The Importance of a Surety Bond in Construction Project.

tysllpBusiness News, Tax Accounting

SURETY Bonding

Construction companies planning to take a loan from a bank or work on a government project, will need a construction accounting expert to for a surety bond. A surety bond acts as a guarantee that the construction company will perform the work as agreed upon in the contract. In case of any default, the surety bond protects the obligee, which … Read More

The Power of Accountants as Holistic Business Advisors

tysllpBusiness News, Tax Accounting

CPA Business advisors near me

In today’s rapidly evolving business landscape, accounting firms face the imperative of staying competitive and adapting to the changing needs of their clients. Traditional bookkeeping and tax preparation services, while essential, are no longer sufficient to meet the demands of businesses seeking comprehensive financial guidance. To remain at the forefront of the industry, accounting firms are shifting towards a new … Read More

Getting Ready for Tax Season

tysllpTax Accounting

tax season

With 2022 well in the rearview mirror, it is time to get ready for filing your taxes. Yes, I know it can be intimidating, but your taxes are due on April 18 this year. Before you know it, Tax Day will be here. So, it’s a good idea to start getting ready for tax season as soon as possible. Here … Read More

Tax Code update:Things you should know.

tysllpTax Accounting

New Tax Laws

Tax Law changes Well, 2022 was certainly an interesting year and the recent tax law changes are going to keep it interesting. Here are some of the changes and issues you need to know about.Research and Development: Under the Tax Cuts and Jobs Act (TCJA), for taxable years beginning after December 31, 2021, specified research or experimental expenditures must be capitalized … Read More

Taxes, what you don’t know can cost you.

tysllpTax Accounting

Tax preparation

Regarding taxes, what you don’t know can cost you. Looking for a way to minimize your tax liability? Look no further than our tax accounting services! We specialize in helping our clients manage their income tax obligations in the most efficient way possible.Taxes are an unavoidable obligation whether you’re a business or an individual. And while they may not be … Read More

Interest Assessment Surcharge and what you need to know.

tysllpBusiness News, Tax Accounting

Interest Assessment Charge

TYS wanted to answer some questions you might have about the New York State IAS or Interest Assessment Surcharge. Just to remind you why the IAS is something you should be aware of, here are some details. In March 2020, the federal government passed the CARES Act, creating several pandemic unemployment programs to support out-of-work Americans impacted by the COVID-19 pandemic. As … Read More

What taxpayers need to know about business related travel deductions

tysllpTax Accounting

Business travel deductions

Travel Deductions, learn to get it right. With inflation on the rise, business travel can be costly. Hotel, airfare, train tickets, cab fare, public transportation, meals – it can all add up fast. The good news is business travelers may be able to off-set some of those costs by claiming business travel deductions when they file their taxes. Good record keeping … Read More

What businesses need to know about reporting non-employee compensation and backup withholding to the IRS

tysllpTax Accounting

Construction CPA near me

When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay non-employee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Non-employee Compensation. Generally, payers must file Form 1099-NEC by January … Read More

Should you hire a professional accountant?

tysllpTax Accounting

Business decisions

Knowing when it is time to hire a professional accountant. If you run your own business or are part of the gig economy you may be wondering if it is finally time to hire an accountant. What are the signs that it is time to hire a professional and why would you want to? Professional accountants can do more than just … Read More

Taxpayers who have not yet filed their 2021 tax return

tysllpTax Accounting

Tax return extension

October 17, 2022, extension deadline Check the IRS Directory of Federal Tax Return Preparers. This searchable and sortable public directory helps taxpayers find a tax return preparer with specific qualifications. Check the preparer’s history with the Better Business Bureau. Taxpayers should check for any disciplinary actions for credentialed tax return preparers. For CPAs, check with the State Board of Accountancy. … Read More

Don’t file your tax return before you’re ready

tysllpTax Accounting

tax returns, local tax preparer, local tax accountant

Don’t file your return before you’re readyTaxpayers should never file late, but they shouldn’t file unless they are ready either. Taxpayers who file before they receive all the proper tax reporting documents run the risk of making mistakes that may lead to processing delays.  Amended returns are currently taking an unprecedented amount of time to process by the IRS so … Read More


tysllpTax Accounting

Tax Scams

Beware of tax scammers Tax season is in full swing and the IRS wants to remind taxpayers to be on the lookout for tax scams. Criminals continue to make aggressive calls posing as IRS agents in hopes of stealing taxpayer money or personal information. Here are some red flags that should alert you that you may be the target of … Read More

Tips for preparing your tax return

tysllpTax Accounting

Tax Preparation, Tax accountants in Walnut Creek, in Rochester, NY

Now that the holidays are in the rearview mirror and it is the start of a new year, it’s time to think about getting ready for filing your tax returns. Gathering and organizing your records in order to file your taxes could be one of the nicest things you do for yourself (and your accountant). Taxpayers should gather all year-end … Read More

Choosing the Right Tax Professional

tysllpTax Accounting

tax preparer, tax accounting

Choosing the Right Tax Professional:As taxpayers begin to prepare to file their 2022 tax return, they may be considering hiring a tax return preparer. Based on your needs and situation, it is important to find a good fit. Remember, you are responsible for all the information on the return, regardless of who prepares it. A tax preparer with experience, knowledge … Read More

Taxpayer Bill of Rights Part 2

tysllpBusiness News, Tax Accounting

Tax Payer Bill of Rights, Tax Returns photo of files

Taxpayer’s Bill of Rights Part 2 As taxpayers, most of us probably think that whatever the IRS says goes and that we as taxpayers don’t have much recourse. However, as a taxpayer in the United States you do have rights and they are documented in the Taxpayer Bill of Rights. One of the rights listed on the IRS website at … Read More

The Taxpayer Bill of Rights Part 1

tysllpTax Accounting

Problems with taxes

Your rights as a taxpayer, what you need to know.If you have ever received a letter from the IRS, it’s natural for you to feel a little apprehension as you open it. You might even feel a little nausea if that letter states that you owe money. When you believe that you don’t owe the government money and the government … Read More