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VIEWPOINT: Can “Business” Activities Ever Be Charitable? N.Y Thinks Not
As we previously summarized in a prior article (https://www.bsk.com/news-events-videos/irs-provides-long-awaited-formal-guidance-on-501-c-3-llcs), the IRS recently brought much-needed clarity for limited liability companies (LLCs) seeking to be recognized as tax-exempt under Internal Revenue Code Section 501(c)(3). (IRS Notice 2021-56). Given this new guidance, we expressed optimism for expanded use of 501(c)(3) LLCs, which can have significant advantages over nonprofit corporations […]
VIEWPOINT: 4 Tips for Small Firms to Protect Against Cyberattacks
There are many challenges to running a business that owners must face — including the threat of a cyberattack. Cyberattacks are a growing threat for small businesses and the U.S. economy. In fact, according to a recent U.S. Small Business Administration (SBA) survey, 88 percent of small-business owners felt their business was vulnerable to a
VIEWPOINT: Adopting the assumed-breach mentality on cybersecurity
The cybersecurity landscape is Constantly changing. Everyday, Stories are told of breaches, ransoms, and threat actors pushing us collectively further into uncomfortable territory. Stories like the Colonial Pipeline and Kaseya were major eye-openers for many, but they weren’t the first and they won’t be the last. The recent report, called the State of Ransomware 2022, from
VIEWPOINT: Online scams are on the rise, make your business cyber-safe
When pandemic shutdowns shifted the nation’s commerce from in-person to online, cybersecurity experts knew that fraud attempts would follow. Circumstances during the past few years forced many Americans to quickly become far more comfortable with working remotely, banking, and making purchases online. Now, as the pandemic begins to recede as the primary focus of our attention,
Ask Rusty: About Payroll Tax & Income Tax on Social Security
Dear Rusty: Is it possible for you to go over how the Federal withholding tax is computed on Social Security benefits? Signed: Curious Taxpayer Dear Curious: I’m not sure if you’re asking about how FICA (or self-employment) tax on your earnings from work is determined, or if you’re asking about how much income tax to
CEO FOCUS: A Chance to Reflect on our Region’s Economic Progress
The International Economic Development Council celebrated economic Development Week [from May 9-13], providing an opportunity to bring the work we do every day into focus. In the early 2000s, leaders from across the public and private sector recognized the need for us to change how we approached economic development. Working together, we shifted our focus
CEO FOCUS: Support Small Businesses, Key Drivers of Economic Growth
National Small Business Week [which ran May 2-6, presented] a time to recognize the critical contributions of America’s entrepreneurs and small-business owners. In the Syracuse metro area, small businesses with fewer than 100 employees represent about 11,500 companies, which employ more than 80,000 people and contribute over $3.5 billion in annual payroll to the local
VIEWPOINT: New state law bars colleges from withholding transcripts of indebted students
On May 4, 2022, Gov. Kathy Hochul signed into law A.06938B, which amends New York State Education Law. It adds a new Article 13-C; §640, which prohibits degree-granting institutions and licensed private career schools from withholding transcripts of students who owe a debt to the institution. It is also unlawful under §640 for institutions to condition
Ask Rusty: About the Earnings Test & Taxation of Social Security Benefits
Dear Rusty: I’m 63, married, and we file a joint tax return. If I claim Social Security (SS) now and keep working and earn $7,000 more per year than the annual limit of $19,560, I know I’d have benefits withheld at the rate of $1 for every $2 over the limit ($3,500). But if I
NONPROFIT MANAGEMENT: Is Your Employee Retirement Plan Compliant?
We are approaching the time of year where we dust off our employee retirement plans and auditors show up to ask us all sorts of questions about the plan and test a sample of contributions. Once that audit is complete, we can shelve our plan and not dust it off again until the next year. Of
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