DSG Advisory CPA

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like IRS.gov. The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets. If you receive one of these letters, don’t respond. Report any suspicious communication to the IRS immediately. If you have questions about an IRS notice or digital asset reporting, we’re here to help. Contact us at (914) 380-8462.

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensation (including salaries, bonuses and perks) to reflect services performed and be comparable to compensation for similar roles in similar organizations. This is especially important for owner-employees and related parties. Payments to relatives may be deductible, but only if they represent reasonable wages for bona fide services and are well documented. Excess compensation may be reclassified as nondeductible distributions of income, while underpaying may raise payroll tax issues. Regularly reviewing compensation practices can help reduce audit risk. Call us at (914) 380-8462 for guidance.

If you’re age 50 or older, a great way to enhance your retirement nest egg is to make “catch-up” contributions to your 401(k), 403(b), 457 plan, SIMPLE or IRA. And workers age 60 to 63 can potentially boost their 401(k) or other employer-sponsored retirement plan up to 150% of the regular catch-up limit. For 2026, this means an extra contribution of $11,250 ($5,250 for SIMPLEs). Want to make the most of tax-advantaged savings opportunities? Contact us at (914) 380-8462.

Effective job costing can help business owners make smarter pricing and budgeting decisions. By tracking the direct labor, materials and overhead tied to specific jobs or projects, you gain a clearer picture of profitability and operational efficiency. Without accurate data, it’s easy to underprice work, overlook cost overruns or misjudge your most profitable services. We can help you set up practical costing methods that improve financial insight and support better decision-making. Call us at (914) 380-8462 for more information.

Wondering how Sec. 530A accounts (also known as Trump Accounts) may be invested? The IRS has issued proposed regulations clarifying the investment options allowed during the “growth period.” This period begins when the beneficiary’s initial account is established and ends on Dec. 31 of the year the child turns 17. During this time, eligible investments generally include mutual funds or exchange-traded funds that track an equity index of mainly U.S. companies, don’t use leverage, and have annual fees and expenses of no more than 0.1% of the fund’s balance. The proposed regulations would apply to tax years starting on or after Jan. 1, 2026. Call us at (914) 380-8462 with questions.

There are several benefits to having an estate plan. It can protect your wealth while giving you peace of mind that your assets will be distributed according to your intentions. In addition, it can save taxes, minimize legal complications and family disputes, and reduce expenses for your heirs. Do you have young children? An estate plan is a must so you can name guardians for them in the event of your untimely death. If you’re ready to begin your estate planning journey, or if you’d like us to review your current plan, contact us at (914) 380-8462.

Selling investments at a loss generally reduces taxes, but the wash sale rule can get in the way. If you buy the same or a “substantially identical” investment within 30 days before or after the sale, the loss may be disallowed. Fortunately, there are ways to avoid triggering the wash sale rule and still achieve your goals. Contact us at (914) 380-8462 to discuss balancing tax considerations with investment objectives.