Local accountant discusses impacts of proposed tax reform legislation

BINGHAMTON, N.Y. - A local accountant is weighing the impacts of Washington's proposed tax reform legislation.

CPA Santo Caracciolo was Tuesday's guest speaker at Binghamton's Noon Rotary, where he discussed the House and Senate Tax Reform Plans and their potential impact on local taxpayers.

He's a Manager at Piaker and Lyons and discussed tax reform changes for both businesses and individuals.

Caracciolo says New Yorkers will be hurt by the proposed elimination of state and local income tax deductions.

He says standard deductions are going up, but most likely not enough to cover the loss of SALT.

He says his presentation is only a piece of an ever-changing tax reform puzzle.

"Each individual has a different situation.  I'm going to address some of the big changes and the differences between the House bill and the Senate bill and how they may change in reconciliation.  There's going to be a lot of speculation but nothing is final," said Caracciolo.

Caracciolo also provided Binghamton Rotary with a letter from the New York State Society of CPA's in opposition to the tax reform bills.

He says residents should stay informed by consulting with a local accountant.


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