How Construction Accounting Principles Save You Taxes How do specialized construction accounting principles save you taxes under the new law? Construction accounting principles save you taxes by utilizing specific methods of revenue recognition, such as the Completed Contract Method (CCM) and the Percentage of Completion Method (PCM), to defer income recognition and align tax liability with actual cash flow. Specifically, … Read More
The One Big Beautiful Bill Act and Small Business Tax Preparation
💰 Turbocharge Your Tax Prep: How the One Big Beautiful Bill Act Affects Your SMB Filing The One Big Beautiful Bill Act (OBBB) significantly affects small to medium-sized businesses (SMBs) by providing powerful new incentives for capital investment, primarily through permanent changes to accelerated depreciation. Specifically, the Act makes 100% Bonus Depreciation permanent and substantially increases the Section 179 deduction … Read More
Getting Your Taxes Ready
Get Ahead of the Deadline: The Essential Checklist for Getting Your Taxes Ready Now Getting Your Taxes Ready. For most business owners and high-net-worth individuals, the annual tax deadline is synonymous with stress, late nights, and a scramble for misplaced receipts. However, at TYS, we view tax preparation not as a year-end chore, but as a year-round, strategic process that … Read More
The Critical Difference Between Accounting & Bookkeeping
Stop Confusing Your Finances: The Critical Difference Between Accounting & Bookkeeping For many small business owners, the terms bookkeeping and accounting seem interchangeable. Consequently, they use both terms when discussing the daunting task of “doing the books.” However, confusing these two distinct functions is a critical mistake. This error can lead to missed strategic opportunities, financial inefficiency, and unnecessary tax … Read More
Guidance for Tax Year 2025
H.R. 1 – The One Big Beautiful Bill Act: The Internal Revenue Service has announced that, as part of its phased implementation of H.R. 1, there will be no immediate changes to certain information returns or withholding tables for Tax Year 2025. This decision is aimed at providing a smooth tax filing season and allowing the IRS, businesses, and payroll … Read More
Business Entity – Beyond the Basics:
Choosing the right Business Entity LLC, S-Corp, and C-Corp Welcome back to our series on choosing the right business structure. In Part 1, we explored the simplicity of the business entity of a Sole Proprietorships and Partnerships. While these can be great starting points, many businesses in California and New York eventually need a more robust structure that offers liability … Read More
Decoding Business Structures:
A CPA’s Guide for Entrepreneurs Starting a new business is an exhilarating journey, but the path to success is paved with critical decisions. One of the first and most fundamental choices you’ll make is selecting the right legal structure for your company. This decision has a lasting impact on everything from your personal liability to your tax bill. As a … Read More
The Story of Mary T. Washington:
America’s First Black Woman CPA In the bustling city of Chicago during the early 20th century, a young girl named Mary Thelma Morrison grew up with a keen mind for numbers. Born in 1906, Mary was raised by her aunt and uncle after her mother passed away when she was just a child. Despite the challenges of growing up during … Read More
The One Big Beautiful Bill Act Creates Tax-Free Tips & Overtime
Boost Your Bottom Line: How does the One Big Beautiful Bill Act create Tax-Free Tips & Overtime for workers and impact tax prep? The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, provides a federal income tax deduction for a portion of qualified tipped income and qualified overtime pay for tax years 2025 through 2028. … Read More
Notable changes for tax year 2025
IRS announces new federal income tax brackets for 2025 The IRS has announced new federal income tax brackets and standard deductions for 2025. In its announcement on Tuesday, the agency raised the income thresholds for each bracket, which applies to tax year 2025 for returns filed in 2026. The top rate of 37% applies to individuals with taxable income above … Read More
Tax Relief in Disaster Situations: What You Need to Know
When a natural disaster strikes, the IRS can offer disaster tax relief to help those impacted. This assistance comes after the Federal Emergency Management Agency (FEMA) meets certain criteria and declares a major disaster area. If at least one location qualifies for FEMA’s Individual Assistance program, the IRS will provide tax relief to the affected areas. For those affected by … Read More
Corporate Transparency Act (CTA)
You might have heard about it, the Corporate Transparency Act (CTA), enacted in 2021, was passed to enhance transparency in entity structures and ownership to combat money laundering, tax fraud, and other illicit activities. It is designed to capture more information about the ownership of specific entities operating in or accessing the U.S. market. The effective date of the Corporate … Read More