Dannible & McKee, LLP

Are you a business owner thinking about hiring? Be aware that a recent law extended a credit for hiring individuals from one or more targeted groups. The Work Opportunity Tax credit that was set to expire on Dec. 31, 2020, is now extended through Dec. 31, 2025. Here's how employers can benefit if you’re hiring. http://ow.ly/bkC950DNcQT

Big shout-out to Hospice of Central New York and Hospice of the Finger Lakes for their amazing Celebrating Life Through Cooking and Music event!! We really enjoyed the virtual cooking experience (thank you Donna - Vince's Gourmet Imports) and are extremely proud to have sponsored the live entertainment of Bob & Brady; Wits End Unplugged !!! Congratulations Hospice on meeting and exceeding your fundraising goal!

Before you make an estate plan, calculate your net worth. If you don’t, creditors may be able to claim fraudulent transfer. Learn how to avoid this outcome. http://ow.ly/itjb50DwZnh

When do CEOs and other business leaders expect an economic recovery?

Today is National Wear Red Daya day celebrated to bring greater attention to heart disease as a leading cause of death for Americans. Join us, along with the American Heart Association, in spreading awareness. #GoRed #wearredday #hearthealth #AmericanHeartAssociation

When will the IRS start accepting 2020 tax returns?

Happy Groundhog Day!!! Six more weeks of winter ten more weeks of "Busy Season". We got this! #busyseason2021 #taxexperts #accounting #financialaudit #dmcpas #allin

REMINDER: Form 1099-NEC is due today. Beginning with tax year 2020, the IRS requires business taxpayers that pay or receive certain types of nonemployee compensation to complete Form 1099-NEC and furnish to recipients by February 1, 2021. After sending the forms to recipients, taxpayers must file the forms with the IRS by March 1 (March 31 if filing electronically). Payers must complete Form 1099-NEC to report any payment of $600 or more to a recipient. February 1 is also the deadline for furnishing Form 1099-MISC to report certain other payments to recipients. There’s no automatic 30-day extension to file 1099-NEC but an extension may be available under certain hardship conditions.

We can all hope 2021 will be OUR year. The first step to ensuring that is to know your finances and minimizing your tax burden. Here are 6 key tax Q&A's to start your year off right! http://ow.ly/hMwP50Dd3x1

The SBA announced that the Paycheck Protection Program (PPP) reopened the week of January 11. Businesses that have been hit hard by the COVID-19 may be able to obtain help with PPP loans. Here are the basic rules, as well as the tax implications. http://ow.ly/yZaD50Ddvwp

If you take the money... then report it! http://ow.ly/qYKY50Cyd4s

#accountingquote #quoteoftheday #businessquote

You may have heard the President has taken executive action to defer the employee portion of some workers’ Social Security taxes. Here’s a look at the issue. http://ow.ly/3ajl50B2P1V

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. Learn more. http://ow.ly/bDgQ50CyEpq

Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why. #taxreturns #income #businesstaxbrief #dmcpas http://ow.ly/rFZ950AJfnR

PPP borrowers and advisors have been questioning whether they can deduct the forgivable expenses paid with PPP loan proceeds on their 2020 tax returns if the loan will not be forgiven until 2021. Now the IRS has released new guidance to resolve the timing issues. http://ow.ly/6cu250Cyc3w

Most states have reported high numbers of illegitimate unemployment insurance applications. Unfortunately, organized crime gangs have already stolen millions in benefits. But you can help fight back. #fraud #CARESAct #unemploymentbenefits #protectyouridentity #dmcpas http://ow.ly/Y5Oz50AJf2O

This Thanksgiving Day may be different from previous years. But wherever you are and whomever you are with, stay safe and #HappyThanksgiving!

Entrepreneurs: Don’t ignore saving for retirement. Here are the basics of tax-favored plans to help build your nest egg. http://ow.ly/PS9450CuS1j

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know. #IRSform #taxpayer #businesstaxbrief #dmcpas http://ow.ly/AGGG50Ay7ea

The Trust Fund Recovery Penalty is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why. #trustfund #recoverypenalty #businesstaxbrief #dmcpas http://ow.ly/G9ue50Avg5Y

Now it’s even easier to monitor your financial data. #creditreport #infographic #dmcpas

Did you know that basic variance analysis can uncover kickbacks and fictitious vendors? Or that contribution margins can reveal skimming or inventory theft? Learn how experts use these tools. #fraudprevention #dmcpas http://ow.ly/GHYa50AvfSz

IRS guidance has provided relief to individual taxpayers affected by COVID-19 who take distributions or loans from retirement plans and offers guidance to employers regarding the administration of loan relief. #RMD #taxes #covid19 #dmcpas http://ow.ly/CuZ950AvfAn

Join us in celebrating eight recent promotions we had within our firm! Click the link below to learn more about each of their achievements. #promotions #professionals #dmcpas http://ow.ly/HtVb50AujoM

Congratulations to Mickel Pompeii, Dannible & McKee's newest partner! http://ow.ly/yNFJ50At8if

Wishing America a Happy 244th Birthday! Have fun and stay safe this holiday season. #4thofjuly #independenceday #USA #redwhiteandblue

In the midst of the COVID-19 crisis, some entrepreneurs are kicking off new businesses. Here’s how start-up expenses must be handled on a federal tax return. #businesstaxbrief #businesslaunch #startupexpenses #taxreturn #dmcpas http://ow.ly/nDT450AeDfW

It’s National Take Your Dog to Work Day! Although this year, everyday feels like take your dog to work day with the remote settings. Here are some pictures of the lucky dogs in our firm who were able to join their owners at work these past three months!

Your audit committee may need to broaden its scope this year. #auditcommitteechecklist #covid19