In The News

Seniors may be eligible for a new deduction

The One, Big, Beautiful Bill Act includes a nice deduction for senior citizens. For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether eligible taxpayers itemize or not. 
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3 family-friendly tax benefits in the One, Big, Beautiful Bill Act

The passage of the One, Big, Beautiful Bill Act delivers many family-friendly provisions. This article provides a brief rundown of three: the Child Tax Credit, the Credit for Other Dependents, and the adoption credit.
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The QBI deduction: Good news for eligible business owners

The Section 199A qualified business income (QBI) deduction was initially authorized by the Tax Cuts and Jobs Act (TCJA) to benefit certain business owners and self-employed individuals. Set to expire after 2025, it has been given new life. The One Big Beautiful Bill Act makes it permanent and adds improvements. Here’s a basic description of the original QBI deduction and how it stands now.
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Before a weather emergency closes your business, make a plan

Hurricanes are just one of several weather emergencies companies may face, depending on location. Tornadoes, floods and wildfires also pose serious threats. To lower the risk of closure and improve the chances of a strong recovery, businesses should establish a comprehensive weather emergency plan.
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Please join us in congratulating Jordan Sladish, CPA on his well-earned promotion to Senior Accountant at Piaker & Lyons!


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Tax Briefing on One Big Beautiful Bill Act signed July 4, 2025

Tax Briefing on One Big Beautiful Bill Act signed July 4, 2025




* Section 179 and Bonus Depreciation

For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits.   As with all tax regulations, there are stipulations and exceptions.   Please call us with any planning we can assist you with.
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* Estate & Gift Tax Threshholds

The federal estate top tax rate is 40%.   The Federal estate tax exemption is $13,990,000 for 2025 and will be $15,000,000 for 2026.   The exemption for 2024 was $13,610,000.  The annual gift exclusion is $19,000 in 2025 and $18,000 in 2024.

The NYS estate basic exclusion amount is $7,160,00 for deaths in 2025 and $6,940,000 for deaths in 2024.   The top tax rate is 16%. 

 

 

 

 

 


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YMCA Corporate Challenge


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FINCEN Removes Beneficial Ownership Reporting (BOI) for US Companies and US Persons

Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
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PNL takes part in DRESS in GREEN on March 17th


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Piaker & Lyons Gives Back to the Community


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* 2025, 2024, and 2023 Pension Plan Limitations & SS Wage Base

2025, 2024, and 2023 Pension Plan Limitations & Social Security Wage Base


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* State Unemployment Insurance Taxable Wage Base

 
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* PNL Triennial Peer Review Results

We were notified by the Peer Review Committee Reporting Acceptance Body that our most recent triennial peer review report with a pass rating was accepted.  A "pass" rating is the highest form of rating a CPA firm can receive.
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Consolidated Appropriations Act, 2023 including Secure 2.0 Act of 2022

President Signs Omnibus Bill; Including Secure 2.0 Act of 2022
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The Tax Cuts and Jobs Act


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