What U.S. Business Owners Actually Need to Know Section 892 of the Internal Revenue Code exempts foreign governments and sovereign wealth funds from U.S. tax on passive investment income. Most small business owners will never file under it. But when foreign capital shifts — and it is shifting in a big way right now — the downstream effects on U.S. … Read More
The 2026 Tax Update: What Small Business Owners Need to Know
You built a business. You survived a pandemic, supply chain chaos, and whatever that was in 2023. And now the IRS has decided this is a great time to restructure the tax code. The 2026 tax year brings the expiration of several major provisions from the Tax Cuts and Jobs Act (TCJA) — and for small business owners, the impact … Read More
Guide to Not Getting Audited
The “I Just Wanted to Bake Cookies / Build Apps / Mow Lawns” Let’s be honest: You didn’t start a business because you had a burning passion for Publication 583. You started it because you’re good at something, and you wanted the freedom to do it without a boss breathing down your neck. Then it reality hit. You realized that … Read More
Digital Shift: Cryptocurrency Reporting
How will the new IRS proposal change tax reporting for cryptocurrency investors and brokers? The IRS and Treasury Department recently proposed regulations that allow brokers to deliver Form 1099-DA statements electronically through a simplified, digital-first process. Specifically, starting January 1, 2027, brokers can obtain a single consent for electronic delivery without offering a paper-based alternative. Consequently, this change aligns digital … Read More
CPA in NY Specializing in Business Structures
🏛️ Smart Start: Why You Need a CPA in NY for Optimal Business Structures What is the advantage of choosing a CPA in NY specializing in business structures? The initial choice of business structure—such as LLC, S-Corp, or C-Corp—determines your tax liability and personal asset protection for the company’s entire lifespan. Therefore, you need a CPA in NY with specific … Read More
Maximizing Business Growth with OBBBA Investment Provisions
The business investment and provisions of the One Big Beautiful Bill Act (OBBBA) permanently codify 100% bonus depreciation and the Section 199A deduction. These changes allow business owners to immediately expense capital assets and reduce taxable income by 20% for pass-through entities. Consequently, these provisions provide long-term certainty for domestic R&D and capital scaling. What are the Permanent Business Investment … Read More
Finding a High-Impact Business Tax Accountant Near Me
A qualified business tax accountant near me provides strategic tax planning, entity optimization, and compliance management to increase net profitability for SMBs and high-net-worth individuals. By utilizing advanced methods like the Percentage of Completion Method (PCM) and Section 199A deductions, these specialists align a company’s tax basis with its long-term financial goals. TYS offers these authoritative services in Rochester and … Read More
🏛️ Strategic Tax Deferral
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