FustCharles Tax Sports

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Football season will be kicking off soon. Beware: If you participate in fantasy sports leagues for money, there may be tax implications related to these activities. For instance, you may enter fantasy sports competitions offered by sponsors like FanDuel and DraftKings where you can win or lose… Read more

Tags: Tax, Audit, Consulting

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As you recover, reopen, and rebuild, let FustCharles LLP serve your special project needs. Pandemic induced delays and lingering projects can be readily managed and staffed by our seasoned professionals.

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FustCharles_Tax_Deductions Syracuse Accounting Small Business
If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you're looking to fulfill a lifelong dream of running a business for the first time. In any event, there's been a recent uptick in the number of people starting small businesses. Uncle Sam…

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Tags: COVID, Tax

FustCharles_Passive Activity LLC
Many privately held businesses have incurred losses during the COVID-19 pandemic. Unfortunately, the federal income tax passive activity loss (PAL) rules can limit an owner's ability to currently deduct tax losses thrown off by passive activities. Here's an overview of how the PAL rules apply to…

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Tags: Tax, CPE, Seminar

FustCharles Annual Not-for-Profit Tax Seminar Syracuse Accounting Firm
Join us virtually for a two-day program!

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Tags: Tax

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In the midst of other legislation for fiscal year 2020-2021, New York State quietly amended Sections 172-B, 172-E and 172F of the Executive Law, which governs many reporting requirements for charitable tax-exempt organizations.

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Tags: Tax

FustCharles New York State Pass Through Tax
On April 19, 2021, New York Governor Andrew Cuomo signed into law the FY 2022 budget, which includes a Pass-Through Entity Tax (“PTET”) election.

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Tags: Tax, Tax Law

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On April 19, 2021, NYS Governor Andrew Cuomo signed into law the FY 2022 budget.

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Tags: COVID, Tax

Temporary Changes to the Child and Dependent Care Credit
The American Rescue Plan Act (ARPA) includes major, but temporary, changes to the longstanding federal income tax child and dependent care credit. The changes are favorable for most taxpayers, except high-income individuals. Here's what you need to know about this credit and how it's changing for…

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