Smart's Management & Consulting Associates, LLC

Home
United States
New Rochelle, NY
Smart's Management & Consulting Associates, LLC

Smart’s Management & Consulting Associates, LLC is a tax and management consulting firm with offic

10/28/2026

If your business receives a significant amount of cash payments, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS pays close attention to these businesses and may use tools, such as cash flow analysis, bank deposit comparisons and lifestyle audits, to estimate actual income. If discrepancies arise or your records are inadequate, the IRS may reconstruct your income using indirect methods, potentially resulting in higher taxes than necessary. Contact us for help with your business at 646-898-2065.

10/27/2026

Are you planning to buy a business vehicle, furniture or equipment before year end? The timing of your purchase could affect your 2026 tax bill. Depending on the asset and your circumstances, you may qualify for Section 179 expensing, 100% first-year bonus depreciation or a combination of both. To claim these breaks for 2026, qualifying property must be placed in service by December 31, 2026. Before making a major purchase, consider your projected taxable income, cash flow, financing needs, and any applicable deduction limits and eligibility requirements. Call us at 646-898-2065 to discuss your options and help determine the right depreciation strategy for your business.

10/26/2026

Accurate financial records are essential for your company’s success. However, many small business owners struggle with accounting and bookkeeping tasks. We can handle these chores for you, so you can focus on running your business. Call us at 646-898-2065 to schedule a consultation.

10/23/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us at 646-898-2065 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

10/21/2026

Eligibility for Achieving a Better Life Experience (ABLE) accounts has expanded to individuals whose blindness or disability began before age 46. Until this year, the blindness or disability had to have begun before age 26. As a result, many people who weren’t previously eligible can benefit from these accounts beginning in 2026. ABLE accounts offer tax-advantaged savings for qualified disability expenses. The 2026 contribution limit is generally $20,000. In some cases, 529 plan funds can be rolled over tax-free to ABLE accounts, counting toward the annual limit. Call us at 646-898-2065 to learn more.

10/20/2026

You may need to make quarterly estimated tax payments if you own a sole proprietorship or an interest in a pass-through entity, which includes partnerships, S corporations and most limited liability companies. Changes in your business’s taxable income, deductions or overall tax situation may have altered your expected tax liability. A year-end projection can help you determine whether you’ll need to adjust your fourth-quarter estimated tax payment that’s due by January 15, 2027. Call us at 646-898-2065 to review your situation.

10/19/2026

Buyer beware! If you acquire a business with delinquent tax obligations, you could become liable for those debts. Your exposure primarily depends on how the deal is structured. In an asset purchase, buyers can generally avoid liabilities associated with the business, but certain state laws may allow creditors or tax authorities to pursue transferred assets. When buying ownership interests, liabilities typically remain with the business entity. Due diligence should include reviewing several years of tax returns for unpaid income, payroll, sales and property taxes, uncertain tax positions, and undisclosed liabilities. Call us at 646-898-2065 for help identifying potential risks before closing.

10/16/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

10/14/2026

How much should you budget for retirement expenses? One common guideline says 60% to 70% of your current income. Some expenses might decrease or disappear (commuting costs, mortgage payments), while others are likely to increase (health care, property taxes). Specificity, not to mention incorporating inflation into your calculation, is important. We can help — call us at 646-898-2065.

10/13/2026

If you ever wonder how your business’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at 646-898-2065 to get started. We’ll help you compare key financial metrics, highlight what you’re doing well and uncover areas that need attention. From there, we’ll help build a strategy to strengthen your financial footing and minimize risks in an ever-changing market. Let’s turn your financial statements into action plans!

Address

New Rochelle, NY
10801

Website

http://www.smartsmanagement.org/

Alerts

Be the first to know and let us send you an email when Smart's Management & Consulting Associates, LLC posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.