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
Why get an accountant?
More than an accountant. 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 their … 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 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
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. … 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