Notable changes for tax year 2025

tysllpBusiness News, Tax Accounting

Treasury Department Building

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

tysllpBusiness News, Tax Accounting

disaster relief

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)

tysllpBusiness News, Tax Accounting

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

Why get an accountant?

tysllpBusiness News, Tax Accounting

Business advisor in New York, California

An Accountant as Business Advisor Using an accountant who is also your business advisor can provide several benefits for your business. Heightening your business awareness for higher profit is just one of them.    Here are a few key benefits: Overall, using an accountant who is also your business advisor can provide valuable guidance and support for your business. By leveraging … Read More

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 secure a surety bond. Surety bonding 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 can … 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