Employers Beware: Identity Theft and W-2 Scam Alert

Employers Beware: Identity Theft and W-2 Scam Alert The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts…

Year-End Tax Planning for Individuals

Year-End Tax Planning for Individuals Once again, tax planning for the year ahead presents a number of challenges, this year, primarily due to tax laws changes brought about the passage of the Tax Cuts and Jobs Act of 2018. These changes include the nearly doubling of the standard deduction, elimination of personal exemptions, and numerous…

Year-End Tax Planning for Businesses

Year-End Tax Planning for Businesses There are a number of end of year tax planning strategies that businesses can use to reduce their tax burden for 2018. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2019 by delaying end-of-year invoices, so payment is not…

Welcome Our New Tax Manager Katherine Ziolo

LVBW is proud to announce that Katherine Ziolo has been hired onto our firm as a Tax Manager. Katherine graduated from Canisius College with a Bachelor of Science in Professional Accounting and Accounting Information Systems. Katherine is an active member of the American Institute of Certified Public Accountants, New York State Society of CPA’s,  and…

Avoiding an Unexpected Tax Bill

Tax withholding can be complicated, and with the passage of the Tax Cuts and Jobs Act (TCJA) legislation, it’s even more so since a number of tax provisions have changed. As such, it’s important to make sure the right amount of tax is withheld for your particular tax situation. Many taxpayers have already adjusted their…

Small Employer Health Reimbursement Arrangements

Small employer HRAs or QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) allow small businesses without group health plans to set aside money, tax-free, for employees to use toward medical expenses–including the cost of buying health insurance. Here’s what you need to know about QSEHRAs. Background Included in the 21st Century Cures Act enacted by Congress…