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
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?
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 – Part 2: Changes Are Coming!
The Changes in the new tax law will benefit and confound you. It will take more time to prepare your taxes and it will likely cost more money. Be Ready!
Tax Season is Coming – Vital things to know Part 1
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
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
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
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
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
Construction Accounting is more than than you think.
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 vital to know how to navigate the fundamentals of good accounting practices, state and local compliance, taxes, reporting and much … Read More
Capital gains tax unchanged and new tax rates take center stage
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
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
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
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