The End of Paper Checks On September 30th, 2025 Executive Order 14247 Modernizing Payments to and from America’s Bank Account will go into effect. This order requires a shift to electronic funds transfer (EFT) for nearly all IRS-related transactions. According to The White House, maintaining the physical infrastructure and specialized technology for digitizing paper records cost the American taxpayer…
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We want to alert you to a current scam targeting taxpayers. Scammers are sending fraudulent text messages that appear to come from state revenue departments or the IRS. These messages often claim you are owed an income tax refund and ask you to provide personal or banking details so the “refund” can be deposited. This…
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The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings some of the most significant tax reforms in recent history. These changes will impact how individuals approach income planning, deductions, and estate strategies. Below is a summary of the key provisions most relevant to individual taxpayers. Continuation of Tax Cut…
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The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduces some of the most substantial tax changes in recent years. These reforms will directly impact the way many businesses operate and plan financially. Below is a breakdown of the key provisions most relevant to the businesses we support. Restoration of…
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On September 8, 2023, the IRS released pre-regulatory guidance concerning the requirement to capitalize and amortize specified research and experimental (SRE) expenditures under Internal Revenue Code Section 174, as revised by the 2017 Tax Cuts and Jobs Act (TCJA). Notice 2023-63 is the long-awaited substantive counterpart to the procedural guidance initially released last winter (and…
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The IRS has published new guidance regarding the treatment of cryptocurrency staking rewards. In Revenue Ruling 2023-14, the IRS has ruled that staking rewards must be included in gross income for the taxable year in which the taxpayer acquires dominion and control of the awarded cryptocurrency. Staking Rewards and Their Uncertain Tax Treatment “Staking” of…
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The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This landmark legislation builds on the original SECURE Act that was enacted on…
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We are posting this alert as a reminder of a state reporting requirement that is easily overlooked. Corporations and LLCs operating in New York are required to file a Biennial Statement every two years with the New York Division of Corporations. This form serves to confirm and update your business information on file with the…
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If you are a partnership or an S-corporation in New York state, there is a new potential tax savings that you should be aware of called the NYS Pass-Through Entity Tax, or PTET for short. At a high level, this is an optional tax that a pass-through entity can pay to New York State on…
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Today’s blog is a summary of Bill HR 7010 passed by the Senate on 6/3/2020. The likelihood of forgiveness of a significant portion of your loan is dramatically increased by these four provisions: The eight-week “covered period” under CARES has been extended to 24 weeks (nearly six months!), so you have three times longer to spend the loan…
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