News & Guidance.
Understanding accounting rules and tax law is no easy task. As recent legislation shows, the law is always changing too! The information below is designed to serve as a quick reference tool, not accounting or tax guidance.
If you have questions concerning any of the information below, we suggest you call our office.
IRS Limitation Changes For 2019
The IRS has released various rates and limitations for 2019 that you might find helpful. (READ MORE)
Understanding the new tax law is no easy task
As of January 1, 2018, the most significant changes to tax law in the past 30 years went into effect. Known as the Tax Cuts and Jobs Act (TCJA) Law, this law provides sweeping changes to how businesses and individuals are taxed. (READ MORE)
Ten Things Taxpayers Should Think About When Choosing a Tax Preparer
It’s the time of the year when many taxpayers choose a tax preparer to help file a tax return. These taxpayers should choose their tax return preparer wisely. This is because taxpayers are responsible for all the information on their income tax return. That’s true no matter who prepares the return. (READ MORE)
Is it possible that you could have unclaimed funds?
Many organizations are required by law to report dormant accounts to the State Comptroller. In addition, organizations are then required to notify you by mail and publish information in newspapers. Despite such efforts, funds still remain unclaimed and are then turned over to the Office of the State Comptroller.
Types of Unclaimed Funds Accounts Include:
• Bank Accounts – savings, checking and CDs
• Court Funds
• Estate Proceeds
• Insurance Benefits/Policies
• Stocks, Bonds, Mutual Funds
• Telephone/Utility/Security Deposits
It is important to be cautious of people who are pretending to be the government, who offer to send you any type of money in exchange for a fee, or any type of personal information whether it be via e-mail or through a link to a fraudulent Website.
Use this link to find out if you have any unclaimed funds waiting for you:
Credit Card Surcharges
In October 2018, the New York State Court of Appeals rules that New York State Merchant Businesses can legally pass on their credit card processing fees to their credit card customer and still comply with the New York's General Business Law Section 518, as ong as they disclose the dollar and cents price charged to the credit card customer. They must comply with each of the credit card companies requirements and consumer diclosure guidelines.
The credit card surcharge cannot exceed the Merchant Businesses discount rate up to a maximum of 4%. A credit card sucharge can never be charged on a pre-paid card or debit card.
There are two ways that a Merchant Business can legally pass on the processing fees to the credit card customer is through a "credit card surcharge" and a "cash discount".
A "credit card surcharge" is an "additional fee" that a Merchant Business adds to the cunsumer bills when a credit card is used for payment. The process for implementing a credit card surcharge include three steps, These steps and more informtion can be found here. New York State dictates posting two prices on each item or service: the credit card price with the surcharge and the cas/debit card price without the surcharge.
A "cash discount" occurs when a Merchant Business "post credit card prices" and offers a "discount" on those prices for customers who pay with cash. The difference with a credit card surcharge is that the "surcharge" occurs when a merchant "post cash prices" and charges an additional fee on top of that price for customers who pay with a card.
For more information, contact us at 518.270.9243.