Scanu Advisors

10/14/2026

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 (904) 945-3730 for help reconciling processor statements with your accounting records and evaluating your payment mix.

10/13/2026

Small business owners: As the year wraps up, review your receivables for credit sales that have become wholly or partially worthless. If you use the accrual method of accounting, you may be eligible to deduct amounts that were included in income but later became uncollectible. You may also claim deductions for uncollectible business loans and certain guarantees, as well as for debts attributable to an insolvent partner. To qualify, you must take reasonable steps to collect the debt and show it’s unlikely to be paid. Contact us at (904) 945-3730 to review your potential bad debts for 2026.

10/12/2026

10/12/2026

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 (904) 945-3730 to learn more.

10/09/2026

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 (904) 945-3730 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

10/07/2026

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 (904) 945-3730 to schedule a consultation.

10/06/2026

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 (904) 945-3730 to schedule a consultation.

10/05/2026

Many 401(k) plans have “vesting schedules,” or timelines for when certain employer matching contributions become yours. So before you switch jobs, make sure you know what percentage of your retirement savings is vested. Some plans vest immediately, but others take several years to fully vest. If you leave before matching funds have vested, you may forfeit some or all of your current employer’s matches. Contact us at (904) 945-3730 for help with retirement planning as your career progresses.

10/02/2026

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 (904) 945-3730 to learn more.