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
The Importance of a Surety Bond in Construction Project.
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
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
Interest Assessment Surcharge and what you need to know.
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
Taxpayer Bill of Rights Part 2
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
What Is Accounting? A Guide for Small to Medium Sized Business Owners
A Guide for Small to Medium Sized Business OwnersAs an owner of a smaller business, you know you can’t gamble with your finances. Whether you file the wrong tax form or hand a messy budget to an investor, it takes one mistake to cause financial ruin. To avoid this, consider adding an accountant to your team. What exactly is accounting … Read More
Tax Preparation vs Tax Planning
Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: WHAT IS TAX PREPARATION? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return and finding out whether you owe the IRS money … Read More
We Moved, New Rochester Office
We Moved! New Rochester, NY Office, Same Trusted Advisors One thing that will never change is that TYS is upstairs and to the right. Our landlord is demolishing our old office park, so they decided to move us! You’ll now find us at 242 Willowbrook Office Park in Fairport. We want you to know that we are the same TYS … Read More
CARES ACT & SBA Loans
Learn more about the CARES ACT & the available Loans from the SBA (Small Business Administration) and what that might mean to you and your business, just watch this video of a recent webinar. Co-founder and partner of TYS LLP Glen Thomas, discuss with Terence L. Lau, JD Dean College of Business California State University, Chico explore who can benefit … Read More
Important Tax Changes for Businesses
Learn about the Important Tax Changes for Businesses that in store. Tac changes in tax credits, expensing & deductions have changed for 2020.
TYS, LLP Merges with Lefkowitz & Company LLP
TYS Expands Operations to Four States Walnut Creek, CA | January 7, 2020 — National accounting firm TYS, LLP (TYS) is pleased to announce that it finalized a merger with Lefkowitz & Company LLP on January 1st. TYS, a full-service tax, accounting, and business consulting firm will welcome David L. Lefkowitz and Lori Lefkowitz as Partners , along with four … Read More
Culture of Happiness
“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