Phillip & Associates LLC

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Phillip & Associates LLC No annoying tax professional lingo. Just straight, authoritative and friendly expert advice.

Visit us: https://accounting-nyc.com/ Or give us a call: (718) 241-2233 At Phillip and Associates, LLC, a New York City CPA firm, we provide a wide variety of accounting, tax, and financial management services tailored to meet the needs of our business clients. Our certified public accounting (CPA) services are designed to make your job easier and provide you with more time to focus on building your business in New York City, NY areas. We keep abreast of tax law changes throughout the year to ensure that you are taking advantage of ALL tax incentives. Brooklyn | 5808 Ave N | Brooklyn, NY 11234

Manhattan | 42 Broadway, 12th Floor | New York, NY 10004

Simple mistakes can prevent you from reaching retirement goals. The biggest error is not saving enough. If you expect to...
10/27/2026

Simple mistakes can prevent you from reaching retirement goals. The biggest error is not saving enough. If you expect to maintain your current lifestyle in retirement — which could last three decades or more — you’ll need to accumulate a surprisingly large sum. We can help set up a savings plan you’ll stick to. Call us at (718) 241-2233.

You must pay the alternative minimum tax (AMT) if your AMT liability exceeds your regular tax liability. An exemption of...
10/26/2026

You must pay the alternative minimum tax (AMT) if your AMT liability exceeds your regular tax liability. An exemption of $90,100 is available ($140,200 for joint filers, half that for separate filers), but it phases out when income exceeds certain levels — which have dropped for 2026. Plus, the exemption is now phased out twice as fast as in 2025. Add to that the impact of a potentially larger state and local tax deduction (which isn’t AMT-deductible), and you might be at higher AMT risk this year. Call us at (718) 241-2233 for help assessing your risk and finding strategies to minimize your taxes.

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware...
10/23/2026

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 (718) 241-2233 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employ...
10/21/2026

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employees use personal vehicles for business, establish a system for logging trips as they occur. QuickBooks users can take advantage of mobile tools that automatically track trips and classify business vs. personal mileage. Other mileage apps or a well-maintained manual log can also work. As year end approaches, make sure your records include key details, such as mileage and business purpose. Timely, accurate documentation is essential for bookkeeping, employee reimbursements and tax reporting. Call us at (718) 241-2233 for help improving your mileage tracking process.

Estate tax laws are complex, and failing to plan could mean leaving your loved ones with less than what you’d expected. ...
10/20/2026

Estate tax laws are complex, and failing to plan could mean leaving your loved ones with less than what you’d expected. Now is the time to take action by reviewing your estate plan, updating beneficiary designations, and exploring strategies such as gifting or establishing trusts that may help minimize tax exposure. Every situation is unique, and the right approach depends on your family’s needs, assets and long-term goals. Contact us at (718) 241-2233 for assistance structuring your estate in a tax-efficient way.

Did you celebrate your 73rd birthday in 2026? If you have money in an IRA, 401(k), SEP or SIMPLE plan, you generally mus...
10/19/2026

Did you celebrate your 73rd birthday in 2026? If you have money in an IRA, 401(k), SEP or SIMPLE plan, you generally must take your first required minimum distribution (RMD) by this Dec. 31 (or, potentially, by April 1 of next year). RMDs are annual withdrawals of specified amounts based on your age and the account’s value at the end of the last tax year. For more information about managing retirement income, contact us at (718) 241-2233.

If you’re sending money abroad, beware of a possible 1% excise tax. This new tax generally applies to transfers of cash,...
10/16/2026

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 (718) 241-2233 to learn more.

If you disagree with an IRS decision, you may have more options than you realize. The Taxpayer Bill of Rights entitles t...
10/14/2026

If you disagree with an IRS decision, you may have more options than you realize. The Taxpayer Bill of Rights entitles taxpayers to a “fair and impartial administrative appeal” of most IRS decisions, including many penalties. The IRS Independent Office of Appeals is separate from the office that made the original determination and provides an impartial review of your case. You have the right to a written response explaining the Appeals decision. You may also have the right to take your case to court. Appeal deadlines can be strict, so act promptly. If you receive an IRS notice or disagree with a decision, call us at (718) 241-2233 to discuss your next steps.

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax...
10/13/2026

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 (718) 241-2233 to schedule a consultation.

Good news: IRS penalty relief just got easier for many individuals and businesses. The new Automatic Exemption from Pena...
10/12/2026

Good news: IRS penalty relief just got easier for many individuals and businesses. The new Automatic Exemption from Penalty (AEP) process may provide automatic relief from certain failure-to-file, failure-to-pay and failure-to-deposit penalties if you’ve filed returns and paid federal taxes on time for the previous three years (or 12 consecutive quarters for quarterly returns). You must still pay any tax and interest due. AEP will replace First Time Abate relief for eligible returns with original due dates on or after Jan. 1, 2027. During the transition, some eligible taxpayers may still receive penalty notices. Contact us at (718) 241-2233 to determine whether you qualify for AEP or other penalty relief.

Address

5808 Avenue N
New York, NY
11234

Opening Hours

Monday 9am - 6pm
Tuesday 9am - 6pm
Wednesday 9am - 6pm
Thursday 9am - 6pm
Friday 9am - 4pm

Telephone

+17182412233

Website

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