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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Tag: Tax Updates
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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Expert Tax Solutions for the Real Estate Industry
Navigating the complex world of real estate taxation requires more than just number crunching, it demands industry-specific expertise. At Bucknam & Conley CPAs, we’ve built a reputation as trusted advisors to real estate investors, developers, and property owners. Our specialized knowledge ensures that clients maximize opportunities while staying compliant with ever-changing tax laws. Why Real…
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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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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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Year-End Tax Planning Strategies Every Business Owner Should Know
Don’t wait until tax season — now’s the time to take action. As we approach the end of 2025, it’s time to focus on strategic moves that can reduce your business’s tax liability. Here are the top tax planning strategies to consider before December 31: Take Advantage of Section 179 & Bonus Depreciation If you’ve…
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IRS Releases Substantive Guidance on the Treatment of Research and Experimental Expenditures Under Section 174
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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NY State Biennial Statement: What It Is, How It Works, and When to File
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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