PTET Updates - It's Not Too Late to Elect for 2022

PTET Updates - It's Not Too Late to Elect for 2022

In 2021, New York State introduced the pass-through entity tax (PTET), which allowed owners of electing pass-through entities to circumvent the $10,000 state and local tax deduction limitation on their individual tax returns.  As a result, many shareholders and partners of the entities which elected PTET enjoyed significant tax savings.  If your pass-through entity missed out on the 2021 PTET, have no fear - it is not too late to elect for 2022: the 2022 election deadline has been extended to September 15, 2022.

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Shannon Tinsmon

Shannon Tinsmon

Shannon joined Dermody, Burke & Brown as a Senior Associate in the Tax department in 2022. She received a Bachelor of Science degree in Business Administration from the Rochester Institute of Technology as well as a Masters of Business Administration degree from St. John Fisher College.

Shannon has five years of experience in public accounting. She is a QuickBooks ProAdvisor and is working to complete the certification process to earn her designation as a Certified Public Accountant (CPA). 

Give a College Savings 529 Plan For Graduation

Give a College Savings 529 Plan For Graduation

If you really want to make an impact in your new grad’s life, make an investment in his or her future with a 529 College Savings account. There are two versions: an investment account and a prepaid account. Assuming you are opening an account now and don’t have time for investment growth, you may need to fund it with a significant chunk of money for it to be useful. The savings plan is good for building an investment balance over time, including while the student is in college.

Suzanne Stewart Joins Dermody, Burke & Brown

Suzanne Stewart Joins Dermody, Burke & Brown

Dermody, Burke & Brown, CPAs, LLC recently hired Suzanne Stewart as a Controller in the Syracuse office.

Suzanne joined Dermody, Burke & Brown as a Controller. She received a Bachelor of Science degree in Communication Applications from State University of New York College at Brockport. Suzanne has over twenty years of administrative experience including human resources management, payroll, and executive administration. Suzanne resides in East Syracuse, New York.

IRS Processing Backlogs - What You Should Know

IRS Processing Backlogs - What You Should Know

It is that time of the year again- tax time. Eagerly you gather all of the year's tax information with one goal in mind: the timely filing of your tax return. With all of your "i's" dotted and your "t's" crossed you submit your tax return and then you wait. And you wait. And then you wait some more. Something seems wrong, should it be taking this long for my tax return to get processed, you might be wondering. Did something go wrong? What do I do next?

DB&B Community Spotlight: Nancy Kern Eaton of the United Way of CNY

DB&B Community Spotlight: Nancy Kern Eaton of the United Way of CNY

As our Community Spotlight Series during Women's History Month comes to a close, Nancy Kern Eaton, President of the United Way CNY shared some thoughts about what this month means to her. Read her full interview below as she shares how the United Way and Women United are supporting women in business. 

 

Why is Women's History Month Important to You?

DB&B Community Spotlight: Laura Serway

DB&B Community Spotlight: Laura Serway

In keeping with this month's theme of spotlighting women in our community, we spoke with Laura Serway. Laura is a business development consultant, philanthropist and restaurateur, famous for her restaurant, Laci's Tapas Bar, which was located in the Hawley-Green neighborhood. Below is her full interview.

 

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