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James P O'Day, CPA, PC.

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Glen Cove, NY
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.

06/05/2026

Thinking about purchasing a new vehicle? A new federal tax deduction may help.

Under recent tax law changes, qualifying taxpayers may be able to deduct interest paid on eligible auto loans from 2025 through 2028—even if they don’t itemize deductions.

Key details include:
• Deduction capped at up to $10,000 per tax return
• Subject to income-based phaseouts
• Applies only to first-lien loans on qualifying U.S.-assembled passenger vehicles purchased for personal use
• Leased, used, and fleet vehicles are not eligible

The IRS has also issued proposed regulations clarifying how the deduction works, including important guidance surrounding the “personal use” requirement.

As with many tax incentives, the details matter—and eligibility can vary depending on your situation.

If you’re planning to purchase a vehicle or want to know whether you may qualify, contact our office at (516) 671-3300.

06/03/2026

Artificial intelligence is changing the way we live and work—but it’s also changing the way scams happen.

Fraudsters are now using AI to create “deepfake” voices, spoof caller ID information, and generate convincing robocalls designed to impersonate the IRS or other trusted organizations.

A few important reminders:
• The IRS will not call demanding immediate payment
• The IRS will not threaten arrest over the phone
• Official IRS notices are generally sent through U.S. mail

The IRS also cautions taxpayers against relying solely on AI-generated answers for complex tax questions. While AI can be helpful, it can also provide inaccurate or incomplete information when it comes to tax laws and calculations.

Always verify tax information through trusted sources—or better yet, work directly with a qualified professional.

If you have tax questions or receive suspicious communication claiming to be from the IRS, contact our office at (516) 671-3300.

06/01/2026

Looking for a tax-efficient way to support the causes you care about?

A Donor-Advised Fund (DAF) can be a powerful tool for both charitable giving and estate planning. By contributing cash or appreciated assets to a DAF, you may qualify for an immediate charitable income tax deduction while allowing the funds to be distributed to charities over time.

Benefits of a DAF may include:
• Potential income tax savings
• Reducing your taxable estate
• Flexibility to choose charitable recipients later
• The ability to support different organizations from year to year
• Creating a lasting charitable legacy for future generations

DAFs can also help families involve children and heirs in long-term philanthropic planning and shared charitable goals.

If charitable giving is part of your financial or estate planning strategy, contact our office at (516) 671-3300 to learn more about whether a DAF may be right for you.

05/29/2026

Planning accessibility upgrades for your business? There may be valuable tax incentives available.

Two federal tax breaks can help offset the cost of qualifying accessibility improvements:

• The Disabled Access Credit may provide eligible small businesses with a tax credit worth up to $5,000
• Businesses of any size may also qualify for a deduction of up to $15,000 annually for certain architectural or transportation barrier removal expenses

These incentives can apply to improvements that help make your business more accessible to employees and customers alike.

Keep in mind:
✔️ You may qualify for both tax breaks in the same year
✔️ The same expense cannot be used for both benefits
✔️ New construction generally does not qualify

If you’re considering upgrades to your business, proper planning can help maximize the available tax savings.

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.Jamespodaycpapc.com

05/27/2026

Think you can toss old tax records right after filing? Not so fast.

If the IRS audits your tax return, you may need documentation to support the income, deductions, and credits reported. In most cases, the IRS has up to three years to assess additional tax, starting from the date the return was filed or due—whichever is later.

That means records related to a return should generally be kept for at least three years. However, certain situations may require you to hold onto records even longer, including cases involving substantial underreported income, property transactions, or investment activity.

One thing you should always keep? Copies of your filed tax returns.

Good recordkeeping can make audits, amendments, and future financial planning much easier.

Have questions about what documents to keep and for how long? Call our office at (516) 671-3300.

05/25/2026

This Memorial Day, we honor and remember the brave men and women who made the ultimate sacrifice for our country.

Wishing everyone a safe and meaningful holiday as we reflect with gratitude and remembrance.

05/22/2026

25+ years of trust and support means everything to us.

We’re incredibly grateful for clients who continue to rely on our team year after year and confidently recommend us to family and friends.

Thank you for the kind words and continued trust in James P. O’Day, CPA, P.C.

Looking for a CPA who sticks by your side? Let’s talk. 🔗https://www.jamespodaycpapc.com

Leave your positive review today at https://g.page/r/CaFM7ai6nygCEAE/review

05/20/2026

The Internal Revenue Service has released new guidance regarding the future of the Qualified Opportunity Zone (QOZ) program, which provides potential tax benefits for eligible long-term investments in designated low-income and rural communities.

Under the One Big Beautiful Bill Act, the QOZ program has now been made permanent and will operate on a new 10-year designation cycle.

Key updates include:
• The next round of Qualified Opportunity Zones will be effective from January 1, 2027 through December 31, 2036
• Governors will be able to begin nominating eligible census tracts starting July 1, 2026
• The nomination period will generally last 90 days, with a possible 30-day extension

Qualified Opportunity Zones may offer valuable tax planning opportunities for investors with capital gains, depending on individual circumstances and investment structure.

At James P O'Day CPA, P.C., we help clients evaluate evolving tax legislation and identify strategies that align with their long-term financial goals.

If you have questions about Qualified Opportunity Zone tax benefits or capital gains planning, our team is here to help.

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.Jamespodaycpapc.com

05/18/2026

Receiving an inheritance can be life-changing—but it’s important to understand the tax implications before making major financial decisions.

While inheritances are generally not subject to federal income tax, income generated from inherited assets—such as interest, dividends, rental income, or retirement account distributions—may be taxable.

A few important things to keep in mind:
• Inherited property often receives a “stepped-up” tax basis
• Retirement accounts may require taxable distributions over time
• Certain inherited income may still be subject to taxes
• Estate taxes and other expenses can affect the net value you receive

Careful planning can help protect your inheritance and minimize unnecessary tax exposure.

If you’ve recently inherited assets or expect to in the future, contact our office to discuss the tax and financial planning considerations involved.

05/15/2026

Before you start shredding old paperwork, make sure you know what tax records to keep.

Good recordkeeping is essential for preparing accurate tax returns, responding to IRS notices, and tracking important financial information over time.

In general, supporting tax documents should be kept for at least 3 years, but some records may need to be retained much longer, including:
• Property and investment records
• Retirement account documents
• Records supporting bad debt or worthless securities deductions
• Filed tax returns and proof of filing

Keeping the right documents can help protect you in the event of an audit, amended return, or future sale of an asset.

Not sure what to keep and what to discard? Contact our office for guidance before you shred.

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.Jamespodaycpapc.com

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

http://www.odaycpa.com/

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