March 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

Tax & Financial News You Can Use

What's New For Retirement Catch-Up Contributions for 2026

Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.

Don't Let the AMT Catch You Off Guard

Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT. Although the 2025 tax legislation, commonly known as the One Big Beautiful Bill Act, makes higher AMT exemptions permanent, it phases them out twice as fast beginning in 2026.

IRS Expands Digital Asset Reporting with New Form 1099-DA

If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS. While these rules don’t change how digital assets are taxed, they significantly impact information reporting, increasing transparency and scrutiny.

Businesses Regain Immediate Deduction for R&E Expenses

If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.

Understand the Tax Details When Starting a Business

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. IRS Publication 583, Starting a Business and Keeping Records, covers the basics. Your business structure (such as a sole proprietorship, partnership, limited liability company or corporation) determines which forms you must file and which taxes apply, including income, self-employment, employment and excise taxes.

2025 IRA Contribution Deadline is Coming Up

It’s not too late to boost your IRA for 2025. You have until April 15, 2026, to make contributions for the 2025 tax year. This deadline applies to both traditional and Roth IRAs and includes catch-up contributions for eligible individuals.

March 10th:

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

March 16th:

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

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

Calendar-year partnerships: File a 2025 income tax return (Form 1065 or Form 1065-B) and provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1 — or request an automatic six-month extension (Form 7004).

Calendar-year S corporations: File a 2025 income tax return (Form 1120-S) and provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1 — or file for an automatic six-month extension (Form 7004). Pay any tax due.

March 31st:

Employers: Electronically file 2025 Form 1097, Form 1098, Form 1099 (other than those with an earlier deadline) and Form W-2G.

April 10th:

Individuals: Report March 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

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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