Wali Syed, CPA - Accounting and Taxation

03/20/2026

10/28/2025

Tracking transactions will significantly aid in making informed decisions.

Find methods to record business transactions.

12/31/2021

2022! Happy New Year to all. May this new year bring Health, success and prosperity.

11/25/2021

Happy Thanksgiving 😊

11/03/2021

Small business advertising and marketing costs may be tax deductible
The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes.
Advertising and marketing costs must be ordinary and necessary to be tax deductible.
• An ordinary expense is one that is common and accepted in the industry.
• A necessary expense is one that is helpful and appropriate for the trade or business. An expense does not have to be indispensable to be considered necessary.
Here are a few advertising expenses that are usually deductible:
• Reasonable advertising expenses that are directly related to the business activities.
• An expense for the cost of institutional or goodwill advertising to keep the business name before the public if it relates to a reasonable expectation to gain business in the future.
• The cost of providing meals, entertainment, or recreational facilities to the public as a means of advertising or promoting goodwill in the community.
Generally, small businesses can’t deduct amounts they pay to influence legislation, which includes advertising in a convention program of a political party, or in any other publication if any of the proceeds from the publication are for, or intended for, the use of a political party or candidate.

10/19/2021

The tax responsibilities that come with shutting down a business
There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. The closing a business page of IRS.gov is designed to help owners navigate the process of shutting down.
Small businesses and self-employed taxpayers will find a variety of information on the page including:
• What forms to file
• How to report revenue received in the final year of business
• How to report expenses incurred before closure
The following steps all business owners should take when closing a business.
• File a final tax return and related forms. The type of return to file and related forms depends on the type of business.
• Take care of employees. Business owners with one or more employees must pay any final wages or compensation, make final federal tax deposits and report employment taxes.
• Pay taxes owed. Even if the business closes now, tax payments may be due next filing season.
• Report payments to contract workers. Businesses that pay contractors at least $600 for services including parts and materials during the calendar year in which they go out of business, must report those payments.
• Cancel EIN and close IRS business account. Business owners should notify the IRS so they can close the IRS business account.
• Keep business records. How long a business needs to keep records depends on what's recorded in each document.

06/26/2021

The IRS launched a new tool to help taxpayers determine if they are eligible for the advanced child tax credit payments, starting July 15. To check your eligibility, click here: https://go.usa.gov/x6yjs

06/24/2021

Choose how you like to to receive your Child Tax Credit

Some families may prefer to wait until the end of the year and receive the entire Child Tax Credit instead of receiving advance payments. There is an IRS tool that lets them do just that: https://go.usa.gov/x6y6s

04/01/2021

NY State is taxing full unemployment benefits. That means taxpayers will need to pay state tax on benefits they received last year, unlike the IRS which has allowed tax break on $10,200 of unemployment benefits.
NY is not alone, more than a dozen states aren’t offering a new tax break on unemployment benefits.
Those states are Connecticut, Iowa, Illinois, Kansas, Louisiana, Maine, Michigan, Missouri, North Dakota, Nebraska, New Mexico, Oklahoma, Oregon and Utah, as well as Washington, D.C.

04/01/2021

IRS to recalculate taxes on unemployment benefits; refunds to start in May.

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan.

01/30/2021

Senate Majority Leader Chuck Schumer and Rep. Tom Suozzi have reintroduced legislation to restore the full state and local tax deduction - a deduction that had been capped at $10,000.