July 2025 Newsletter

Tax & Financial News You Can Use

Key Tax Law Changes for Individuals and Businesses Under OBBBA

On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As expected, it extends and enhances many of the tax breaks from the Tax Cuts and Jobs Act (TCJA). It also includes several of Trump's campaign promises — though many are only temporary — and eliminates tax breaks related to clean energy. Here's a rundown of some of the main tax law changes to be aware of as you plan for the 2025 tax year.

What Could Happen if You Don't File a Required Tax Return?

Taxpayers who are required to file a federal tax return, but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf.

Reasons and Rules for Filing an Amended Return.

Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an amendment may not be required.

Closing a Business? Here's How to Stay on Top of Your Tax Duties

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.

Tax Impact of Business Bartering

Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the amount the service provider would normally charge. The rules are similar when property is part of the exchange. For example, if a construction company accepts unsold inventory as payment, it must report income equal to the inventory’s fair market value.

10 Small Business Tax Tips from the IRS

To help ensure small businesses take advantage of all potential tax breaks, the IRS Taxpayer Advocate Service (TAS) summarizes the types of tax you may owe and provides a list of 10 federal tax tips. Among the tips are to separate your business and personal finances, which means establishing business-only bank accounts and credit cards.

July 15th:

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

Employers: Deposit nonpayroll withheld income tax for June if the monthly deposit rule applies.

July 31st:

Employers: File a 2024 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.

Employers: Report Social Security and Medicare taxes and income tax withholding for the second quarter of 2025 (Form 941) and pay any tax due if all of the associated taxes due weren’t deposited on time and in full.

August 11th:

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

Employers: Report Social Security and Medicare taxes and income tax withholding for the second quarter 2025 (Form 941), if all associated taxes due were deposited on time and in full.

Our Hours

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.

Copyright © 2025 All materials contained in this document are protected by U.S. and international copyright laws. All other trade names, trademarks, registered trademarks and service marks are the property of their respective owners.