Last Year of the Tax Penalty

Forms 1040-EZ and 1040-A

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

When it’s time to delegate – Choose an accountant that understands your business

Tax accounting, Book keeping

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 and energy that it takes to educate … Read More

Announcing our new team member Doris Rankins

Tax accountant, Tax accountant manager, accounting

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.  Over Doris’ career, she has served clients … Read More

Small firms thrive with accounting partners

ASmall 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

Better accounting and reporting can make a difference to your bottom line

Better bottomline, Cost accounting, construction accounting specialists

Learn how the right accounting service can help reduce the costs of doing business, improve financial management and ensure compliance The foundation for building a profitable construction business may begin with purchasing quality equipment and tools and hiring experienced people to handle the business, but most owners know that whatever segment of the construction business you are in, it is … Read More

Capital gains tax unchanged and new tax rates take center stage

taxes, new tax & jobs act

Reforms under the 2018 tax bill have created significant changes for individual and business owners alike. But, happily, the new law makes few changes to investment income taxes. In fact, dividends and capital gains will stay where they were in 2017. For capital gains and qualified dividends, that means a maximum tax rate of 15% for taxpayers in the lower … Read More

Clarifying the changes to the Child Tax Credit for 2018

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) divorced parents, separated spouses and unmarried parents 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 a new tax law that … Read More

You’ll get more money back if you have kids under the new tax law

new tax cuts and jobs act

While many aspects of the current tax reform bill are controversial, one of the most talked about new Trump tax breaks under the law 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 if you have a dependent child aged 17 … Read More

Property, state and local taxes are still deductible, up to a point

A momentous change took place last December 2017 in the form of the Tax Cuts and Jobs Act (TCJA), which is the tax reform bill that placed a new limit on deductions for state and local taxes, including property taxes.  Previously these deductions were unlimited for individuals, though many people who owed the alternative minimum tax lost the benefit of … Read More

Many tax deductions gone but not forgotten Part 2

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

Many tax deductions gone but not forgotten Part 1

New tax cuts and jobs act of 2017

The number nine has special significance to taxpayers in 2018 because that is the number of tax deductions that have been eliminated as result of the sweeping changes made in the Tax Cuts and Jobs Act of 2017 (TCJA).  And the best way to describe it is – a case of give and take. Taxpayers can expect a lot of … Read More

Wedding Gifts from the IRS and the Disappearing Marriage Penalty

The Disappearing Marriage Penalty,new tax cuts and jobs act 2017

It may be rare these days for a prospective husband to ask for permission or a blessing from his future father-in-law to marry his sweetheart, but there’s one additional blessing that may also be on his mind: acquiring the tax blessings bestowed by the Internal Revenue Service. Thanks to the new tax law changes found in the Tax Cuts and … Read More

US Corporation tax rate now lowest in 30 years

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

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

Accounting business consulting, accountant business consulting

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 a … Read More

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

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

Workplace Wellness -Part 1

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!

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

#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

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

California business accountants, standing for integrity,

How much do you sit on a typical day? 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, clicking through emails rather than meeting face-to-face, grabbing take-out … Read More

Meals and Entertainment Changes Under Tax Reform

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

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

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

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

How will changing healthcare laws impact small businesses?

Earlier this month, 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 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” … Read More

Business Succession: 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; as Forbes points out, they often harbor “intimate … Read More