Finding construction accountants near me is the first step toward protecting your bottom line.Construction accounting differs significantly from standard bookkeeping. It requires project-basedcost tracking, milestone billing, and strict compliance with IRS construction-specific tax codes. As aresult, general accountants often miss critical deductions and reporting requirements unique tocontractors.TYS LLP brings more than 60 years of combined experience in construction accounting services.Our … Read More
Accounting & Bookkeeping What’s the Difference
📊 Clean Books, Clear Strategy: The Critical Difference Between Accounting & Bookkeeping What is the essential difference between accounting and bookkeeping? Bookkeeping is the chronological, clerical process of recording daily financial transactions. In contrast, accounting is the strategic, analytical process of interpreting that recorded data to create financial reports, advise on business decisions, and manage tax compliance. Therefore, both are … Read More
Securing Your Legacy – the QBI Deduction
What does The Permanence of the 20% QBI Deduction mean for small business owners under the new tax law? The Permanence of the 20% QBI Deduction, established by the One Big Beautiful Bill Act of 2025, ensures that owners of pass-through entities can indefinitely deduct up to 20% of their qualified business income from their federal taxes. Specifically, this legislation … Read More
Maximize Growth: The Qualified Production Property Deduction Guide
What is the Qualified Production Property Deduction and how does it benefit business owners? The Qualified Production Property Deduction, established by the One Big Beautiful Bill Act (OBBBA), provides a 100% first-year deduction for the cost of constructing new nonresidential buildings used for manufacturing or production. Specifically, this incentive allows owners to immediately write off the entire cost of the … 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
Understanding the Head of Household Meaning and Tax Benefits
The head of household meaning refers to a specific federal filing status for unmarried taxpayers who pay more than half the cost of keeping up a home for a qualifying person. To qualify, a taxpayer must meet strict IRS criteria regarding marital status, household expenses, and dependent residency. Understanding the head of household meaning is vital because it offers a … Read More
One Big Beautiful Bill Act and Small Businesses
💰 Turbocharge Your Tax Prep: How the One Big Beautiful Bill Act Affects Your SMB Filing How does the One Big Beautiful Bill Act affect small businesses preparing to file taxes with a tax accountant? 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 … Read More
The One Big Beautiful Bill Act Increases the Child Tax Credit
👨👩👧👦 Growing Relief: How does the One Big Beautiful Bill Act increase the Child Tax Credit for qualified families? The One Big Beautiful Bill Act (OBBBA), signed in July 2025, significantly and permanently enhances the Child Tax Credit (CTC). Specifically, the maximum credit amount increased from $2,000 to $2,200 per child for tax year 2025. Furthermore, this new, higher credit … 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 Growth: A Guide to the New Business Investment and Provisions of the OBBBA
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
How to Detect and Avoid the Latest IRS Refund Scam
An IRS Refund Scam often involves fraudulent mailers designed to steal sensitive business data and personal identifiers. These deceptive letters frequently use fake IRS mastheads and demand photos of driver’s licenses to “trigger” a non-existent tax payment. Consequently, taxpayers must verify all unexpected correspondence through official government channels to prevent total identity theft. The Evolution of the IRS Refund Scam … 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