L & L Accounting Services

10/21/2026

If your business offers employees a 401(k) plan, be sure to comply with all applicable regulations. Misunderstanding or inadvertently ignoring eligibility rules — for example, when workers must be allowed to start participating — can result in IRS penalties. It can also harm employees who are mistakenly excluded. Contact us at (516) 292-1983 with questions.

10/20/2026

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employees use personal vehicles for business, establish a system for logging trips as they occur. QuickBooks users can take advantage of mobile tools that automatically track trips and classify business vs. personal mileage. Other mileage apps or a well-maintained manual log can also work. As year end approaches, make sure your records include key details, such as mileage and business purpose. Timely, accurate documentation is essential for bookkeeping, employee reimbursements and tax reporting. Call us at (516) 292-1983 for help improving your mileage tracking process.

10/19/2026

If you own a life insurance policy and your estate exceeds the gift and estate tax exemption amount, a portion of its proceeds could be lost to estate tax. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (516) 292-1983 to discuss whether an ILIT might be appropriate for your situation.

10/16/2026

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 (516) 292-1983 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

10/16/2026

Sports betting comes with IRS strings. Know them and plan accordingly.

As sports betting grows in popularity, the IRS is paying attention. Do you know how your winnings and losses are taxed?

10/14/2026

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax returns and keeping your books in order, we can help you improve cash flow, safely plan for expansion and make smarter financial decisions. Let’s talk about how our advisory services can strengthen your strategic planning, streamline operations, and uncover new opportunities for long-term growth and success. Call us today at (516) 292-1983 to schedule a consultation.

10/13/2026

Many businesses allow customers to pay with credit and debit cards, payment apps, and other electronic payment methods. Payment processors and platforms often deduct their fees before transferring funds, but you generally shouldn’t report the net amount as revenue. Instead, record the full amount of each sale as revenue and post the processing fee as an operating expense. Keeping these amounts separate shows how much you’re spending to accept electronic payments and whether rising processing costs are eating into your profits. Contact us at (516) 292-1983 for help reconciling processor statements with your accounting records and evaluating your payment mix.

10/12/2026

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Call us at (516) 292-1983 for help identifying and managing the costs associated with a business continuity plan.

10/09/2026

If you’re sending money abroad, beware of a possible 1% excise tax. This new tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank account transfer, or digital wallet aren’t subject to the excise tax. Essentially, the tax doesn’t apply to transfers from accounts in financial institutions subject to Bank Secrecy Act requirements or to credit or debit cards issued in the U.S. So to avoid the extra expense, consider using a card or ACH transfer from your own bank account. Contact us at (516) 292-1983 to learn more.

10/09/2026

If you have review Trump Accounts...good. If not read these important tips.

If you have not looked into Trump accounts, do not put it off. Here are some tips.