Taxable vs. Nontaxable Income

tysllpTax Accounting

taxable income, tax season

Tax season front and center. Some people have gotten their taxes done, good for you. This article is for the other part of the population that is still putting together the information they need to file, and those who haven’t moved a muscle to get started. Unless you are an accountant it might be hard to tell what is taxable … Read More

Social Security Benefits & Taxes: The Facts

tysllpTax Accounting, Tax Season

Tax on Social Security benefits

Social Security Benefits & Taxes: The Facts Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits. Examples include wages, self-employment, interest, dividends, and … Read More

Relief for Taxpayers Struggling with Tax Debt

tysllpBusiness Advice, Tax Accounting, Tax Season

tax debt

RELIEF FOR TAXPAYERS STRUGGLING WITH TAX DEBTS While there have always been payment options available from the IRS to help taxpayers struggling to pay tax debts, the new IRS Taxpayer Relief Initiative was put into place to expand these options and offer relief during the pandemic. These revised COVID-related collection procedures will help taxpayers, especially those who have a record … Read More

Identity Protection PIN Available to All Taxpayers

tysllpTax Accounting, Tax Season

Hackers are stealing Tax Payer Identities

Fraudulent Federal Tax Returns are on the rise! Starting in January 2021, In order to help combat this, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims. WHAT IS AN IDENTITY PROTECTION PIN? An identity protection personal identification number (IP … Read More

Retirement Contribution Limits for 2021

tysllpTax AccountingLeave a Comment

saving for retirement

Retirement Contribution Limits for 2021 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2021 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remain unchanged at $19,500. The catch-up contribution limit for … Read More

Individual Tax Payer: Recap for 2020

tysllpTax AccountingLeave a Comment

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2020. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard deduction for married couples filing a joint return in 2020 is $24,800. For singles and married individuals filing separately, … Read More

Tips for Taxpayers

tysllpTax AccountingLeave a Comment

Tax tips for taxpayers

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding: 1. Backup withholding is required on certain non-payroll amounts when certain conditions apply. The payer making such payments to the payee doesn’t generally withhold taxes, and … Read More

Tax Preparation vs Tax Planning

tysllpTax AccountingLeave a Comment

Tax Planning is not tax preparation

Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: WHAT IS TAX PREPARATION? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money or … Read More

Seasonal Workers and healthcare law

tysllpTax AccountingLeave a Comment

Seasonal workers and the affordable care act

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for the harvest, holidays, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions can often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA). For the purposes … Read More

Educator Expense Deduction

tysllpTax AccountingLeave a Comment

deductions that educators can take

HOW THE EDUCATOR EXPENSE DEDUCTION WORKS Even with COVID-19 in full swing, schooling in-person or virtual is moving on. Educators should be aware that they can deduct up to $250 of unreimbursed business expenses. If both spouses are eligible educators and file a joint return, they may deduct up to $500, but not more than $250 each. According to the … Read More

Protect Tax Records Before Disaster Strikes

tysllpTax AccountingLeave a Comment

house fire can destroy your tax records

We have seen in recent times how quickly our lives can be upended by natural & man made disasters. As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare: Backup Records Electronically. Many people receive bank statements by email. This … Read More

We Moved, New Rochester Office

tysllpBusiness News, Tax AccountingLeave a Comment

Best, Accountants in Rochester, TYS has moved, tax accounting, construction accounting

We Moved! New Rochester, NY Office, Same Trusted Advisors One thing that will never change is that TYS is upstairs and to the right. Our landlord is demolishing our old office park, so they decided to move us! You’ll now find us at 242 Willowbrook Office Park in Fairport. We want you to know that we are the same TYS … Read More

IRS Announces a Filing Extension

tysllpTax Accounting, Tax SeasonLeave a Comment

IRS Extends tax filing due date, Best Accountants in Rochester NY, Best tax accountants

Tax Day Filing Extension Announced Due to the economic upheaval COVID-19 has created throughout the US, the IRS is giving taxpayers a break by pushing the April 15 payment and filing deadline to July 15h of this year. Laura Saunders from the Wall Street Journal puts it ” “In short, taxpayers shouldn’t blow off their April 15 IRS filings just … Read More

Do I need to File a 2019 Tax Return?

tysllpTax AccountingLeave a Comment

tax returns, tax refunds, tax burden, tax accounting, Best Accountants in Rochester NY, Best tax accountants

Most people file a tax return because they have to, but even if you don’t, there are times when you should – because you might be eligible for a tax refund and not know it. The tax tips below should help you determine whether you’re one of them. GENERAL FILING RULES Whether you need to file a tax return this … Read More

Welcome Emily Callahan

tysllpTax AccountingLeave a Comment

TYS LLP Is pleased to welcome Emily Callahan to the TYS family as a staff accountant. While she was getting her degree in accounting from Brockport College, Emily shined as an intern with us for the past 2 years. She demonstrated a great work ethic and dedication to getting the work done. Welcome aboard Emily.

TYS, LLP Merges with Lefkowitz & Company LLP

tysllpBusiness News, Tax AccountingLeave a Comment

TYS, LLP Annouces a merger with Lefkowitz & Company LLP

TYS Expands Operations to Four States Walnut Creek, CA | January 7, 2020 — National accounting firm TYS, LLP (TYS) is pleased to announce that it finalized a merger with Lefkowitz & Company LLP on January 1st. TYS, a full-service tax, accounting, and business consulting firm will welcome David L. Lefkowitz and Lori Lefkowitz as Partners , along with four … Read More

SECURE Act a Boon to Employers & Employee Benefits for Retirement Savings

tysllpTax AccountingLeave a Comment

Small-business owners secured a major recruitment tool and an enhanced tax credit offering with the passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act by the U.S. Senate. The bill, signed by President Trump on Friday, Dec. 20, 2019, is the most significant retirement savings reform legislation in nearly 15 years. Many small-business owners have often faced hurdles – … Read More

Announcing a New Hire

tysllpNew Hire, Tax AccountingLeave a Comment

TYS LLP is very happy to announce the hiring of Jordan Arnold as our new staff accountant. Jordan interned with us and we were duly impressed with his eagerness to do and learn. He has a bachelor’s degree in accounting and finance and a master’s in accounting from the College at Brockport. We are happy to have him.

Four Food Industry Accounting Efficiencies

tysllpTax AccountingLeave a Comment

accountants in rochester ny, Accountants near me, tax accounting near me, cpa accountants near me, accounting firms rochester ny, accountants rochester ny, cpa rochester ny, cpa firms in walnut creek, tax accountant san ramon, san ramon cpa, llp accountants, rochester accounting firms, walnut creek cpa firms, what is tys, cpa firms in rochester, 2018 child tax credit, accounting, tax accounting,

Like many industries, food industry folks can benefit from some simple yet effective strategies that stress organization and efficiency. And while they may seem tedious or pesky, they can make your business more profitable and less stressful in the long term. Some of these tips are “one and done!” Others require more time and attention, but they are all incredibly helpful in making sure you’re on top of the financial part of your business.

New W-4 Form:Released In Time For 2020 Tax Year

tysllpTax AccountingLeave a Comment

Accountants near me, tax accounting near me, cpa accountants near me, accounting firms rochester ny, accountants rochester ny, cpa rochester ny, cpa firms in walnut creek, tax accountant san ramon, san ramon cpa, llp accountants, rochester accounting firms, walnut creek cpa firms, what is tys, cpa firms in rochester, 2018 child tax credit, accounting, tax accounting,

the tax year is more complicated than it used to be. If you were surprised to find you owed taxes this year, or received a lower-than-expected refund due to the new tax laws, you’ll want to read this. The Internal Revenue Service is changing how you adjust your paycheck withholdings, and it’s more complicated than it used to be. In … Read More

Tax Surprises

tysllpTax AccountingLeave a Comment

person using calculator to pay taxes

No one thinks writing a check to the IRS is fun. If you have been following the news lately, you have probably heard about people who have already filed their tax returns and got a big surprise – a smaller refund, no refund or ended up owing the IRS. No one thinks writing a check to the IRS is a … Read More

QBI Deduction – Tax Cuts & Jobs Act

tysllpTax AccountingLeave a Comment

QBI Deduction explained The 21st century has seen a great many changes on how we work, live and play. We pretty much have abandoned  the idea of working at one company for our whole careers. In fact of the freelancer or a sole proprietor part of the economy has blossomed. The Brookings Institute calls this trend the “Gig” economy and … Read More

Melissa Wallace Promotion to COO

tysllpCompany News, Tax AccountingLeave a Comment

Melissa D. Wallace - Chief Operating Officer, CPA

The partners at TYS LLP are proud to announce that Melissa Wallace has been promoted to Chief Operating Officer. Melissa has been with TYS for more than 8 years and a CPA for more than 20 years. Before coming to TYS, Melissa had her own firm and has deep operational expertise that she has employed at TYS throughout her tenure. … Read More

IRS Shutdown – How worried Should You Be?

tysllpTax AccountingLeave a Comment

IRS and the government shutdown, tax season, tax preparation, slow refunds

IRS Shut Down: How Worried Should You Be? What does the government partial shutdown mean regarding your tax return? Well, the IRS issued a new contingency plan to deal with the shutdown, but that hasn’t really helped tax professionals and lawmakers relax. There are gaps in the 132-page plan, but this is what we know: Returns will be accepted. Refunds … Read More

Tax Season is Coming – Vital things to know Part 1

tysllpTax AccountingLeave a Comment

QBI, TCJA, Taxes are due, tax accounting

Tax Cut and Jobs Act (TCJA) that was passed in late 2017,  has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. … Read More

Last Year of the Tax Penalty

tysllpTax AccountingLeave a Comment

Forms 1040-EZ and 1040-A, Accountants near me, tax accounting near me, cpa accountants near me, accounting firms rochester ny, accountants rochester ny, cpa rochester ny, cpa firms in walnut creek, tax accountant san ramon, san ramon cpa, llp accountants, rochester accounting firms, walnut creek cpa firms, what is tys, cpa firms in rochester, 2018 child tax credit, accounting, tax accounting,

When the Tax Cuts and Jobs Act was signed into effect in 2017, one of the least talked about changes is the repeal of the Affordable Care Act’s penalty by zeroing out fines. The individual shared responsibility provision also known as the  “individual mandate” is the penalty that goes to people who do not have health insurance. The penalties didn’t … Read More

Time to delegate

tysllpTax AccountingLeave a Comment

Tax accounting, Book keeping

Choose an accountant that understands your business What to look for when choosing an accountant When you are running a small business, cash flow, paperwork, taxes and government regulations are always on a small business owner’s mind. After all, what’s more important than managing your company’s financial affairs?  Learning good small business accounting practices is a must. But, the time … Read More

Announcing our new team member Doris Rankins

tysllpTax AccountingLeave a Comment

Doris Rankins joins the TYS LLP Team TYS LLP announces the hiring of Doris Rankins, CPA as Tax Manager in their Fairport, NY office.  Doris has 20 years of public accounting experience, including 3 years as tax principal for a Top 25 regional firm.  Her wide ranging experience includes taxation of various entity types with a specialization in closely-held businesses. … Read More

Small firms thrive with accounting partners

tysllpTax AccountingLeave a Comment

A Small construction companies, accounting partners, construction accounting specialists, accountants who know construction industry

Small construction companies or sub-contractors in the construction services industry have many financial challenges to consider when running their day to day operations. Key to ensuring prosperity, success and stability in the industry is preparation and sound management. The best way to simplify management and assure accuracy and accountability is to hire an experienced accounting services firm or CPA. The … Read More

Clarifying the changes to the Child Tax Credit for 2018

tysllpTax AccountingLeave a Comment

tax accounting, tax accountant, tax accountant near me

Titanic shifts in the United States tax code continue to rock American taxpayers. Under the Tax Cuts & Jobs Act of 2017 (TCJA) if you are a divorced parent, separated spouses or an unmarried parent, you may now be unable to fight over their children’s dependency exemptions in 2018 because lawmakers have eliminated the exemption.In 2017, the U.S. Congress passed … Read More

You’ll get more money back with the Child Tax Credit

tysllpTax AccountingLeave a Comment

new tax cuts and jobs act

While many aspects of the current tax reform bill are controversial, one of the most talked about part of the Tax Cut & Jobs Act also know as the Trump tax breaks is the Child Tax Credit provision.  Married couples everywhere delighted with the announced increase in the child tax credit for 2018. This is the credit that taxpayers receive … Read More

Many tax deductions gone but not forgotten Part 2

tysllpTax AccountingLeave a Comment

Earlier this week we looked at how the new tax cuts and jobs of 2017 has changed what is deductible and what is not. Congress also included a significant reduction in mortgage interest as part of the reform package. In 2017, taxpayers could deduct interest on a mortgage of up to $1 million. Starting in 2018, only interest on the … Read More

What’s New in the Tax Cuts and Job Act Part 2

tysllpTax AccountingLeave a Comment

Experts say the changes to the tax code for businesses are nothing short of revolutionary: a long-overdue modernization. But it’s important to remember that rate reductions don’t automatically translate into vigorous business growth. While changes wrought by the Tax Cuts and Jobs Act (TCJA) do promote corporate investment incentives, they also vary by investment type and economic sector. Here are … Read More

What’s New in the Tax Cuts and Job Act Part 1

tysllpTax AccountingLeave a Comment

New Tax Law passed by Congress

The Trump administration’s success in pushing through the new tax legislation marks a major achievement of it’s first year. But, according to one source, “the hurried, largely furtive drafting, and rush to passage at the end of 2017, have helped obscure the new tax regime’s real impact.” Focusing on the politics has muddled the sweeping repercussions of the Tax Cuts … Read More

US Corporation tax rate now lowest in 30 years

tysllpTax AccountingLeave a Comment

happy business

For decades, the United States was in the top twenty of the countries paying the highest statutory corporate income tax rates. Last year, American companies had to adhere to a whopping 38.9 percent rate while other developed countries were paying 22 and 25 percent rates. In fact, the only other countries paying 35 percent or more, were the United Arab … Read More

Workplace Wellness -Part 1

tysllpTax AccountingLeave a Comment

wellness in business, performance in business,

As the exploding wellness industry demonstrates, healthy customers are happy customers. And because employees are the “internal customers” of every organization, it stands to reason that workplaces should focus on employee wellness. Healthy employees contribute to and draw support from a healthy workplace. It’s not just about reducing sick days or absenteeism—although that matters, too. It’s also about fostering a … Read More

Owning It!

tysllpTax AccountingLeave a Comment

Accounting solutions, Accounting as business consultant,

  “Keeping talented people engaged involves some form of ownership.” –Forbes.com What motivates your employees to “give their best” at work, collaborating with a sense of purpose and passion, instead of just showing up and stewing till quitting time? The traditional answer–straight-up salary increases or equity stake–are rarely feasible in today’s culture of budget constraints, and research shows the temporary … Read More

#MeToo and Women in the Workplace

tysllpTax AccountingLeave a Comment

#MeToo, businesswoman

The hashtag #MeToo has unified millions of people, empowering them to come forward with their stories. In December, TIME magazine made these “silence-breakers” their Person of the Year, placing five on the cover—a range of backgrounds and ethnicities, from an anonymous migrant worker to superstar Taylor Swift . Fortune reports the #MeToo movement has caused an abrupt shift in acceptable workplace … Read More

Culture of Happiness

tysllpNew Hire, Tax AccountingLeave a Comment

Accounting Consultants, financial forecasting, Profitability,

“Choose a job you love, and you will never have to work a day in your life.” That sentiment endures in fortune cookies, but otherwise flies in the face of society’s attitude toward jobs, bosses, and the hours “trapped” in the office. For too many workers in our culture, from laborers to leaders, work is not a “happy place.” Most … Read More

Sitting is the new smoking

tysllpBusiness Advice, Tax AccountingLeave a Comment

California business accountants, standing for integrity,

How much do you sit on a typical day? How your employee health can adversely affect your business. If you drive to work, remain at your desk, drive home, eat dinner and then watch TV, you’re likely sitting for more hours than you’re sleeping. In today’s culture of always remaining available for clients or colleagues, eating lunch at our desks, … Read More

Meals and Entertainment Changes Under Tax Reform

tysllpTax AccountingLeave a Comment

booking keeping, accounting consultant,

In general, the new tax Act provides for stricter limits on the deductibility of business meals and entertainment expenses. Under the Act entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the … Read More

Building a Dream Team: Part 2: Hire Your Weakness

tysllpTax AccountingLeave a Comment

Price Certainty Promise

Let’s continue to explore the DISC concept, a feature of employee recruitment and training in businesses from government agencies to Fortune 500 companies. The “DISC” aspect stands for the four traits addressed by this model: Dominance, Influence, Steadiness and Conscientiousness. The concept of “DISC-Flex” introduces the idea that we can dial up or dial down certain behaviors to adapt to … Read More

Building a Dream Team: Part 1

tysllpTax AccountingLeave a Comment

The workplace code of conduct often outlines the unacceptable or “zero-tolerance” behaviors that employees must avoid. But what about the other side of the coin: a list of behaviors to strive for or cultivate in order to achieve excellence; or guidelines on how to play up your strengths, habits, and motivators? Rarely do job descriptions, resumes and employee training address … Read More

What You Need to Know About Tax Reform

tysllpTax AccountingLeave a Comment

tax deductions, new tax law,

The House of Representatives voted on a significant tax reform bill. For many in Congress, the stakes of tax reform have soared after lawmakers failed to repeal and replace Obamacare, with healthcare reform failing to garner enough support. Tax reform would create a palpable impact for Republicans before next year’s midterm elections. Still undergoing a flurry of changes, the House … Read More

Health care coverage impact small businesses?

tysllpTax AccountingLeave a Comment

check the health of your accounting and cash flow

President Trump signed an executive order to provide “Obamacare relief” from the Affordable Care Act, relaxing rules regarding enrollment in short-term health insurance and health care coverage offered by small businesses. Among the mandates he issued is to “consider proposing regulations or revising guidance” on options for plans that small businesses may offer and sell—including “association health plans” and low-cost, … Read More

Business Succession:

tysllpTax AccountingLeave a Comment

Planning for the next phase of your company Even in this age of conglomerates and chains, the family business still functions as the backbone of the American economy, representing 50 percent of the GDP and creating 60 percent of jobs in America. But the family owned business isn’t always a “mom and pop” model of simplicity and warm, fuzzy feeling; … Read More

Performance Metrics Matter

tysllpTax AccountingLeave a Comment

data tracking, performance metrics

“Can I have your number?” The age-old question acquires new meaning when it describes performance metrics. Measuring everything that can be measured has become a key aspect of data gathering in the business world. Beyond basic tracking of revenue or expenses, the careful study of employee performance is now a guiding principle for industries, from hedge funds to hospitality to … Read More

Employee Incentives create performance teams

tysllpBusiness Advice, Tax AccountingLeave a Comment

TYS, LLP, business accountants, business accountant, CPAS near me, business accountants near me

Employee incentive programs don’t have to take the form of “Employee of the Month” mug shots or birthday cake in the break room. Nor do they need to include cash bonuses or even tangible rewards to drive results, which is good news for companies strapped for cash. In fact, the best programs to keep employees “engaged, productive and invested,” according … Read More