Tax-related identity theft is becoming a growing concern for taxpayers across the country, and the IRS is increasing its efforts to stop fraudulent returns before refunds are issued. According to a recent report, the IRS identified millions of suspicious tax returns in 2024 and 2025 through enhanced identity theft detection filters designed to catch fraud earlier and reduce false positives. At Kamish & Associates CPA Firm, we believe prevention is always better than dealing w

Nonprofit organizations are facing increased scrutiny from the IRS, and several updates to Form 990 reporting requirements are expected to impact how exempt organizations report financial activity, governance practices, grants, and operational transparency. At Kamish & Associates CPA Firm, we want nonprofit leaders to stay informed and prepared before filing season arrives. What Is Form 990? Form 990 is the annual informational return filed by most tax-exempt organizations. I

If you’re a snowbird who owns a second home, keeping detailed records is one of the most important things you can do to reduce your tax bill when you sell. Many homeowners assume they can estimate improvement costs or rely on memory, but the IRS requires proper documentation. Without it, you could end up paying significantly more in taxes than necessary. A recent Tax Court case shows exactly how costly poor recordkeeping can be. A Real-Life Example: When Records Are Missing T

If you’re a business owner, taxes shouldn’t be something you think about once a year. The biggest savings usually come from small, strategic moves made before the year closes. The good news? You don’t need complicated strategies to make a real impact. Here are three simple ways to lower your tax bill before year-end. 1. Accelerate Expenses (and Delay Income When Possible) Timing matters more than most people realize. If you expect to owe taxes this year, you can potentially r

Tax season is officially behind us, and for many, that means checking taxes off the to-do list until next year. But if you want to avoid tax surprises, reduce your tax bill, and stay in control of your finances, now is actually the most important time to start planning. Smart tax planning after tax season can help you stay ahead instead of scrambling later. Why Tax Planning After Filing Matters Most people only think about taxes once a year. The problem with that approach is

A major update from the Treasury and IRS is now official, and it could have a real impact on both employees and business owners in tip-based industries. The final regulations for the “No Tax on Tips” provision under the One, Big, Beautiful Bill have been released, providing clarity on who qualifies and how the deduction works. Here’s what you need to know. What Is the “No Tax on Tips” Provision? This new tax rule allows eligible workers to deduct qualified tips from their tax

Payroll may seem routine, but small mistakes can quickly turn into penalties, compliance issues, and frustrated employees. We see it all the time with growing businesses. The good news is that most payroll problems are preventable with the right systems and a little guidance. Here are the top 10 payroll mistakes small businesses make and how to avoid them. 1. Misclassifying Employees and Contractors This is one of the most common and expensive mistakes. Treating an employee l

If you didn’t file a 2022 tax return, you could be leaving money on the table. The IRS recently announced that more than $1.2 billion in unclaimed tax refunds is still available for the 2022 tax year. Over 1.3 million taxpayers may be eligible, but time is running out to claim it. The Deadline Is Approaching Fast Taxpayers generally have three years to file a return and claim a refund. For 2022 returns, that deadline is: April 15, 2026 If you miss it, the money becomes proper

Choosing the right CPA firm is one of the most important financial decisions a business owner can make. The right accounting partner does more than prepare tax returns. They help you understand your finances, stay compliant with tax laws, and make informed decisions that support long-term growth. At Kamish & Associates CPA Firm, our goal is to provide small businesses with reliable financial guidance, personalized support, and modern tools that help make financial management

Starting a business is exciting, but managing the financial side can quickly become overwhelming. From choosing the right entity to managing bookkeeping and planning for taxes, every decision you make early on impacts the long-term success of your company. Many entrepreneurs launch their business without professional guidance, which can lead to costly mistakes. In fact, nearly 70% of small businesses operate without an accountant, and many owners report limited financial know

Many travel agents start their business from home. It offers flexibility, low overhead, and the ability to grow a travel business without the cost of a physical office. However, running a home-based travel agency still requires strong financial organization. Between commissions, client deposits, business expenses, and taxes, it can quickly become difficult to keep everything organized without a clear system. If you operate a travel agency from home, these accounting tips can

Running a travel agency looks glamorous from the outside. Destinations, experiences, curated itineraries. But behind the scenes, it is a fast moving business with tight margins, vendor relationships, commissions, chargebacks, and constant cash flow management. That is exactly why working with a CPA is not optional. It is strategic. 1. Commission Income Is More Complicated Than It Looks Travel agencies rarely operate on simple sales revenue. You are dealing with: Delayed commi

Running a medical practice is both a clinical and business responsibility. While patient care is always the priority, strong medical practice management is what determines long-term profitability and stability. Many healthcare practice owners unintentionally make financial and operational mistakes that limit growth, reduce profitability, and increase tax exposure. If you own or manage a medical practice, here are the top five mistakes to avoid. 1. Failing to Monitor Profitabi

Running a medical practice requires more than excellent patient care. Behind every successful healthcare practice is a strong financial strategy. Without proactive medical practice tax planning, physicians often overpay in taxes, struggle with cash flow, and miss opportunities to improve profitability. The right tax strategy can reduce liability, strengthen financial stability, and support long term growth. Proactive Medical Practice Tax Planning vs. Reactive Tax Filing Many

Running a law firm in the Tampa area comes with enough complexity. Between managing cases, serving clients, and staying competitive, financial oversight often gets pushed to the bottom of the list. Unfortunately, accounting mistakes are one of the biggest risks we see with local law firms. From trust account violations to inaccurate reporting, small issues can quickly turn into compliance problems and cash flow stress. Here are five costly accounting mistakes attorneys make a

Running a law firm requires precision, and that applies to your finances just as much as your legal work. Law firm accounting is not the same as standard small business bookkeeping. Between trust accounts, retainers, partner distributions, and compliance requirements, attorneys need specialized accounting support. At Kamish & Associates, we provide law firm accounting services designed specifically for attorneys who want accurate books, compliant trust accounting, and clear f

As the IRS continues to modernize how tax refunds are issued, direct deposit is no longer just a convenience. It is quickly becoming the standard. Taxpayers who file a 2025 tax return without direct deposit information should be prepared for possible delays in receiving their refund. Why the IRS Is Moving Away From Paper Checks In late March 2025, the President signed Executive Order 14247, which directs the federal government to phase out paper checks for payments going out

The new IRS overtime deduction under Section 225 is creating a lot of confusion among taxpayers and tax professionals, especially because reporting requirements for 2025 are limited. The IRS has provided guidance in Notice 2025-69, but many complex situations remain unclear. As a result, employees and employers may not have all the information needed on a standard Form W-2 to correctly calculate the deduction. At Kamish & Associates, we want to help taxpayers understand how t

Tax season can feel overwhelming, especially when you’re trying to keep track of payments, refunds, IRS notices, or past tax records. The good news is that the IRS now offers a secure online tool that makes managing your personal tax information much easier. At Kamish & Associates, we’re always looking for ways to help our clients stay informed and organized year-round. One of the best resources available is the IRS Online Account for Individuals, which gives you quick access

Recent updates from the United States Postal Service (USPS) may affect taxpayers who mail their tax returns or tax payments close to the filing deadline. At Kamish & Associates, we want to make sure you understand these changes so you can avoid unnecessary penalties or delays. USPS Postmark Clarification for 2026 On January 2, 2026, USPS posted an important clarification regarding how mail is postmarked. While USPS is not changing its postmarking procedures, it is making chan