Magone & Company, P.C., CPAs and Business Advisors

09/04/2026

09/02/2026

Tips aren't wages, but you're still taxed on them. The F**A Tip Credit exists to offset that, and most restaurant and bar owners have never claimed it.

https://www.magonecpas.com/blog/index.php/2026/08/28/1761/

08/27/2026

Good news for small business owners. The tax credit for offering paid family and medical leave is now permanent.

As always, reach out for more information regarding your specific tax circumstances.

Tax Tip 2026-64, Aug. 20, 2026 — Employers, including small businesses, that provide paid family and medical leave to their employees may be eligible for an employer tax credit.

08/20/2026

If elder fraud is suspected, the biggest mistake is waiting. Here's what to do the moment something feels off.

IRS Criminal Investigation Warns of Rising Elder Fraud Schemes August 14, 2026 by Nick Magone, CPA, CGMA, CFP® Fraud targeting older Americans is not a new problem, but the scale and sophistication of these schemes are rapidly accelerating. The IRS Criminal Investigation division recently issued a ...

08/11/2026

Your budget assumes things go as planned. But what if they don't?

How Resilient Are Your Business Finances? July 31, 2026 by Nick Magone, CPA, CGMA, CFP® You set a budget, strategize for business growth and maintain financial oversight, and then the unexpected happens. If a key client (or employee) leaves, interest rates climb or a supply chain disruption hikes y...

08/05/2026

The IRS bumped up the 2026 tax brackets and standard deductions for inflation — which could mean more of your income stays taxed at lower rates, and less taxable income overall.

Learn how the IRS updated 2026 tax brackets and thresholds, what's new compared with 2025, and smart ways to plan your taxes to keep more of your income.

07/30/2026

Trump Accounts are a new type of IRA the government is opening for eligible kids, and if yours qualifies, that's free money you don't want to leave on the table.

Wondering if your child is eligible for a Trump Account in 2026 and if you should open one? This TurboTax guide explains the eligibility rules, contribution limits, and steps for opening a Trump Account for your child. Don’t miss out on this tax-advantaged savings option to kickstart your kid’s ...

07/23/2026

Tax debt doesn't have to mean the end of your business.

Your Business Owes Back Taxes. Now What? July 17, 2026 by Nick Magone, CPA, CGMA, CFP® Tax debt doesn’t usually show up overnight. But when cash flow gets tight or a bad quarter turns into two, business priorities can shift. By the time the IRS notices start arriving, your debt has grown and the ...

07/16/2026

Owe the IRS? Let's get ahead of it before a lien becomes a problem.

Federal tax liens filed by the Internal Revenue Service can impact people's employment and their ability to access credit.

07/08/2026

Replacing an employee can cost 50-200% of their salary. And the hit to your cash flow runs deeper than most business owners expect.

The Hidden Cost of Employee Turnover (It’s More Than You Think) July 3, 2026 by Nick Magone, CPA, CGMA, CFP® According to the Society of Human Resource Management (SHRM), replacing an employee can cost anywhere from 50% to 200% of their annual salary. Most business owners don’t think about the ...