All Posts

The Internal Revenue Service is in the middle of a major transition away from paper , affecting how taxpayers receive refunds, respond to notices, and communicate with the IRS . While filing a tax return hasn’t fundamentally changed, how the IRS processes information and issues refunds has . Here’s what’s happening — and why it matters. ✅ Paper Tax Refund Checks Are Being Phased Out Beginning September 30, 2025 , the IRS started phasing out paper refund checks for individual

Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Either way, if they are paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. These payments are taxable income and must be reported on federal tax returns. There are a few other things people should c

What Changed? New York State has closed the loophole  that previously allowed owners and contractors to contract around the 5% retainage cap on private construction projects. As of December 19, 2025 , any provision requiring retainage over 5% is void and unenforceable  for covered private construction contracts. This change strengthened earlier reforms passed in 2023 and is now fully enforced in 2026. Who Does the 5% Retainage Rule Apply To? The law applies to: Private constr

Starting January 1, 2026, contractors and subcontractors working in New York State must use the Electronic Certified Payroll Submissions  system to report payrolls for public work projects and certain private construction projects receiving public funds . Payrolls must be submitted at least every 30 days for the length of the covered project. Failing to submit on time may result in penalties of up to $100 per day following a 14-day grace period. This new online tool guides co

Form 300A Workplace Posting Begins February 1 Covered employers that had 11 or more employees in the entire company at any point in 2025 are required to post the Occupational Safety and Health Administration (OSHA) Form 300A, Summary of Work-Related Injury and Illnesses, from February 1 through April 30. This requirement applies even if the company didn’t have any recordable incidents in 2025. OSHA Form 300A must be certified by a company executive and posted in each establis

Bank of America is updating bank account connections in QuickBooks Online. All current clients with an active Bank of America connection must update their connection in QuickBooks to stay connected. Otherwise, their Bank of America connection will be disconnected. We’re reminding you about this change so you have time to ensure you are prepared. What’s Happening? Starting early October 2025 through early January 2026, Bank of America accounts are switching to a new connection

Tax season can be stressful, especially when it comes to meeting deadlines for important forms like W-2s and 1099s. Missing these deadlines can lead to penalties and complications for both employers and recipients. Understanding the key dates for filing and distributing these forms in 2026, based on 2025 income, is essential for smooth tax reporting. This guide breaks down the deadlines and offers practical tips to help you stay on track. What Are W-2 and 1099 Forms? Before d

Planning for retirement requires staying informed about changes in contribution limits and eligibility rules. The IRS recently announced cost-of-living adjustments for 2026 that affect pension plans and other retirement-related items. These updates provide an opportunity for individuals and tax professionals to optimize retirement savings strategies. Understanding the new limits and income thresholds can help maximize contributions and tax benefits. IRS 2026 retirement contri

Receiving a Form 1099-NEC that shows more income than you actually earned can cause serious headaches. You might end up paying more taxes than you owe or face confusing IRS notices. This issue often happens when a business reports payments based on when they made the payment, not when you actually received the money. For example, if you did work in December but got paid in January, the business might include that payment on the previous year’s 1099-NEC. Legally, that’s incorr

As the year draws to a close, many business owners scramble to find ways to reduce their taxable income before filing their 2025 returns. Taking advantage of last-minute tax deductions can significantly lower your tax bill and improve your cash flow. This guide walks you through practical, actionable deductions you can still claim before the year ends. Understanding these options helps you keep more of your hard-earned money and prepare for a financially healthier year ahead.

With the passage of the One, Big Beautiful Bill Act (“OBBBA”), significant changes to 1099 reporting thresholds are set to take effect for payments made in calendar year 2026 (i.e., the forms you file in early 2027).

As we approach the end of the calendar year, business owners should focus on several important areas of the business and make the best decisions to wrap up the year. Here are our Top 8 Year-End Accounts Tips and Tricks to keep in mind before December 31st:

Managing remote employees can pose certain challenges, but most can be overcome by making sure you’re focusing on the right things. Here are some of the practices we recommend:

Troy, NY – September 29, 2025 – Moulton Office Management and Endorphin® Digital Marketing are proud to announce a new partnership...