James P O'Day, CPA, PC.

James P O'Day, CPA, PC. Looking for a blend of personal service and expertise? You have come to the right place! We welcome you to contact us anytime.

Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness, and quality.

*Professionalism
Our firm is one of the leading firms in the area. By combining our expertise, experience and the energy of our staff, each client receives close personal and professional attention. Our high standards, service and speci

alized staff spell the difference between our outstanding performance and other firms. We make sure that every client is served by the expertise of our whole firm.

*Responsiveness
Our firm is responsive. Companies who choose our firm rely on competent advice and fast, accurate personnel. We provide total financial services to individuals, large and small businesses and other agencies. To see a listing of our services, please take a moment and look at our services page. Because we get new business from the people who know us best, client referrals have fueled our growth in the recent years. Through hard work, we have earned the respect of the business and financial communities. This respect illustrates our diverse talents, dedication and ability to respond quickly.

*Quality
An accounting firm is known for the quality of its service. Our firm's reputation reflects the high standards we demand of ourselves. Our primary goal as a trusted advisor is to be available to provide insightful advice to enable our clients to make informed financial decisions. We do not accept anything less from ourselves and this is what we deliver to you. We feel it is extremely important to continually professionally educate ourselves to improve our technical expertise, financial knowledge, and service to our clients. Our high service quality and "raving fan" clients are the result of our commitment to excellence. We will answer all of your questions, as they impact both your tax and financial situations.

Could Accessibility Upgrades Lower Your Tax Bill?Improving accessibility at your business may come with a valuable tax b...
09/04/2026

Could Accessibility Upgrades Lower Your Tax Bill?

Improving accessibility at your business may come with a valuable tax break: Eligible small businesses can claim the Disabled Access Credit for certain costs related to improving accessibility for individuals with disabilities. A business may qualify if, in the prior tax year, it had gross receipts of $1 million or less or no more than 30 full-time employees.

The credit equals 50% of eligible expenses above $250 but not above $10,250. Examples of potentially eligible costs include providing interpreters for people with hearing impairments, providing readers for people with visual impairments, and acquiring or modifying equipment or devices. Contact the office if you need guidance on the credit.

As a reminder, your business tax return is due September 15, 2026.This is the final due date. No additional extensions w...
09/02/2026

As a reminder, your business tax return is due September 15, 2026.This is the final due date. No additional extensions will be available. Please send us all necessary 2025 CORPORATE and PERSONAL tax documents as soon as possible so that we may prepare and file your tax return in a timely manner. Penalties & interest will be assessed for non-timely filed tax returns.

Please let us know if we will not be handling the preparation of your tax return via email: [email protected].

Sincerely,

James P. O’Day CPA PC

Ready Your Books for Tax Season - One of the most common bookkeeping mistakes business owners make is mixing business an...
09/02/2026

Ready Your Books for Tax Season -

One of the most common bookkeeping mistakes business owners make is mixing business and personal finances. Addressing this issue before year end can simplify tax preparation, improve the accuracy of your financial records and help reduce the risk of IRS questions.

Business expenses generally must be “ordinary and necessary” to qualify for a tax deduction. If personal purchases are recorded as business expenses, you could overstate deductions. On the other hand, if legitimate business expenses are paid with personal funds but never recorded, you could miss valuable deductions.

Mixing business and personal transactions also can distort your financial statements, making it harder to measure profitability, manage cash flow and make informed business decisions. For corporations and limited liability companies, maintaining separate finances helps reinforce the legal distinction between the business and its owners. If you need guidance, contact the office.

The IRS is more likely to audit certain types of businesses, such as those that are primarily cash-based. Although you p...
08/31/2026

The IRS is more likely to audit certain types of businesses, such as those that are primarily cash-based. Although you probably can’t change the nature of your transactions, you can control the accuracy of your tax returns. Minimize errors by maintaining meticulous documentation. Generally, you should keep tax records for at least three years — the normal statute of limitations for an IRS adjustment. And don’t try to go it alone: Call us at (516) 671-3300 for help reducing the likelihood of attracting IRS scrutiny, as well as for support if your tax return is ever questioned.

08/28/2026

The warns of an evolving digital assets scam where fraudsters are sending fake IRS letters that direct you to enroll your cryptocurrency in a “Digital Asset Compliance Portal” by a certain deadline. No such portal exists.

If you receive this notice, do not scan the QR code or provide any personal or financial information. Scammers are trying to steal your information and digital assets.

Stay alert and report these scams at www.irs.gov/scams

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS wil...
08/28/2026

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions and credits between the two of you. You must also pay self-employment (SE) tax on your share of the net SE income passed through to you by the spousal partnership. Your spouse must do the same. The bottom line: Turn to us to keep your business in compliance with the IRS while you and your spouse keep the business running smoothly. Contact us today.

James P. O’Day CPA, P.C.
70 Glen Street, Suite 270 Glen Cove, NY 11542
#516-671-3300
888 Veterans Memorial Hwy -Suite 110
Hauppauge, NY 11788
#631-232-1777

www.odaycpa.com

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensat...
08/26/2026

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensation (including salaries, bonuses and perks) to reflect services performed and be comparable to compensation for similar roles in similar organizations. This is especially important for owner-employees and related parties. Payments to relatives may be deductible, but only if they represent reasonable wages for bona fide services and are well documented. Excess compensation may be reclassified as nondeductible distributions of income, while underpaying may raise payroll tax issues. Regularly reviewing compensation practices can help reduce audit risk. Call us at (516) 671-3300 for guidance

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you...
08/24/2026

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you understand the tax impact. Federal tax law generally treats such winnings as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. For example, if you win more than $5,000, generally the payer (lottery agency, casino, etc.) will withhold 24% for federal tax purposes — which may or may not be enough to cover your tax liability — and send you and the IRS a Form W-2G showing the winnings paid and tax withheld. There also might be state tax consequences. Call us at (516) 671-3300 to learn more.

One of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax annual exclusion...
08/21/2026

One of the easiest ways to reduce the size of your taxable estate is to take advantage of your gift tax annual exclusion. For 2026, you can transfer up to $19,000 per recipient gift-tax-free. And you can double the exclusion to $38,000 per recipient if you split the gifts with your spouse. But it’s critical to understand the rules of gift-splitting to avoid unintended tax consequences. To elect to split gifts, the spouse making the gift must file a gift tax return, and the other spouse must consent by checking a box on the return and signing it. Contact us at (516) 671-3300 for additional details.

As the end of the year approaches, now is the perfect time for businesses to review tax-saving opportunities.If your bus...
08/19/2026

As the end of the year approaches, now is the perfect time for businesses to review tax-saving opportunities.

If your business uses the accrual method of accounting, you may be able to defer taxes on certain advance payments received in 2026 until 2027. Depending on the type of payment and your financial reporting, this strategy could help improve cash flow and better manage your tax liability.

Advance payments for services, goods, subscriptions, gift cards, software licenses, and certain other transactions may qualify under IRS rules. However, eligibility depends on several factors, and not all advance payments are treated the same.

Proactive tax planning before year-end can make a meaningful difference in your overall tax strategy.

If your business receives advance payments, contact James P. O'Day, CPA, P.C. at (516) 671-3300. We'll help determine whether this tax-deferral opportunity applies to your business and how it can fit into your year-end planning.

Address

70 Glen Street, Suite 270
Glen Cove, NY
11542

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

(516) 671-3300

Website

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