2025 Q4 Small Business Newsletter
Arguably our most important newsletter issue of the year! Critical information to keep your business operations on track, year-end planning tips, and much more. Enjoy our refreshed design along with the holiday puzzles and warm wishes from our firm to you for a very Merry Christmas, Happy Holidays and Happy New Year!
New York State Secure Choice Savings Program
By Joseph M. Becht, CPA, CGMA, Senior Manager In recent years, many states including New York have established programs to make it easier for businesses to provide retirement benefits and help employees save money for their future retirement. Due to a considerable number of individuals not having a retirement plan through their employer, New York […]
OBBB: Some Things Remain Unchanged
By John P. Kandler, Staff Accountant In the 2025 Reconciliation Bill otherwise known as the “One Big Beautiful Bill” or OBBB, there are an abundance of tax provision updates for tax years starting after December 31, 2025. There are, however, several pre-existing provisions for businesses that were not impacted and remain unchanged by the final […]
IRS Recordkeeping Basics
Copies of tax returns. You must keep records that support each item of income or deduction on a business return until the statute of limitations for that return expires. In general, the statute of limitations is three years after the date on which the return was filed. Because the IRS may go back as far […]
QBO: Key Tasks for a Smooth Year End
By Karen M. Schott, Senior Accounting Analyst As we embark on the second half of 2025, now is the perfect time to perform a mid-year review of your QuickBooks Online file. Staying ahead of year-end tasks in QBO will help ensure a smooth tax filing season and reduce stress for both you and your accountant. […]
OBBB: Individual Tax Provisions Made Permanent
By Alexander J. Obie, Staff Accountant While several tax provisions have been adjusted or expanded, many of the core elements introduced under the Tax Cut and Jobs Act of 2017 (TCJA) have now been made permanent by the One Big Beautiful Bill (OBBB). Below are some of those provisions: Individual Income Tax Rates The TCJA […]
The Future of Artificial Intelligence
By Richard J. Gilmartin, CPA, Principal Artificial Intelligence or “AI” for short is dominating today’s business headlines with 88 percent of businesses saying they are currently adopting AI according to the research organization McKinsey. Industries leading the way in the adoption of AI include healthcare, financial services, manufacturing, retail, transportation, and logistics. In healthcare, AI […]
OBBB: What’s New for Individual Taxpayers
By Robert J. Laino, Staff Accountant Enhanced Deduction for Seniors The OBBB introduces a new, temporary $6,000 deduction specifically for seniors age 65 and older (whether collecting Social Security benefits or not), effective for tax years 2025 through 2028. The senior deduction will phase out when the taxpayer’s modified adjusted gross income exceeds $75,000 for […]
OBBB: Early Termination of Energy Incentives
By Jeffrey A. Redband, Staff Accountant The One Big Beautiful Bill (OBBB) brought sweeping changes to the U.S. tax code, which included a significant overhaul to the energy-related tax incentives that were enacted as part of the Inflation Reduction Act of 2022. The bill curbs many energy incentives available to both individuals and businesses by […]
One Big Beautiful Bill: Key Changes Impacting Businesses
By Amanda M. Ziehm, Staff Accountant The One Big Beautiful Bill (OBBB) brings sweeping tax changes to U.S. businesses. Below is a quick look at some of the key changes: Qualified Business Income Deduction Section 199A was set to expire after 2025, which is a 20 percent deduction for qualified business income. The QBID has […]