April 2026 Newsletter

Important Announcement

Updated Hours

Tax Season Hours

Effective Jan 15 - April 15

Monday - Thursday: 9am-7pm

Friday: - 9am-5pm

Saturday: - 9am-2pm

Sunday: - Closed

Effective April 16

Monday - Friday: 9am-5pm

Saturday & Sunday: Closed

GSCo Welcomes Five New Staff!

Tax & Financial News You Can Use

What to Know If You Receive an IRS Notice

Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance. Each IRS notice includes a reference number, such as CP49 or CP14. It identifies the issue and helps determine the appropriate response. Here is an overview of the most common types of notices and what to do if one arrives in your mailbox:

Are College Scholarships Really Tax Free?

Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. These include tuition, mandatory fees and required books, supplies and equipment. Amounts used for nonqualified expenses — such as room and board or travel — are taxable. If a scholarship requires the student to perform services, such as teaching or research, the portion paid for those services must be reported as income and is generally taxable. However, exceptions apply.

Common Growth Mistakes Small Businesses Make

A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people or time to absorb mistakes. One wrong move can strain cash flow, overwhelm staff or stall momentum. The good news? Many growth missteps are predictable and preventable.

The IRS Criteria for Distinguishing Hobbies from Businesses

Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each.

All income must be reported on your tax return, regardless of whether it’s from a hobby or a business. But related expenses (and losses) are deductible only if the activity is a business.

Why You May Want a Roth Account in Your Retirement Plan

If you already contribute pre-tax dollars to a traditional 401(k) plan or IRA, you may also want to contribute to a Roth version. You’ll forgo tax savings now because Roth contributions are made with after-tax dollars. But diversifying retirement contributions across account types can help lower income tax bills later. That’s because you’ll owe tax on distributions from traditional plans, but generally won’t on distributions from Roth accounts

2026 Mileage Rate Gets a Boost

Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025). Meanwhile, medical and moving mileage rates are 20.5 cents per mile, while the charitable rate is 14 cents.

April 15th:

Employers: Deposit nonpayroll withheld income tax for March if the month deposit rule applies.

Employers: Deposit Social Security, Medicare and withheld income taxes for March if the monthly deposit rule applies.

Calendar-year corporations: File a 2025 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004). Pay any tax due.

Calendar-year corporations: Pay the first installment of 2026 estimated income taxes, using Form 1120-W.

Calendar-year trusts and estates: File a 2025 income tax return (Form 1041) or file for an automatic five-and-a-half-month extension (Form 7004, six-month extension for bankruptcy estates). Pay any income tax due.

Household employers: File Schedule H, if wages paid equal $2,800 or more in 2025 and Form 1040 isn’t required to be filed. For those filing Form 1040, Schedule H is to be submitted with the return, so it’s extended if the return is extended.

Individuals: File a 2025 income tax return (Form 1040 or Form 1040-SR) or file for an automatic six-month extension (Form 4868). (Taxpayers who live outside the United States and Puerto Rico or serve in the military outside these two locations are allowed an automatic two-month extension without requesting an extension.) Pay any tax due.

Individuals: Make 2025 contributions to a traditional IRA or Roth IRA (even if a 2025 income tax return extension is filed).

Individuals: Make 2025 contributions to a SEP or certain other retirement plans (unless a 2025 income tax return extension is filed).

Individuals: File a 2025 gift tax return (Form 709) or file for an automatic six-month extension (Form 8892). Pay any gift tax due. File for an automatic six-month extension (Form 4868) to extend both Form 1040 and Form 709 if no gift tax is due.

Individuals: Pay the first installment of 2026 estimated taxes (Form 1040-ES) if not paying income tax through withholding or not paying sufficient income tax through withholding.

April 30th:

Employers: Report Social Security and Medicare taxes and income tax withholding for the first quarter of 2026 (Form 941) and pay any tax due if all of the associated taxes due weren’t deposited on time and in full.

May 11th:

Employers: Report Social Security and Medicare taxes and income tax withholding for first quarter 2026 (Form 941) if all associated taxes due were deposited on time and in full.

Individuals: Report April tip income of $20 or more to employers (Form 4070).

Our Hours

Effective Jan 15 - April 15

Monday - Thursday 9am-7pm

Friday - 9am-5pm

Saturday - 9am-2pm

Sunday - Closed

Effective April 16

Monday - Friday: 9am-5pm

Saturday & Sunday: Closed

Hours may vary, feel free to call us to confirm.

3500 Sunrise Highway Suite 100, Building 200 | Great River, NY 11739 | (631) 321-8000

75 N. Central Avenue | Elmsford, NY 10523 | (914) 592-3944

100 Merrick Road, Suite 500 West | Rockville Centre, NY 11570 |

(516) 536-8500

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

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