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Satty, Levine & Ciacco, CPAs, P.C. Blog

What is an Employee Benefit Plan Audit, and How does it Work?

Posted by Tom Hallissey on Jul 25, 2018 10:00:00 AM

The deadline for an employee benefit plan to file a Form 5500 is July 31. The Employee Retirement Income Security Act requires that an annual audit of many large benefit plan’s financial statements be conducted by an independent qualified public accountant. If your company sponsors an employee benefit plan, you should be aware of this type of audit process.

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Topics: Business Accounting

How to Recognize (and Avoid) Email Phishing Scams

Posted by Tom Hallissey on Jul 11, 2018 10:00:00 AM

Did you know that on average email phishing scams cost a mid-size company about $1.6 million? Just one wrong link click could be enough to cripple your entire organization. As these serious cyber threats continue to spread, it is more crucial than ever that businesses know how to identify and avoid phishing.

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Topics: Business Accounting

Small Business Budgeting Tips you can take to the Bank

Posted by Tom Hallissey on May 16, 2018 10:00:00 AM

While the nuts and bolts of business budgeting can be quite simple, there is more to creating one than simply tallying income and expenses. Successful small businesses typically use a budget as a way to manage costs, set financial goals and create a plan to reach them. If your company is small and growing, now might be the right time to revisit your approach to budgeting.

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Topics: Business Accounting

What is the Capital Gains Tax, and how does it Work?

Posted by Tom Hallissey on Apr 11, 2018 10:00:00 AM

The capital gains tax often applies to the sale of assets. If you sell something for more than you spent to acquire it, your sale may be considered a capital gain. If so, you may have to pay taxes on the profits.

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Topics: Business Accounting

5 Things to Know Before Applying for a Business Tax Extension

Posted by Tom Hallissey on Mar 14, 2018 6:00:00 AM

With the tax deadline getting closer and closer, you may not think you will be able to get all your paperwork together in time. But, that’s okay. Almost any company can qualify for a business tax extension just by following a few simple steps.

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Topics: Business Accounting

How New Legislation Affects the Corporation Tax

Posted by Tom Hallissey on Jan 31, 2018 10:00:00 AM

Late last year, Congress passed the Tax Cuts and Jobs Act to trigger economic growth with changes to the corporation tax. These adjustments to the Federal tax code have the potential to impact businesses of every size. If you own a company on Long Island, you will benefit from getting up to speed on these changes fast.

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Topics: Insider, Business Accounting

5 Tax Questions to Ask Before Hiring an Accountant

Posted by Tom Hallissey on Dec 27, 2017 10:00:00 AM

One of the most important choices your business can make is choosing an accountant. In order to find the right match, you must be prepared. If you are in search of a new accounting firm for tax season, asking these five tax questions will give you the answers you need to make a smart decision.

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Topics: Business Accounting

The Tax Implications of Receiving a Business Line of Credit

Posted by Tom Hallissey on Dec 13, 2017 10:00:00 AM

A business line of credit is one of the best ways to provide a financial lift to your growing company. While it may appear that all you need to do is pay down the principal, this type of loan can also have income tax implications worth considering.

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Topics: Business Accounting

5 Smart Small Business Financial Management Tips

Posted by Tom Hallissey on Oct 26, 2017 10:00:00 AM

Financial management is a balancing act, especially for new small businesses. From opening bank accounts to balancing the books, there is a lot to learn in a short period of time. However, it is possible to put your business on the path to financial stability if you follow a few simple tips.

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Topics: Business Accounting

Are Long Term or Short Term Investments a Better Choice?

Posted by Tom Hallissey on Sep 27, 2017 10:00:00 AM

It’s a common question that’s not easy to answer. Is it better to focus on long term or short term investments? Since each strategy has its own advantages and disadvantages, the better choice tends to vary according to your unique financial situation.

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Topics: Insider, Business Accounting

About Our Blog

Since 1949, S,L&C has provided professional accounting and business advisory services from New York to California. Now, our blog contains some of the latest news, trends and tips to help you prosper financially.  

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