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
Getting Ready for Tax Season
With 2022 well in the rearview mirror, it is time to get ready for filing your taxes. Yes, I know it can be intimidating, but your taxes are due on April 18 this year. Before you know it, Tax Day will be here. So, it’s a good idea to start getting ready for tax season as soon as possible. Here … Read More
Tax Code update:Things you should know.
Tax Law changes Well, 2022 was certainly an interesting year and the recent tax law changes are going to keep it interesting. Here are some of the changes and issues you need to know about.Research and Development: Under the Tax Cuts and Jobs Act (TCJA), for taxable years beginning after December 31, 2021, specified research or experimental expenditures must be capitalized … Read More
Taxes, what you don’t know can cost you.
Regarding taxes, what you don’t know can cost you. Looking for a way to minimize your tax liability? Look no further than our tax accounting services! We specialize in helping our clients manage their income tax obligations in the most efficient way possible.Taxes are an unavoidable obligation whether you’re a business or an individual. And while they may not be … 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
What taxpayers need to know about business related travel deductions
Travel Deductions, learn to get it right. With inflation on the rise, business travel can be costly. Hotel, airfare, train tickets, cab fare, public transportation, meals – it can all add up fast. The good news is business travelers may be able to off-set some of those costs by claiming business travel deductions when they file their taxes. Good record … Read More