Keys to Ownership Transition and Business Succession Planning
June 08, 2020 Business succession planning is essential for all privately-owned companies and the importance of a detailed plan is magnified during periods of economic upheaval. Planning for ownership transition is even more critical for companies that may also rely on future owners to be key members of management and possibly rainmakers who generate sales. […]
PPP Borrowers Get Concessions, Additional Guidance on Forgiveness
June 05, 2020 The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an interim final rule from […]
Business Meal Deductions: The Current Rules Amid Proposed Changes
June 01, 2020 Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s unclear whether Congress would go along with enhanced business […]
IRS Releases 2021 Amounts for Health Savings Accounts
May 26, 2020 The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is […]
Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren’t Deductible
May 18, 2020 The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: PPP Basics The CARES Act allows a recipient of a PPP loan to use the proceeds to pay payroll costs, certain employee healthcare […]
The IRS Clarifies the Deductibility of PPP-Funded Expenses
May 08, 2020 The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid for with forgiven, tax-free PPP loan proceeds are deductible business expenses under Section 162 of the Internal Revenue Code (IRC). The guidance in IRS Notice 2020-32 doesn’t […]
Kaitlyn Hensler, CPA, CFE, Earns the Certified in Financial Forensics Designation
February 20, 2020 Dannible/McKee and Associates, Ltd is proud to announce that Kaitlyn Hensler, CPA, CFE, earned the designation of Certified in Financial Forensics (CFF) from the American Institute of Certified Public Accountants (AICPA). The credential, Certified in Financial Forensics (CFF), combines specialized forensic accounting expertise with the core knowledge and skills that make CPAs […]
Dannible & McKee, LLP Names Alex Nitka to Partner
July 01, 2019 Dannible & McKee, LLP, a certified public accounting and consulting firm with offices in Syracuse, Binghamton and Albany, New York, is pleased to announce the promotion of Alex Nitka, CPA, to tax partner. Nitka started with the firm in 2008 and has experience in all areas of income taxation, including individual and […]
Dannible/McKee and Associates, Ltd. Principals Are Featured Speakers at the ACEC Convention
May 01, 2019 Dannible/McKee and Associates Ltd. principals Deborah E. Finch, CPA/ABV, CVA, CDA, and Victor W. Vaccaro, Jr., CPA/ABV, CFF, CDA, will advise an audience of engineers professionals as featured speakers at the American Council of Engineering Companies of New York (ACEC) Annual Convention. The ACEC’s annual convention will host over 1600 attendees at […]
Dannible & McKee, LLP Announces New Location at Mohawk Harbor in Schenectady, New York
April 18, 2019 Dannible & McKee, LLP, a full-service certified public accounting and consulting firm, is pleased to announce the opening of their new regional office location in Schenectady, New York. The new space, located at 220 Harborside Drive, Suite 201, will enable Dannible & McKee to continue to accommodate growth in Eastern New York. […]