Devino CPA, PLLC

01/04/2023

Did your business pay $600 or more to another business for services in 2022? If so, you may need to file 1099's by the January 31st deadline

If you own a small business or are self-employed, use this IRS guidance to determine if you need to file form 1099 or some other information return.

11/03/2022

Clients often ask what the best way to improve their tax situation is, and how they can reduce what they pay each year.

The truth is that nothing will give you a better opportunity to do that than being proactive, particularly if you’re a business owner or have substantial investments.

We are now entering tax planning season, which is a great time to get caught up with your accounting if you have gotten behind, see where you’re at financially year-to-date, and then look ahead to next year.

If you want to get a sense of where you will stand tax-wise for the upcoming filing season, or are interested to see if there is anything that can be done to mitigate your tax liability before year-end, you’re a great candidate for tax planning services.

If you are interested in planning, please give us a call or email [email protected] for more info and to see how we can assist you.

10/28/2022

Earlier this month the IRS released their inflation adjustments for the 2023 tax year. Because of the higher inflation that we have been seeing, these are the largest inflation adjustments announced in several years.

The adjustments are annual and affect several items including the standard deduction, tax brackets, and phase-out thresholds for several tax credits and deductions.

What does this mean for you? Though everyone’s circumstances are different, and the changes aren’t effective until 1/1/23, many taxpayers may pay tax at a lower rate for longer, potentially qualify for larger deductions and credits, and ultimately have a slightly lower tax bill when they file their returns in 2024.

09/22/2022

If you are a business owner in New York, there are a couple grant programs going right now that could be worth looking into:

First is the NYS COVID-19 Small Business Recovery Grant Program. This has been around for a while now and applies to businesses that were in existence pre-COVID. Applicants can be awarded a grant based on their 2019 business gross receipts.

Initially, many businesses did not meet the criteria to participate because there were strict eligibility requirements, but recently it has become substantially more widely available with the elimination of requirements both to show a 25% decline in gross receipts (2020 vs. 2019) and a net profit on your 2019 tax return. There are A LOT more businesses eligible with these changes than were eligible a couple weeks ago.

This is time sensitive as they are closing the application portal on September 30th. There are several eligibility requirements to qualify, but it’s worth looking at. The grants can be substantial (50K max). You can learn more about this program here:

https://nysmallbusinessrecovery.com/

Second is the recently launched NY Seed Funding Program. This is for relatively new businesses (started between 2018 and 2021), who had at least 5,000 in gross receipts on their most recently filed business tax returns. Similar to the recovery grant above, the amount is tied to gross receipts, and can also be substantial (25K max grant). There are several eligibility requirements for this one too, but many new businesses will qualify. You can learn more about this program here:

https://nyseedgrant.com/

09/15/2022

Just a quick reminder for the business owners out there that estimated income tax payments for the 3rd quarter of 2022 are due today, along with 2021 S-corp and partnership tax returns if they haven't already been filed.

08/25/2022

A wide-scale federal student loan forgiveness plan was announced yesterday. Here is what we know so far:

1. Up to $10,000 in student loan forgiveness will be granted to those making less than $125,000 (single) or $250,000 (married or head of household).

2. Up to $20,000 in student loan forgiveness will be granted to those who received Pell grants during college and who make less than $125,000 (single) or $250,000 (married or head of household).

3. Federal tax implications of forgiveness: Amounts forgiven will not be taxable for federal income taxes per the American Rescue Plan of 2021, if forgiven before 2026.

4. State tax implications of forgiveness: This is TBD. Though forgiveness amounts are exempt from federal tax, that doesn't necessarily mean that it is exempt at the state level. Each state will be different, but there is potential that forgiveness could trigger state income tax. New York typically follows federal tax treatment, but they do have the ability to decouple if they choose to. We should see more on this in the coming months.

5. Student loan payment pause extended through 12/31/2022.

6. If enrolled in an income-driven repayment plan, payments would be capped at 5% of income moving forward, instead of the current 10%.

08/24/2022

**For all the business owners out there and individuals who filed extensions**

As we are approaching the second “busy season” of the year, I wanted to send out a quick reminder of some tax deadlines coming up this fall that may be applicable to you. If there are any questions at all, please don’t hesitate to reach out. Thank you!

Due September 15th:

- Q3 2022 estimated income tax payments
- 2021 Partnership & S-Corp income tax returns that are on extension

Due September 20th:

- New York State sales tax for quarterly & monthly filers

Due September 30th:

- 2021 Calendar year trust & estate income tax returns that are on extension

Due October 17th:

- 2021 Individual income tax returns that are on extension
- 2021 Corporate income tax returns that are on extension

Due October 20th:

- New York State sales tax for monthly filers

08/11/2022

A HUGE thank you to everyone who followed and shared this page last night when it was announced. Quite a few people reached out to give their support and it was very much appreciated. My goal for this is to keep everyone updated with what the business is up to, and to periodically post some content and tax updates that might be interesting and a value add for the audience. If anyone wants to learn more about specific service offerings, please visit https://www.devinocpa.com/.

More to come soon — stay tuned!

- Dylan

We're a CPA firm focused on providing tax and accounting services to businesses and individuals of all income levels