & McKee, LLP, have been recognized for the second year in a row, as one of Central New York’s Best Places to Work in 2021. Presented by BizEventz, in collaboration with the CNY Business Journal, this prestigious award recognizes workplaces in Central New York, […]
Considering a Roth IRA Conversion
June 01, 2021 Investors have long grappled with the conundrum of whether to opt for a traditional or Roth IRA. One factor that might tip the scales toward a Roth is a downturn in the value of your investments. If you have a traditional IRA, a decline may provide a valuable opportunity to convert your […]
Dannible/McKee and Associates Hires New Marketing Coordinator
May 12, 2021 Dannible/McKee and Associates, Ltd. is pleased to announce that Jill Charsky has joined the firm as a marketing coordinator in the marketing department. In this role, Jill will be responsible for the firm’s CRM database, as well as social media, written communications, event planning and web analytics. Before joining the firm, Jill […]
An S Corporation Could Cut Your Self-Employment Tax
May 17, 2021 If your business is organized as a sole proprietorship or as a wholly owned limited liability company (LLC), you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by conducting business as an S corporation. Fundamentals of Self-Employment Tax The self-employment tax is […]
PPP Application Deadline Extended
March 30, 2021 President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, […]