Carlos Rangel CPA PC

Name: Carlos Rangel CPA PC
Address: New York, NY, 10166, US
Telephone: +16464026563

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New York, NY
Carlos Rangel CPA PC

Professional tax services for small business, self-employed, contractors and individuals. IRS representation. Small business services.

09/30/2025

If you’ve received a large inheritance, it may be tempting to view it as “found money” that can be spent freely. But it’s in your best interest not to make quick purchases or financial commitments. Wait until you know what your net proceeds from the estate will be. Once all fees and taxes are accounted for, the final settlement may be less than you expect. What if you’re receiving your inheritance through a trust? Learn the trust’s terms and understand the timing and amount of distributions and any conditions that must be satisfied to receive them. Contact us at (646) 402-6563 for assistance.

09/29/2025

Have you changed your business’s name, address or “responsible party” recently? Then it’s time to file IRS Form 8822-B. This form ensures the IRS has your business’s up-to-date information and helps you avoid missed notices or tax issues. You must file it within 60 days of any changes to stay compliant. Failing to do so could result in penalties or delays in processing important documents. The responsible party is defined as the person who owns, controls or exercises effective control over a business and directly or indirectly manages the entity’s funds and assets. Questions? Contact us at (646) 402-6563.

09/26/2025

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic violence can withdraw the lesser of $10,000 or 50% of an account balance. Also, you’re allowed one $1,000 “emergency” distribution annually to pay unexpected costs. For a complete list of exceptions that would enable you to take penalty-free early withdrawals from IRAs and 401(k)s: https://bit.ly/4c4JAyT. Questions? Contact us at (646) 402-6563.

09/24/2025

Struggling with tax debt? An Offer in Compromise (OIC) might be the solution if you’re eligible. The IRS allows qualified taxpayers to settle their debt for less than the full amount owed. If you're facing financial hardship, an OIC can help you get back on track while avoiding overwhelming penalties. The process requires proper documentation, negotiation and a $205 nonrefundable application fee. Be aware that most offers aren’t accepted. But in the right situation, it can significantly reduce an individual’s tax burden. Contact us at (646) 402-6563 to see if you’re a candidate.

09/23/2025

How’s your business’s health now that we’re more than halfway through the year? If you’re not sure, it’s time for a checkup. We can help identify strengths, diagnose risks and prescribe the right moves to keep your business thriving. Contact us at (646) 402-6563 to schedule your business wellness check today!

09/22/2025

Proper payroll recordkeeping is critical for every business to ensure tax compliance and guard against litigation. Most companies must keep information regarding federal income, Social Security and Medicare taxes for at least four years after the due date of an employee’s personal income tax return for the year in which the payment was made. This is known as the “records-in-general” rule, and various data and documents fall under it. Contact us at (646) 402-6563 to schedule a review of your payroll recordkeeping processes today!

09/19/2025

What should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’re not entitled to? Handling these situations largely depends on the details. A paper check refund should be voided and returned within 21 days of receipt to the address in the link below. But suppose you cashed the check. In that case, submit a personal check within 21 days to that address. If the refund was by direct deposit, contact your bank to have them return the deposit. Also, contact the IRS at the phone number in the link. A check for an amount different than expected should include a brief explanation. For more information, contact us at (646) 402-6563 or visit: https://bit.ly/4bIFVXW

09/17/2025

Better business decisions start with better data, and accrual-basis accounting can be a game-changer! This bookkeeping method recognizes income when it’s earned and expenses when they’re incurred, not necessarily when cash changes hands. It gives you a true picture of profitability, cash flow timing and operational performance. As your business grows, accrual accounting facilitates budgeting, financial planning and loan approvals. Contact us at (646) 402-6563 to learn more and ensure your books support smart decision-making.

09/16/2025

As a business owner, you’ve likely experienced moments when a big decision lay solely on your shoulders. But here’s the thing: You don’t have to go it alone. We can help you identify your business’s biggest challenges and find solutions for them. Call us today at (646) 402-6563 to schedule a consultation.

09/15/2025

Avoid underpayment penalties by staying on top of estimated tax payments and paycheck withholding. If you expect to owe at least $1,000 in taxes after subtracting credits and withholding, quarterly estimated payments may be required. Withholding and estimated payments must generally cover 90% of this year’s tax or 100% of last year’s tax (or 110%, depending on your income). Unsure if you’re on track? Let’s review your situation now to help avoid surprises when you file your 2025 return next year. Call us at (646) 402-6563.

09/12/2025

Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can take the standard deduction or itemize deductions depending on which strategy will most reduce your taxable income. Credits, on the other hand, reduce the actual tax due, dollar-for-dollar, generally making them more valuable than deductions. Certain credits, such as the Child Tax Credit, are partially or fully refundable. This means that if a taxpayer’s bill is less than the amount of the credit, he or she may receive the difference as a refund. Contact us at (646) 402-6563 with your tax questions.

09/10/2025

Tax law changes make it even more important to have a knowledgeable tax professional on your side. We can help you stay on top of changes, make informed decisions year-round, and avoid costly surprises. And when the 2025 tax filing deadline approaches next April, we can save you time, headaches and taxes by preparing your return. If you want clarity and confidence around your taxes, we’re here to help. Call us at (646) 402-6563.

Address

New York, NY
10166

Telephone

+16464026563

Website

http://www.crangelcpa.com/

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