MMB + CO

Team MMB enjoyed a sunny night at the farm last night in support of Homesteads for Hope! ☀

Homesteads for Hope is a 501c3 non-profit Community Farm and Future Housing Village nestled on 55 acres along the wide waters of Historic Erie Canal in Rochester, NY. Founded by a Mother and Daughter team with a mission to support other families raising autism, this organization has truly evolved into a nurturing community where people of all abilities thrive, finding purpose and belonging in nature's classroom.

Check them out sometime!

Tax Fact: Income from property rental is TAX FREE if you rent for less than 15 days per year!

While rental income will be taxed If you decide to rent out your property for more than 15 days, there is potential for reducing the tax you pay on that income by taking advantage of certain deductions.

Before you decide to rent your property, we recommend seeking professional CPA f advice on tax and deductions. MMB + CO is here to help and always happy to answer any questions!

For more Tax Facts and Tips, click the "tax facts" link in our bio!

MMB Tax Expert, Trevor Bowler, publishes his latest article in Tax Notes. An essential resource for tax professionals, Tax Notes is a portfolio of publications offered by tax analysts providing comprehensive and impartial coverage of tax news and topics.

See the link below for the full submission!
https://www.mmbaccounting.com/article.cfm?ArticleNumber=152

MMB’s Meet our Leaders!

As a partner in the Government Division of MMB + CO, Mike brings with him extensive experience serving school districts, municipalities and not-for-profit agencies and has been a tremendous addition to the MMB team.

In addition to traditional assurance services, Mike devotes time to providing assistance and training services to fully support his clients and as a frequent presenter at regional professional training workshops.

For more information on our leaders and the services MMB+CO provides, visit our website!

www.mmbaccounting.com

MMB is proud to announce our next round of scholarship recipients for the FOURTH annual MMB Accounting Diversity Scholarship! Congratulations to Alex, Jeishlamar, and Addison! We can't wait to see all that you will accomplish!

We've also included an update on some of our previous winners and what they are up to. Check it out 😎

Click through to learn more about each of our new amazing students!

Another week, another round of Pickleball! Check out this group of sweaty faces 😎

Can you decode these everyday accounting phrases??

Leave your guesses below and we will post the answers in the comments later today!

Join MMB's very own Jim Schnell in this upcoming virtual panel discussion on July 25th surrounding the key issues organizations should consider when planning for future leadership. Thank you to the RBJ Rochester Business Journal for including MMB in such an important topic.

Register today! https://rbj.net/2024/04/04/business-succession-planning-2024/?fbclid=IwZXh0bgNhZW0CMTAAAR2UwXwhmKhNyByWYK-4_aOGG0BT-23nKY9CU44eleKF2FN-aWiEu_pQHS0_aem_NK0zBfYS-pXDfrSEo1F9DA

In our next FREE Virtual Panel Discussion, on July 25, local experts will discuss the key issues organizations should consider when planning for future leadership and/or ownership.

Register today! https://rbj.net/2024/04/04/business-succession-planning-2024/

MMB + CO took the winning title for the 2024 Gary Hammond Golf Tournament To Benefit the Holowach Memorial Scholarship Fund last week! A fun afternoon in support of a great cause. ⛳️

Caring for our clients and staff are just ONE of the reasons MMB + CO has been recognized as a "Top Workplace"!

To learn about the benefits of being a part of TeamMMB and to view our current job openings, visit our website!

https://www.mmbaccounting.com/index.cfm?Page=Current-Open-Job-Positions

The first week of Pickleball was a success! MMB is always striving to find new ways to bring our team together, inside and outside of the office!

Listen in to hear our very own, Kevin O'Leary and the new President of the New York State Society of CPAs on this newly released podcast. Subscribe to hear more below!

The NYSSCPA is excited to bring you a new podcast, hosted by CEO Calvin Harris Jr. The Trusted Professional Podcast covers what’s going on in the accounting profession and within the Society. In this episode, Calvin interviewed the Board President of the NYSSCPA, Kevin O'Leary. Listen now at: nysscpa.org/podcast/kevin-oleary. Subscribe to the podcast on your platform of choice.

Get to know our team with MMB + CO's Staff Spotlight!

Do you have any pets?
*Cat named Roman.

What has been the best day of your life so far?
*I loved the 2 weeks I spent in Italy with my uncles. One week in Florence with day trips to San Gimignano and Volterra, & one week in Rome with
a day trip to Naples.

What was the last TV show you binge watched?
*The Gilded Age.

What fact about you might surprise people?
*I love art history, and my secret dream career would be to go back to school for art restoration and work for a museum like the MET as an art historian/restorer/curator.

What is one book you would recommend that others read?
*A Court of Thorns and Roses series.

Armed with state-of-the-art accounting software, MMB’s trust accounting/administration team members put their legal and forensic backgrounds to work for our clients, assisting in tax planning and preparing tax returns and accounting reports. We also have deep experience assisting families as they plan for loved ones with disabilities.

MMB has extensive experience in performing trust accounting engagements in numerous legal contexts, and in preparing annual trust accounting reports filed with New York State Surrogate’s Courts.

For more information on our Trust Accounting services, visit our website!

www.mmbaccounting.com

The Elmira Office celebrated Savannah Paddock and her husband Lawrence with a baby shower in anticipation of their upcoming bundle of joy! Congratulations to the happy couple! ✨

In honor of Independence Day, our offices are be closed today, Friday, July 5th. We will resume regular business hours Monday, July, 8th.

In honor of Independence Day, our offices are closed today, Thursday, July 4th, and tomorrow Friday, July 5th. We will resume regular business hours Monday, July, 8th.

Tax Fact: Although tax season is still a while away, newlyweds can simplify their tax filing by taking care of a few tasks now!

Refer to the below list of items you can check off your list now to be prepared for tax season!

1) Report a name change: Report any name changes to the Social Security Administration. The name on a person's tax return must match what’s on file at the SSA.

2) Update address: Notify the United States Postal Service, employers and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must compete and submit Form 8822, "Change of Address".

3) Check withholding: Newly married couples must give their employers a new Form W-4, Employee's Withholding Certificate, within 10 days.

4) Review filing status: Married people can choose to file their federal income taxes jointly or separately each year. While filing jointly is usually more beneficial, it's best to figure the tax both ways to find out which makes the most sense.

5) Beware of scams: All taxpayers should be aware of and avoid tax scams. The IRS will never contact a taxpayer using email, phone calls, social media or text messages. First contact generally comes in the mail.



Newlyweds tax checklist | Internal Revenue Service. (n.d.). https://www.irs.gov/newsroom/newlyweds-tax-checklist

MMB’s Meet our Leaders!

Alan is a Partner at MMB + CO and has extensive experience providing accounting and auditing services to various entities including not-for-profit organizations, manufacturers, health care organizations, employee benefit plans, worker compensation trusts, membership organizations, local unions and HUD audits. He has been with MMB + CO since 2005.

Alan is a member of the firm’s Accounting and Auditing Executive Committee and is the firm’s designated partner with the AICPA’s Employee Benefit Plan Audit Quality Center.

He is a 1998 Magna Cum Laude graduate of Hartwick College with a BS in Accounting. Alan is currently a member of the American Institute of Certified Public Accountants as well as the New York State Society of Certified Public Accountants. Alan is also the past treasurer of the board of directors of the United Way of New York State.

For more information on our leaders and the services MMB+CO provides, visit our website!

www.mmbaccounting.com

Spider-Man; Because his income is all NET!

As the summer season unfolds in Rochester, the local gig economy begins to thrive, offering flexible employment opportunities across a variety of businesses in the area. From tourism and hospitality to landscaping and event planning, the demand for gig and contract workers surges during this time of the year, providing a vital workforce that caters to seasonal spikes in business activity.

Tax Partner, Anthony Scinto, discusses this flexible labor market with the RBJ Rochester Business Journal in the latest edition of Taxing Matters.

https://rbj.net/2024/06/27/tax-considerations-for-the-gig-economy/

Thank you for having us, Council of Agency Executives!

It would not have been a successful Leadership Conference without the hard-working group of members and staff who came together at Schroon Lake to do some strategic planning, participate in sessions on good governance and so much more. Thank you!