In a significant regulatory change, the Financial Crimes Enforcement Network (FinCEN) has finalized a rule that permanently eliminates Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). The final rule became effective upon its publication in the Federal Register on August 11, 2026. Under the revised…
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Category: Tax News
Belmont Stakes Festival 2026 in Saratoga Springs | Horse Racing Accounting & Tax Services
Every June, the eyes of the horse racing world turn toward one of the sport’s most celebrated events, the Belmont Stakes. In 2026, the Belmont Stakes Racing Festival returns to Saratoga Race Course from June 3 through June 7, bringing together elite Thoroughbred competition, horse owners, racing partnerships, breeders, trainers, industry professionals, and racing enthusiasts…
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Understanding IRS Notice CP53E: Why You May Receive a Refund You Shouldn’t Cash (Yet)
A recent Executive Order 14247, “Modernizing Payments To and From America’s Bank Account” has introduced updates to available direct deposit options. Under these changes, individual taxpayers may now be able to provide a new or updated bank account for receiving their tax refund via direct deposit, provided certain conditions are met. If you or your…
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New York Secure Choice Savings Program
What New York Employers Need to Know New York State is rolling out the New York Secure Choice Savings Program, a new retirement savings initiative designed to help employees who do not have access to a workplace retirement plan save for the future. This program will affect many private-sector employers across New York, introducing new…
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3 Financial Reports Every Business Owner Should Review Monthly
Whether you’re reviewing numbers over your morning coffee or sorting through receipts at the end of a long week, understanding your business’ financial reports is one of the most powerful ways to stay in control of your business. At Bucknam & Conley CPAs, we often remind clients that successful financial management comes from consistently reviewing…
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Multi-State Tax Strategy Isn’t Compliance, It’s Risk Management
Many CPA firms are built around compliance. They file returns, track deadlines, and ensure forms are submitted correctly. That works, until a business starts operating across multiple states. When companies expand geographically, state and local tax (SALT) complexity increases dramatically. Nexus rules, apportionment formulas, pass-through entity tax elections, and audit exposure can all create significant…
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2026 Charitable Contribution Tax Law Changes Explained
Beginning January 1, 2026, significant changes to the federal tax treatment of charitable contributions will take effect. These updates impact individual taxpayers across all income levels as well as corporations, altering how and when charitable gifts generate a tax benefit. Understanding these new rules is essential for effective tax planning and informed charitable giving. Charitable…
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Key 2026 Tax Changes: Meal Expense Deductions and New Gambling Loss Limits
Effective January 1, 2026, several federal tax law changes are set to take effect that may impact both businesses and individual taxpayers. Two of the most notable updates involve meal expense deductions and gambling loss limitations. Understanding these changes now can help you plan ahead, avoid surprises, and ensure expenses are categorized correctly. Meal Expense…
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Tax Strategies for Construction and Manufacturing Businesses: A Practical Guide for 2025
Construction and manufacturing companies face unique tax challenges due to long production cycles, complex project accounting, volatile material costs, and frequent equipment purchases. The good news: these same characteristics create significant opportunities for tax savings when businesses use the right strategies. Whether your company builds, fabricates, or produces, proactive tax planning can improve cash flow,…
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Fraudulent Credit Schemes Circulating Social Media
The Internal Revenue Service (IRS) is warning taxpayers about a surge in fraudulent tax schemes circulating online — particularly on social media — that encourage the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. Since 2022, thousands of taxpayers have been misled by false claims suggesting that…
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