Employers ordinarily have to pay certain employment taxes—known as Federal Insurance Contributions Act (FICA) taxes. FICA taxes help fund both Social Security and Medicare.

BST has been following the Families First Coronavirus Response Act (FFCRA) closely. Below are several frequently asked questions that will help you determine your responsibility as an employer.

In response to the outbreak of novel coronavirus (COVID-19) in New York State, Governor Andrew M. Cuomo has guaranteed workers job protection and financial compensation in the event they, or their minor dependent child (under the age of 18 years old), are subject to an order of mandatory or precautionary quarantine or isolation issued by the state of New York, the Department of Health, local board of health, or any government entity duly authorized to issue such order due to COVID-19.

The novel coronavirus (COVID-19) has undoubtedly impacted numerous companies across many industries. While certain companies and industries are better suited to handle the operational impact caused by COVID-19, others are experiencing an unprecedented reduction or cessation of revenues and cash flows.

An Economic Injury Disaster Loan (EIDL) is a working capital loan intended to assist small businesses through disaster recovery. Monies are to be used to meet ordinary and necessary financial obligations that could not be met as a direct result of the disaster, including fixed debt, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

Congress passed a $2.2 trillion bill which earmarked $350 billion in funds for Small Business Administration (SBA) loans through the Paycheck Protection Program. The emergency loans are intended to cover payroll, benefits, commissions and similar types of compensation; payments of interest on mortgage obligations or rent; and utilities for qualifying small businesses.

During an economic downturn, financial pressures and opportunities can lead to an increase in fraudulent activity. This can take shape in many forms, including employee embezzlement, fraud by unrelated third parties, cyberattacks, fraud by vendors, financial statement fraud and corruption.

While we currently find ourselves in the grips of a crisis, now is the time to prepare your business for better days ahead. There are a number of key items that a business owner or CEO will need to evaluate as we look ahead to the recovery period.

Yesterday, Treasury Secretary Steven Mnuchin announced that the federal tax deadline for an “Affected Taxpayer” will be extended (delayed) to July 15, 2020, from the traditional deadline of April 15, 2020.

The COVID-19 situation has intensified and evolved rapidly since we communicated with you last week. As a result, BST is moving to a mandatory remote working environment for employees effective today, March 18, until further notice.

You wouldn't perform surgery on yourself. The same holds true when buying a business. Unless you're well-versed in performing a comprehensive financial analysis of a business, it doesn't make sense to buy one without using due diligence and valuation specialist.

The U.S. Department of Labor (Department) is updating and revising its regulations issued under the Fair Labor Standards Act (FLSA or the Act) that provide guidance on determining joint-employer status under the Act.

BST is excited to announce it's second time win as the Albany Business Review's 2019 Best Places to Work!

If you are a small business owner looking for an inexpensive way to add a traditional style 401(k) retirement plan, there is a way.  The IRS has cleared the way for small businesses to join an existing 401k plan with multiple employers and avoid a costly set up for your own separate plan.

ALBANY, New York, September 27, 2019 – BST & Co. CPAs, LLP, one of the Capital Region’s leading financial and management consulting firms, today announced a series of promotions within its audit and accounting department.

Although generally not of primary concern for high net worth individuals, the Social Security retirement benefits that may possibly be available to the former spouse of a well-paid individual can be an important source of supplemental income during retirement years.