Navigating the Sunset: Tax Deductions and Rates to Change in 2026
When the sun sets on the year 2025, it may also mark the impending sunset of several key tax provisions introduced by the Tax Cuts and Jobs Act (TCJA). These changes will have a significant impact on taxpayers, and it’s crucial to be well-informed and proactive in your financial planning. Below are some of the […]
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant As a business owner, staying compliant with IRS regulations is crucial to avoid penalties and maintain smooth operations. One critical aspect of tax compliance is handling Form 1099-NEC and Form W-9 for independent contractors. In this article, we’ll walk you through the year-round process […]
7 Tips for Overwhelmed Business Owners: Why Hiring a Bookkeeper is Essential for Business Organization
Running a business is no small feat, and one of the major challenges many business owners face is managing the overwhelming amount of paperwork, software, and apps that come with the territory. As your business grows, so does the volume of financial transactions and administrative tasks. If you find yourself drowning in paperwork and struggling […]
You moved out of New York, but you left your Trust behind: Tax and Administrative Implications of New York Resident and Non-Resident Trusts
Trusts in General Trusts are utilized by individuals to efficiently transfer their assets to their loved ones, while minimizing estate tax implications. Establishing a properly drafted trust can shield the trust’s property from being included in the settlor’s gross estate for estate tax purposes, ensuring the assets are distributed as per the settlor’s wishes and […]
Mastering Construction-Based Bookkeeping and Project-Based Accounting
In the world of finance and accounting, the construction industry stands as a unique and challenging sector. Unlike traditional accounting, which deals with routine business transactions, construction accounting revolves around individual projects, demanding careful financial management from inception to completion. Accurate Job Costing: The Foundation of Success For construction firms, ensuring the profitability of each […]
Proper Trust Administration: Key Steps and Considerations
Trust administration is a multifaceted process that demands careful attention to detail, compliance with legal requirements, and effective communication with all stakeholders. To ensure that trusts are administered efficiently and in line with the grantor’s intentions, trustees must adhere to a series of essential steps and practices. INITIAL STEPS: The Trust Agreement: The trust agreement […]
Understanding Financial Statements: A Comprehensive Overview
Financial statements serve as a vital source of information for investors, fostering transparency and accountability within organizations. Beyond their external use, they are essential tools for internal decision-making, helping management shape strategies, learn from past experiences, and create added value. In the realm of U.S. Generally Accepted Accounting Principles (GAAP), comprehensive financial reporting consists of […]
Employee vs. Independent Contractor Classifications
Employee vs. Independent Contractor Classifications The classification of workers as either employees or independent contractors is a critical issue with far-reaching legal, economic, and social implications. The distinction between employees and contractors has become increasingly significant as the gig economy and remote work arrangements have gained prominence. Factors Influencing Classification The Internal Revenue Service uses […]
Every Nonprofit Needs a Comprehensive Disaster Plan
Every Nonprofit Needs a Comprehensive Disaster Plan Throughout this summer, hardly any region in the United States has been spared from some form of natural disaster or extreme weather. While the recent headlines have been dominated by wildfires, floods, and record-high temperatures, it’s crucial to recognize that nonprofit organizations also need to prepare for […]
The Importance of Accountable Plans for S Corp Owners: Maximizing Tax Advantages
As an S Corporation (S Corp) owner, you play a dual role, being both an employer and an employee of the company. Managing expenses effectively is crucial for optimizing your tax situation and maximizing tax advantages. To effectively gain the tax advantages, we will delve into the concept of accountable plans and explore their significance […]
