2025 Tax Bracket Changes: What Businesses Need to Know
Every year, the IRS adjusts tax brackets, deductions, and retirement contribution limits based on inflation, and the 2025 changes average around a 2.8% increase usbank.com+2usbank.com+2usbank.com+2. While this may seem routine, it has real implications for individuals and businesses alike. For 2025, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%, […]
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. […]
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 […]
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 […]
Republican SALT Caucus Pushes Back on Cap Proposals Ahead of 2025 Expiration
ACO News: Republican SALT Caucus Debates Raising the SALT Cap Background: The SALT cap (state and local tax deduction limit) is currently $10,000, set by the 2017 Tax Cuts and Jobs Act (TCJA). This cap expires at the end of 2025. Some Republicans, especially from high-tax states like New York and California, want to raise […]
