Business owners make important decisions every day. Some are immediate: whether to hire, purchase equipment, pursue a new opportunity, manage an unexpected expense, or address a cash-flow concern. Others shape the future of the company: how to improve profitability, reduce tax exposure, strengthen internal processes, finance growth, or prepare for succession. Those decisions should not be made in the dark. … Read More
New TIGTA Reports on IRS Workforce & Customer Service
Two recently issued TIGTA reports detail significant IRS staffing losses and declining customer service quality. For business owners and high-income individuals, understanding these findings — accurately — matters for how you approach compliance, documentation, and communication with the IRS. IRS Workforce Reductions: What TIGTA Actually Found The Treasury Inspector General for Tax Administration (TIGTA) has published a series of workforce … Read More
Proactively Planning Tax Strategies
A Better Way to Manage Business Tax Obligations Tax planning should not begin when a business owner receives a year-end reminder, gathers receipts, or starts preparing a return. The most effective tax strategies are considered throughout the year—when owners still have time to evaluate options, understand consequences, and make informed business decisions. At TYS LLP, we believe tax planning is … Read More
Child Tax Credit Guide: Strategic Planning and Maximizing Tax Savings
The Child Tax Credit Guide provides high-income taxpayers and business owners with actionable insights to maximize family tax savings while optimizing overall liability. For the current tax year, the Child Tax Credit (CTC) offers up to $2,200 per qualifying child under age 17, with phase-out thresholds beginning at $400,000 for joint filers and $200,000 for single filers. Proactive financial strategies—such … 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
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
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