Goldenthal & Suss Consulting PC

08/21/2026

https://youtu.be/88Cii2g9tVg

Compilation vs. Review Services: Which One Does Your Business Need?...

08/20/2026

Congress passes disaster tax relief (08-19-26)



The Doug LaMalfa Disaster Tax Relief Act (HR 5366) (the Act) passed both chambers of Congress and is headed for President Trump’s desk, where he is expected to sign the bill into law.



The Act extends the treatment of personal casualty losses and wildfire-related compensation. Its provisions can be divided into two key sections:



Enhancement of disaster loss deductions; and
Wildfire relief exclusions.


Enhancement of disaster loss deductions



The Act represents an extension of existing disaster loss deduction rules under IRC §163 by allowing a deduction for qualified net disaster losses plus the portion of other casualty losses that exceed 10% of AGI through the end of 2026. This provision also extends the removal of the 10% of AGI floor for “qualified disaster losses” through the end of 2026.



Additionally, the Act increases the per-event threshold for qualified disaster losses from $100 to $500 and it allows taxpayers who do not itemize their deductions to claim the qualified net disaster loss as an addition to their standard deductions. These provisions are effective for taxable years beginning after December 31, 2024.



Wildfire relief exclusions



The Act creates new IRC §139M, which excludes qualified wildfire relief payments from a taxpayer’s gross income. To be excluded from income, the qualified wildfire relief payment must be related to a federally declared disaster resulting from a forest or range fire declared after December 31, 2024, and before January 1, 2027.



The Act represents an extension of prior tax relief that was available to victims of wildfires through the Federal Disaster Tax Relief Act.

07/28/2026

Keep an eye out for common charitable contributions scams

Scammers have been known to take advantage of people’s kindness and generosity. Whether it’s creating a fake charity or encouraging the use of inaccurate estimates for donated property, taxpayers should be aware and proceed with caution.

Let’s explore these common scams and schemes around charitable donations that were part of the 2026 Dirty Dozen list.

Fake charities
After a disaster or tragedy, scams of all kinds often increase. A common one is when fraudsters create fake charities to collect donations and personal information. A few things to keep in mind before donating:

Verify if the organization is a qualified tax-exempt organization. Donations to individuals are not deductible. Taxpayers can use the Tax Exempt Organization Search tool on IRS.gov to verify whether an organization is eligible to receive tax-deductible contributions.
Taxpayers who give money or goods to a charity may be able to claim a deduction on their federal tax return if they itemize deductions. Taxpayers who don’t itemize still may be able to deduct cash contributions. It’s important to know donations only count if they go towards a qualified tax-exempt organization according to the IRS.
Keep receipts and documentation of all donations, whether cash or other property.
Non-cash charitable contribution schemes
This scheme isn’t directly related to disasters but is still one that taxpayers need to be mindful of. Some schemes involve inflated appraisals of donated property such as syndicated conservation easements, art, or other assets. If a taxpayer donates property or goods, they need to keep good records and accurately document the fair market value. Don’t be tempted by promises to eliminate or substantially reduce tax liability.

Reporting a suspected scam
Taxpayers and tax professionals can report suspected tax fraud, scams, identity theft, or other tax-related wrongdoings to the IRS. Tips can be submitted confidentially using a smartphone, tablet, or computer at IRS.gov/submitatip. It consolidates IRS fraud-reporting options into one location and routes tips to the appropriate IRS office. If a taxpayer thinks their tax identity has been compromised, they should visit IRS.gov/idtheft for steps to protect their account.

Identity Protection PIN (IP PIN) frequently asked questions.

07/23/2026

Looking to save money on your taxes for next year? Staten Island Chamber of Commerce members can now receive a discount on tax planning. Now is the time and the consultation is free. Inquire within Staten Island Businesses 718-227-6035

https://statenisland.membermarketplaceinc.com/Listing/Now-is-the-time-for-tax-planning!

07/23/2026

When should you claim social security?

07/07/2026

Notification issued 07-06-2026 at 05:32 PM.

Eligible New York City residents and businesses affected by the storms that passed through the area on May 20, 2026, may now apply for low-interest disaster loans from the U.S. Small Business Administration. The following groups may be eligible for SBA disaster loans:

•Homeowners: up to $500,000 to repair their primary residence.
•Homeowners and renters: up to $100,000 to repair or replace damaged or destroyed personal property.
•Business owners: up to $2,000,000 for the replacement of real property, inventories, machinery, equipment, and other physical losses.
•Businesses and nonprofits: Economic Injury Disaster Loans of up to $2,000,000 to provide necessary working capital until normal operations resume after a disaster.

Applications for disaster loans may be submitted online using the MySBA Loan Portal or at other locally announced locations. Please contact the SBA’s Customer Service Center by email at [email protected] or by phone at 1-800-659-2955 for further assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. The application deadline for physical damage loans is August 31, 2026, and the application for economic injury loans is March 30, 2027.

A Disaster Loan Outreach Center will be open beginning tomorrow, 7/7, until Tuesday, 7/21, at 73-03 Bell Boulevard in Oakland Gardens, NY 11364. The center will be open from 9:00 AM to 5:00 PM on Mondays, Wednesdays, and Fridays, and from 9:00 AM to 7:00 PM on Tuesdays and Thursdays.

For more information, please visit

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07/04/2026

🇺🇸 Happy 4th of July from all of us at Goldenthal & Suss Consulting P.C.! 🇺🇸

06/24/2026

What is a Uniform Guidance (single) audit?

A Uniform Guidance audit, also known as a single audit, evaluates federal funding compliance for organizations receiving federal grants. A Uniform Guidance audit (Single Audit) ensures proper internal controls, reporting accuracy, and maintains transparency with stakeholders and donors.

06/16/2026

Contact our office as soon as possible if you are affected. See Below.

Millions may qualify for refunds on COVID-era penalties and interest. Learn how to claim yours and why you must act before the July 10, 2026 deadline.

05/27/2026