The U.S. Virgin Islands (USVI) Economic Development Commission (EDC) program is one of the more attractive tax incentive programs available to businesses and individuals within the United States. Sanctioned by the U.S. Congress and administered by the Virgin Islands Economic Development…
If you are a company that either claimed or qualify for the research and development tax credit you need to be aware of the following update resulting from the One Big Beautiful Bill Act. For businesses with under $31 million in…
Galleros Robinson is pleased to announce the launch of ELEVATE CFO Support & Advisory Solutions LLC. ELEVATE will provide a variety of CFO support solutions including, but not limited to: Fractional CFO services Bookkeeping Accounting software implementation and upgrades Financial…
Prediction markets, platforms where participants buy and sell contracts based on the outcome of future events, offer a powerful, real-time forecasting tool for business owners. By harnessing the “wisdom of the crowd” and financial incentives, these markets can provide more…
New York’s LLC Transparency Act (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. The newly published website confirms…
Beginning January 1, 2026, most employer-provided meals will no longer be deductible for federal income tax purposes under IRC Section 274, unless the cost is treated as employee compensation or meets a specific exception. Specifically, meals provided for the convenience…
The Supreme Court’s ruling against the use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs brings a critical, albeit uncertain, shift for U.S. businesses. While the decision removes a significant drag on GDP and provides a potential…
In a significant shift designed to reduce taxpayer burden and improve fairness, the Internal Revenue Service (IRS) has announced that First Time Abatement (FTA) penalty relief will become automatic starting with the 2026 filing season. This change applies to penalties…
The One Big Beautiful Bill Act signed into law in 2025, delivers significant tax relief and planning opportunities for businesses. While it reinstates several favorable rules from prior law (e.g., full expensing of domestic R&D and 100% bonus depreciation), it…
REMINDER: Annual NYS Pass Through Entity Tax (PTET) Election Due March 15th The annual NYS Pass Through Entity Tax (PTET) election for the 2026 tax return is due March 15th with no extensions. An authorized person can opt in to…