Edward McWilliams

IRS Releases Tax Brackets and Other Key Limits for 2024

On November 9, 2023 the IRS released the 2024 tax brackets, standard deduction and retirement account limits. As a result of the high inflation seen in 2023, brackets will increase by about 5.4% with similar increases seen in other limits.2024 Standard Deduction The...

IRS to Pause Employee Retention Credit (ERC) Claims – What’s Next for the IRS and for Employers?

As many have heard, on September 14, 2023 the Internal Revenue Service (IRS) has taken the unprecedented step of halting the processing of new claims for the Employee Retention Credit (ERC) through at least December 31, 2023. The halt comes in response to a growing...

Demystifying the Corporate Transparency Act: A Guide for Businesses

In an era where corporate transparency and accountability are paramount, the Corporate Transparency Act (CTA) stands as a significant milestone in the United States’ efforts to combat money laundering, corruption, and illicit financial activities. Enacted in January...

Combating Payroll Tax Evasion and Workers’ Compensation Fraud in the Construction Industry

In recent times, the Financial Crimes Enforcement Network (FinCEN) has sounded the alarm about an alarming rise in payroll tax evasion and workers' compensation fraud within the residential and commercial real estate construction sectors in the United States. This...

30 Years of Connecting with Cerini & Associates, LLP

Celebrate Cerini & Associates, LLP's 30th Anniversary with Ken Cerini, Founder & Managing Partner! Today, we celebrate a milestone: the 30th Anniversary of Cerini & Associates, LLP. From a humble garage start-up to a leading firm with seven partners and...

Employee Retention Tax Credit (ERC) Updates

Enacted as part of the CARES Act in April 2020 and expanded as part of the Taxpayer Certainty and Disaster Tax Relief Act, American Rescue Plan Act (ARPA) and the Infrastructure Investment and Jobs Act, the Employee Retention Tax Credit (ERC or ERTC) has been a...

Cerini Connection: Artificial Intelligence and How to Leverage it

June 2023 Cerini Connection Topic: Artificial Intelligence and How to Leverage it Join Edward McWilliams and guest Paul Trapani of LISTnet for our monthly webinar series helping businesses and nonprofits! This discussion will answer: Is artificial intelligence really...

New York State’s Minimum Wage Increases and Indexing to Inflation

On May 6, 2023, Governor Kathy Hochul announced an plan to continue to increase New York State's minimum wage for three years and then tie future increases to inflation. The plan is part of the FY 2024 budget agreement and is set to help low-wage New Yorkers keep up...

2023 Business Trends

As the business world continues to evolve at a breakneck pace, keeping up with the latest trends has never been more critical. Here are some of the more significant trends shaping the economy, leadership, new technology, and staffing issues in today’s business...

Are Bonuses Really Taxed Higher?

It is the end of the calendar year and the holiday season which can mean for many employees their employer will be looking to reward a year of hard work with year-end bonuses. Both employees and employers can often be shocked and saddened when they see the net pay...
NYS COVID-19 Capital Costs Tax Credit Program

NYS COVID-19 Capital Costs Tax Credit Program

As part of the 2022-23 NYS Budget NYS included a new $250 million program called the “COVID-19 Capital Costs Tax Credit Program” designed to assist small businesses who incurred costs as part their response to the COVID-19 Pandemic. Details of this program were finally made clearer on June 28, 2022.

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Burnout

Burnout

First recognized as a syndrome in 2019 by the World Health Organization (WHO), burn-out has been on the rise for a number of years. While tight deadlines, high pressure, and stress have been part of working culture since the times of Henry Ford, the COVID-19 Pandemic,...

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Energy Tax Credits

Energy Tax Credits

Many contractors are always looking for different ways to expand and grow. Energy efficiency incentives have been on the rise for years and many developers are looking to include these in upcoming projects both as responsible corporate citizens and to unlock these...

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Tax Information Reporting for Non-Profit Organizations

Tax Information Reporting for Non-Profit Organizations

Information reporting, such as on Forms 1099 or W-2, is one of the crucial components of a well-functioning tax system.  Such information reporting both assists taxpayers in filing of their annual returns as well as informs the government of income earned by...

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