Recover Missed Tax Deductions Without Amending Past Returns: How IRS Form 3115 Can Help
Have you ever discovered something about your business’s taxes that made you wonder, “Why didn’t my previous accountant catch that?” You’re not alone. One of the most common areas where businesses and investors lose money on their taxes is depreciation—especially when assets like buildings or renovations aren’t classified or handled properly. Thankfully, there’s a powerful […]
Why Timely Estimated Tax Payments Matter – Avoiding Costly IRS Penalties
As a CPA firm, one of the most common misconceptions we encounter from clients is the idea that as long as their total estimated tax payments are made by the end of the year—or lumped into the fourth quarter—they’re in the clear with the IRS. Unfortunately, that’s not the case. The IRS Wants Payments When […]
Top 4 Reasons All Businesses Need Year-Round Accounting Services
At Accavallo & Company, we understand that successful businesses don’t happen by chance—they’re built on a foundation of strategy, insight, and proactive financial planning. Whether you’re a growing startup or a well-established small business, year-round accounting services are essential to keeping your business running smoothly and staying ahead of the curve. Too often, business owners […]
Understanding the “No Tax on Tips Act”: Strategic Considerations for Employers and Tipped Employees
On May 20, 2025, the U.S. Senate passed the No Tax on Tips Act (S.129) with unanimous bipartisan support. Now under review in the House of Representatives, this legislation seeks to exempt up to $25,000 in reported tip income from federal income tax, while expanding employer tax credits on payroll taxes associated with those tips. […]
House Passes Amended Budget Reconciliation Bill: Key Tax Changes for 2025 and Beyond
Accavallo & Company CPAs | May 27, 2025 On Thursday, the U.S. House of Representatives narrowly passed an amended version of the budget reconciliation bill, officially titled the One Big Beautiful Bill Act (H.R. 1). The bill now moves to the Senate for further consideration. The final House vote came in at 215-214, with one […]
AI Is Here—But So Are We: Evolving Accountancy to Better Serve Clients
AI Is Here—But So Are We: Evolving Accountancy to Better Serve Clients The accounting profession is undergoing a dramatic transformation. Artificial intelligence (AI) is now capable of automating a wide range of tasks that once required hours of human input—data entry, invoice matching, bank reconciliations, and even basic reporting. These changes are prompting many to […]
Q1 2025 Retail & Consumer Outlook: Opportunities Amid Revenue Slowdowns
As Q1 2025 unfolds, the retail and consumer goods sectors are facing complex challenges driven by economic pressures and evolving consumer behavior. For companies experiencing revenue headwinds, adapting to key trends can unlock new revenue streams, strengthen customer loyalty, and optimize channel strategy. This report highlights three critical trends and offers actionable strategies for businesses […]
Connecticut Cracks Down on Sales Tax Compliance: Key Updates for Businesses
Connecticut Sales Tax Enforcement Is Heating Up—Here’s What You Need to Know If you are selling goods or taxable services in Connecticut—or even into Connecticut—you may have noticed a sharp uptick in audit activity lately. From questionnaires to full-blown audits, the state is cracking down on businesses that have not been collecting and remitting sales […]
Making the Most of Your Tax Refund: 4 Smart Financial Moves That Pay Off
For many individuals and families, tax season ends with a financial boost in the form of a refund. While it’s tempting to treat that extra money as a reason to splurge, your tax refund can be much more than a short-term reward. When used strategically, it can be a powerful tool to improve your financial […]
Seven Lessons You Can Learn from Your Tax Return
Your Tax Return: A Powerful Financial Tool Your tax return isn’t just a yearly obligation—it’s a powerful tool for understanding and improving your financial picture. Here are seven valuable lessons your tax return can teach you: 1. Keep Good Records for Itemizing Your Deductions Did you take the standard deduction last year just because it […]
