24 06, 2019

Not-for-Profit Goodwill and Intangible Amortization

2019-08-20T14:50:18+00:00June 24th, 2019|Client Alert, Uncategorized|

Not-for-Profit Goodwill and Intangible Amortization The Financial Accounting Standards Board (FASB) recently issued new accounting guidance which allows all not-for-profit (NFP) entities to elect a simplified goodwill and intangibles accounting alternative.  Under the new guidance (ASU 2019-06), an NFP would: Amortize goodwill on a straight-line basis over 10 years, or less than 10 years, if [...]

1 01, 2018

General Rules for Business Expense Deductions

2018-01-15T21:25:59+00:00January 1st, 2018|Uncategorized|

Determining whether an expense qualifies as a deducible business expense is challenging for the new business owner. Below, are summarized guidelines to help determine whether an expense qualifies as being deductible as a business expense. In general, an expense is deductible if: (1) it is related to a trade or business, (2) it is [...]

1 01, 2018

Business and Personal Use of Automobiles

2018-01-15T21:23:53+00:00January 1st, 2018|Uncategorized|

Being a professional service provider, traveling is often necessary in providing services. As such, a decision has to be made on how to account for these expenses and deductions for tax purposes. In most instances, the auto is used in carrying out the business and personally. This duel use increases the documentation burden of [...]

30 08, 2017

Jeremy Wilson Authors Article on Managing the Family Limited Partnership

2017-09-01T13:17:48+00:00August 30th, 2017|Uncategorized|

Family limited partnership (the “FLP”) is a popular estate planning strategy, whose use has proliferated over the last decade. Attorneys, accountants and financial planners quickly point out the benefits of such planning to their clients, but often gloss over the requirements of ongoing maintenance. In doing so, clients lack the knowledge necessary to duly [...]

20 10, 2015

Draffin & Tucker Announces Promotions for July 2015

2015-10-20T13:18:02+00:00October 20th, 2015|Uncategorized|

Draffin & Tucker, LLP is pleased to announce the promotions of the following nine firm professionals effective July 1, 2015. In the firm’s Albany office: Laura Stair promoted to Manager in the firm’s healthcare practice. Shawn Boltin promoted to Senior in the firm’s healthcare practice. Richard Crum promoted to Associate II in the firm’s healthcare [...]

20 10, 2015

Draffin & Tucker Named 2015 Best of the Best Accounting Firm by INSIDE Public Accounting

2017-06-30T12:10:47+00:00October 20th, 2015|Uncategorized|

Draffin & Tucker, LLP is pleased to announce the firm was recently named to INSIDE Public Accounting’s Best of the Best Accounting Firms for 2015. IPA’s annual Best of the Best recognition honors 60 CPA firms, large or small, across the country for their overall superior financial and operational performance on more than 70 criteria. [...]