Galleros Robinson

Have You Received IRS Notice CP53E? What It Means and How to Verify It Safely?

The recently introduced the notice as part of its move toward electronic refund processing. This change follows Executive Order 14247, which encourages electronic payments and reduces reliance on paper checks whenever possible. The notice gives the option to add or update their bank account information, especially if it was missing from their tax return. So they can receive refunds faster through direct deposit instead of waiting for a mailed paper check.

https://shorturl.at/VmLr2

Maximizing Depreciation Expense For Companies with Significant Capital Improvements and Other Fixed Asset Expenditures

By leveraging Section 179 and Bonus Depreciation strategies, businesses may be able to deduct up to 100% of costs in the year of purchase, instead of spreading deductions over 3 to 39 years through traditional depreciation.

This document can serve as valuable support during an by helping substantiate the reported on a company’s tax return.

https://shorturl.at/nPS4p

New Guidelines for Capitalization of Internal-Use Software

Accounting Standards Update 2025-06, released in September 2025, marks a significant modernization of accounting guidance for internal-use software. The update replaces rigid, phase-based accounting models with a more flexible, principles-based framework designed to better reflect contemporary development methodologies such as Agile and DevOps.

https://shorturl.at/J5aSj

U. S. Virgin Islands Tax Incentive Program; Economic Development Commission

The (EDC) program in the U.S. Virgin Islands (USVI) is widely regarded as one of the most appealing opportunities available to both businesses and individuals in the United States.

Authorized by Congress and managed by the Virgin Islands Economic Development Authority (USVIEDA), the initiative is designed to stimulate the territory’s economy by incentivizing companies to relocate or expand there through substantial tax breaks and exemptions.

https://shorturl.at/sjDCD

R & D Tax Credit Very Important Deadline for Amendments is July 6th

If your company has claimed or may be eligible to claim, the research and development (R&D) , you should take note of an important update stemming from the .

For businesses with less than $31 million in revenue, the deadline to amend filings and claim federal R&D tax credits is July 6 of this year. Companies that qualified but have not yet claimed the credit risk losing out on significant and potential cash refunds if they miss this window.

https://shorturl.at/vj5FH

Galleros Robinson Launches ELEVATE CFO Support & Advisory Solutions LLC

Excited to unveil something powerful...

Galleros Robinson is proud to introduce ELEVATE CFO Support & Advisory Solutions LLC, a new venture offering a wide range of , including but not limited to:

1. Fractional CFO services
2. Bookkeeping
3. Accounting software implementation and upgrades
4. Financial reporting
5. Month end close outs
6. Payroll processing

https://shorturl.at/K41Wm

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Leveraging Collective Wisdom: A Business Owner’s Guide to Prediction Markets

are platforms where people trade contracts tied to the outcomes of future events, making them a dynamic, real-time forecasting tool for business owners. By leveraging along with , these markets often deliver insights that are more accurate and less biased than traditional surveys or expert judgments, helping leaders make more informed strategic decisions.

https://shorturl.at/XGUQA

New York’s LLC Transparency Act Exempts US Based Entities

(the NYLLCTA) became effective January 1, 2026, and introduces state-level beneficial ownership reporting. The day before the law’s effective date, the Department of State published a website that clarifies key details.

https://shorturl.at/xTymA

Most Employer-Provided Meals No Longer Deductible Effective January 1, 2026

Starting January 1, 2026, most meals provided by employers will no longer qualify as for purposes under IRC Section 274, unless the expense is treated as employee compensation or falls within a specific exception.
In particular, meals offered for the employer’s convenience - such as those provided during overtime, at on-site facilities, or during short breaks will generally not be deductible. This also includes meals served in employer-operated cafeterias or dining facilities.

https://shorturl.at/DQQgo

The IRS Makes the First Time Abatement Penalty Relief Automatic

In a major move aimed at easing the burden on taxpayers and promoting fairness, the Internal Revenue Service ( ) has announced that (FTA) penalty relief will be granted automatically starting with the 2026 filing season.

https://shorturl.at/9Gxjk

Reminder..⏰

Annual NYS Pass Through Entity Tax (PTET) Election Due March 15th

🔊Reminder: The annual NYS Pass-Through Entity Tax (PTET) election for the 2026 tax year must be made on time - no extensions available. An authorized person can opt in through the entity’s Business Online Services account.
If one doesn’t exist yet, it will need to be created.

https://shorturl.at/Adw6f