The passage of the Tax Cuts & Jobs Act in late 2017 marked a turning point for family-related tax provisions. One of the more consequential adjustments was the elimination of the dependency exemption for children—effective beginning with the 2018 tax year. For divorced, separated, or unmarried parents, this removed a significant tax lever once used in support negotiations. To counterbalance … Read More
Tax Surprises
No one thinks writing a check to the IRS is fun. If you have been following the news lately, you have probably heard about people who have already filed their tax returns and got a big surprise – a smaller refund, no refund or ended up owing the IRS. No one thinks writing a check to the IRS is a … Read More
QBI Deduction – Tax Cuts & Jobs Act
QBI Deduction explained The 21st century has seen a great many changes on how we work, live and play. We pretty much have abandoned the idea of working at one company for our whole careers. In fact of the freelancer or a sole proprietor part of the economy has blossomed. The Brookings Institute calls this trend the “Gig” economy and … Read More
Melissa Wallace Promotion to COO
The partners at TYS LLP are proud to announce that Melissa Wallace has been promoted to Chief Operating Officer. Melissa has been with TYS for more than 8 years and a CPA for more than 20 years. Before coming to TYS, Melissa had her own firm and has deep operational expertise that she has employed at TYS throughout her tenure. … Read More
IRS Shutdown – How worried Should You Be?
IRS Shut Down: How Worried Should You Be? What does the government partial shutdown mean regarding your tax return? Well, the IRS issued a new contingency plan to deal with the shutdown, but that hasn’t really helped tax professionals and lawmakers relax. There are gaps in the 132-page plan, but this is what we know: Returns will be accepted. Refunds … Read More
Tax Season is Coming – Part 2: Changes Are Coming!
The Changes in the new tax law will benefit and confound you. It will take more time to prepare your taxes and it will likely cost more money. Be Ready!
Tax Season is Coming – Vital things to know Part 1
Tax Cut and Jobs Act (TCJA) that was passed in late 2017, has benefited businesses both big and small. For the business who can take advantage of the Qualified Business Income or (QBI) deduction for pass through entities it can be a real boon. The new tax code sounds like an awesome opportunity, if you can take advantage of it. … Read More
Last Year of the Tax Penalty
When the Tax Cuts and Jobs Act was signed into effect in 2017, one of the least talked about changes is the repeal of the Affordable Care Act’s penalty by zeroing out fines. The individual shared responsibility provision also known as the “individual mandate” is the penalty that goes to people who do not have health insurance. The penalties didn’t … Read More
Time to delegate
Choose an accountant that understands your business What to look for when choosing an accountant When you are running a small business, cash flow, paperwork, taxes and government regulations are always on a small business owner’s mind. After all, what’s more important than managing your company’s financial affairs? Learning good small business accounting practices is a must. But, the time … Read More
Welcoming to the Team – Doris Rankins
Doris Rankins Doris Rankins Doris Rankins joins the TYS LLP Team TYS LLP announces the hiring of Doris Rankins, CPA as Tax Manager in their Fairport, NY office. Doris has 20 years of public accounting experience, including 3 years as tax principal for a Top 25 regional firm. Her wide ranging experience includes taxation of various entity types with a … Read More
Small firms thrive with accounting partners
Small construction companies or sub-contractors in the construction services industry have many financial challenges to consider when running their day to day operations. Key to ensuring prosperity, success and stability in the industry is preparation and sound management. The best way to simplify management and assure accuracy and accountability is to hire an experienced accounting services firm or CPA. The … Read More
Construction Accounting is complex
Construction Accounting is complex The foundation for building a profitable construction business may begin with purchasing quality equipment and tools and hiring experienced people to handle the business, but most owners know that whatever segment of the construction business you are in, it is vital to know how to navigate the fundamentals of good accounting practices, state and local compliance, … Read More