LCN Accounting Services Inc.

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Cocoa Beach, FL
LCN Accounting Services Inc.

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Full Service Income Tax and Accounting services celebrating 18 years serving businesses, small and large, and individuals in South Florida with a new location on Florida’s Space Coast.

05/29/2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct 1) meals treated as de minimis fringe benefits, or 2) employer-provided meals that are excludable from an employee’s income and provided for the employer’s convenience on business premises. For the 2025 tax year, generally the former were 100% deductible and the latter were 50% deductible. Contact us to discuss whether this change will affect your company and how to plan accordingly.

05/27/2026

If you have unfiled tax returns, getting back on track may be easier than you think. But the longer you wait, the more costly it becomes. The IRS charges a failure-to-file penalty of 5% per month (up to 25%) of the unpaid tax. There’s also a separate failure-to-pay penalty of 0.5% per month (up to 25%) of the unpaid tax. If both apply in the same month, the combined penalty is generally 5% per month. Returns over 60 days late are subject to a minimum penalty. Filing, even if you can’t pay in full, can reduce penalties and open the door to payment plans or other relief options.

05/26/2026

A mission statement is a concise, formal declaration of a business’s core purpose. The right one can serve as a rallying cry for employees and a powerful marketing tool that attracts customers and drives revenue. So, whether you’re writing one for the first time or revising it during a rebrand, craft yours carefully. It can have a surprising impact on your bottom line. Please call us for help aligning your company’s core purpose with its financial parameters and strategic objectives.

05/25/2026

Today’s finance and accounting (F&A) teams are under significant pressure. Tight deadlines, lean staffing, evolving regulations and growing compliance demands can lead to burnout, errors and turnover. Retention isn’t just about compensation. Practical operational improvements can make a real difference. Consider automating repetitive tasks, clarifying approval workflows, cross-training staff to ease bottlenecks and leveraging external resources during peak times. When your F&A team has the right structure and support, they’re more productive, accurate and engaged. Call us to brainstorm cost-effective ways to strengthen your financial operations.

05/22/2026

The IRS has issued final regulations on the tax deduction for qualified cash tips. The legislation commonly known as the “One Big Beautiful Bill Act” created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or before Dec. 31, 2024. The final regs list more than 70 eligible occupations. In addition to occupations previously listed in the proposed regs, the final regs add visual artists, floral designers and gas pump attendants. The final regs also provide clarifications to the definition of a qualified cash tip.

05/20/2026

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking funds from your bank accounts, garnishing your wages or claiming other assets, such as your car or house, to cover your tax balance. Levies don’t happen without warning. They generally happen after multiple notices and missed deadlines. Additionally, the IRS must send you a Final Notice of Intent to Levy and give you the right to request a hearing. If you receive notice of a levy, don’t ignore it! Acting quickly may help you prevent or release a levy. We’re here to help.

05/19/2026

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Many FIRE followers aim to retire in their 40s or even 30s! They make it happen by saving at least 50% of their current income, which some maximize by working second jobs. Obviously, this requires discipline and planning. But if early retirement is a priority, call us so we can help you make it happen.

05/18/2026

Now is the perfect time to tidy up your QuickBooks files. Unreconciled accounts, uncategorized transactions and outdated records can distort your cash flow and profitability. Even with QuickBooks’ automation tools and AI-enabled features, consistent review and oversight are essential. Don’t forget your chart of accounts! An outdated or cluttered chart can muddy your results, making it harder to understand your true performance. Clean books support better financial decisions and smoother tax filings.

05/15/2026

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as QOZs. The next round of QOZs will be effective from Jan. 1, 2027, to Dec. 31, 2036. Generally, state and territory governors can begin nominating eligible census tracts for QOZ designation on July 1, 2026. The nomination period lasts 90 days, with the option of a single 30-day extension. Contact us with any questions about QOZ tax breaks.

05/13/2026

Can business debt become personal? In some cases, yes. If you’re a sole proprietor or a general partner in a partnership, you’re personally liable for business debts. Owners of corporations and limited liability companies are generally protected from personal liability, unless they personally guarantee a loan, commit fraud or fail to keep business and personal finances separate. Payroll taxes are different. The IRS can assess the Trust Fund Recovery Penalty to hold owners, officers or other responsible individuals personally liable for unpaid withheld payroll taxes, regardless of the business structure. This applies even if the business declares bankruptcy.

Address

1980 N Atlantic Avenue , Ste 228
Cocoa Beach, FL
32931

Telephone

+18332032219

Website

https://www.lcnaccounting.com/

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