Joshua Pollack

Your business is important, and your accountant should see it that way. Tax season is a busy time for everyone, but that doesn’t mean that your accountant should leave you in the dust. At Alloy Silverstein, our team has a “Client Bill of Rights” - meaning that all phone calls, emails, and other inquiries will be responded to the same day or prior to 10:00 AM the following business day. Don’t chase your accountant - visit our website below to contact an Alloy Silverstein advisor today. #AlloySilverstein #accountant #accounting #CPA #business #employer #employee

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Your finances, our focus. When it comes to your business, you need to work with someone you can trust. Alloy Silverstein’s accountants and CPAs are reliable and understand that your business is your priority. Learn more about working with our team and the accounting solutions that we can offer your business on our website or contact an Alloy Silverstein advisor today. #AlloySilverstein #accounting #accountant #CPA #accountingsolutions #businesssolutions

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Today marks an important day for the NYSSCPA - The New York State Society of CPAs and the Mid-Hudson Chapter of the NYSSCPA with our initial June board meeting and our Organizational Meeting with Calvin Harris Jr., CPA. I am looking forward to so many great things as this year's Chapter President. Stay tuned! #accounting #finance #CPA #Tax #Audit

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Ready to take control of your finances? Subscribe to my YouTube channel for expert guidance on taxes, finance, real estate, and more. 💸 Whether you're a seasoned investor or just starting out, there's something for everyone. 👉 https://lnkd.in/eWYPjufb

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The IRS has confirmed some special dates for Massachusetts taxpayers... Many MA taxpayers have received random refunds, others have forgotten about a storm we had last September. These are related! The IRS has announced the following are DELAYED until 7/31/24! - Individual income tax returns and payments normally due on April 15, 2024. - 2023 contributions to IRAs and health savings accounts for eligible taxpayers. - Quarterly estimated income tax payments normally due on Sept. 15, 2023, Jan. 16, 2024, April 15, 2024, and June 17, 2024. - Quarterly payroll and excise tax returns normally due on Oct. 31, 2023, and Jan. 31, 2024, and April 30, 2024. - Calendar year partnership and S corporation returns normally due on March 15, 2024. - Calendar year corporation and fiduciary returns and payments normally due on April 15, 2024. Those that missed IRA or HSA contributions should certainly take advantage of this and fund for 2023 ASAP!

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Continuing the conversation regarding The Pass-through entity tax (PTET) for New York State (NYS) and New York City (NYC). As mentioned, the PTET is an optional tax that businesses pay, which lowers the business’s taxable income for federal purposes, and serves as a credit on the personal tax return of the owner. A business owner utilizing the NYS & NYC PTET can lower their taxable income from their business entity by over 10%! Here's an example of how it comes into play: If the business earns 1 million dollars, the PTET can lower the business's taxable income by around $100,000. Let’s assume the owner is in the 37% federal tax bracket, this tax savings tool effectively saves the business owner $37,000. Here are some important points on the PTET: • Only Partnerships and S-Corps can utilize the PTET deduction.  C-corporations, Single member LLCs, Trusts, non-profits, and sole proprietors are not eligible. • The amount of tax paid in by the entity serves as a credit on the business owner's personal tax return, like withholding or quarterly estimated taxes paid in. • The rates for NYS PTET start at 6.85% and the NYC PTET is 3.876%. Reach out to your accountant or research the PTET on your own and get a better understanding of the tax savings opportunities it presents! Have a question about this or a different tax-related matter? Feel free to reach out! #shomercpa #tax

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Do non-profit organizations need a budget? YES!!! I explain why in this week’s Ask Manny Q&A post. #nonprofit #budget #finance #accounting #financialadvice #askmanny

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𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤 𝐒𝐭𝐚𝐭𝐞: 𝐊𝐞𝐲 𝐂𝐡𝐚𝐧𝐠𝐞𝐬 𝐟𝐨𝐫 𝟐𝟎𝟐𝟒 Are you ready for the changes to federal exemptions in New York State starting July 1st, 2024? Starting July 1st, 2024, new regulations will affect federal exemptions for administrative and executive positions in New York State, excluding Westchester, NYC, and Long Island. The minimum payment for these roles will be $58,458.40, significantly higher than the federal overtime exemption of $43,888. Learn about the crucial differences and how to stay compliant. Watch the full podcast on our YouTube channel for an in-depth discussion on these changes and their implications. Stay informed and ensure your business is compliant. https://lnkd.in/emchjh96 #NYSLaw #FederalExemptions #EmployeePay #Compliance #HRUpdate #NYStateLaw #2024Regulations #EmploymentLaw #BusinessCompliance

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The Pass-Through Entity Tax for New York State and New York City is a great tax savings tool but has additional reporting responsibilities and requires a layout of funds. The PTET is an optional tax that businesses pay, which lowers the business’s taxable income for federal purposes, and serves as a credit on the personal tax return of the owner. Below are some points regarding the NYS and NYC PTET for 2024: • The PTET requires quarterly estimated tax payments throughout the year at 25% of the annual tax liability due on 3/15, 6/15, 9/15, and 12/15. • A separate stand-alone business PTET tax return is required to be filed with the State/City as well. • The owners' tax credit must be added to their personal return. Although the cash outlay and additional reporting requirements are a drag, overall, it’s well worth it and a win-win! Have a question about this or a different tax-related matter? Feel free to reach out! #shomercpa #tax

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Your finances, our focus. When it comes to your business, you need to work with someone you can trust. Alloy Silverstein’s accountants and CPAs are reliable and understand that your business is your priority. Learn more about working with our team and the accounting solutions that we can offer your business on our website or contact an Alloy Silverstein advisor today. #AlloySilverstein #accounting #accountant #CPA #accountingsolutions #businesssolutions

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Thinking about real estate investing? Get the best tips and strategies from my YouTube channel. Subscribe today! 👉 https://lnkd.in/eQBGZ-nu

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