Year Round Tax and Accounting Professionals
M.R. Gaebel, Inc., sets the standard of tax and accounting services for businesses and residents of Jefferson, Lewis, and St. Lawrence Counties. We specialize in offering their clients personalized, professional, quality service together with CPA expertise, knowledge, and experience…all at affordable rates.
Together Mr. Rowe and his staff have a combined total of 125 years of not only tax preparation experience, but also in tax “controversies,” along with handling IRS liens and levy’s, IRS debts, innocent spouse relief, unfiled tax problems, and business payroll services.
“We take pride in all of our services and in the fact that our services are offered throughout the entire year, not just seasonally. Being local, and not some online software with limited support, is also important to our clients. Too often outside agencies come in and offer services at cut rates and then increase their prices later on, as well as a decline in service. In today’s unstable financial atmosphere, it is very important that our clients have access to us, and not just during tax preparation season. We are able to offer a full array of tax and accounting services at any time of the year.”
Appointments are available in Watertown and Carthage. To schedule an appointment for individual or business tax services, or for more information, please call 315-493-1862
Services:
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Tax Return Preparation: Individual, Corporate, Partnership, Not-For-Profit, and Trusts
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Tax Preparation:Income, Sales. Payroll, and Estate
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Innocent Spouse Relief
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Bookkeeping: Monthly, Quarterly, or Annual.
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Payroll Preparation
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QuickBooks Professional Advisor
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Representation Before IRS and NYS Tax Department
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Assistance and Expertise with Liens and Levies, Unfiled Returns, Payroll Tax Problems, and Settlement of Tax Debts
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Financial Management Consultation
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Business Reorganizations and Restructuring
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Small Business Start-Up
Selling Your Home? Important Tax Ramifications You Should Know.
Latest News
Tax Portion of Reconciliation Bill Unveiled
Read More
(The following are excerpts from Accounting Today Magazine)
Tax Reconciliation Bill Makes Headway
Michael Cohn, Accounting Today 4/24/25
Earlier this month, House Republicans narrowly passed a budget blueprint echoing the budget outline passed by Senate Republicans. GOP lawmakers plan to use budget reconciliation rules to pass the package by a simple majority to avoid a Filibuster by Democrats in the Senate. They also hope to include a debt ceiling increase and border security, energy and defense provisions in the package, along with spending cuts that Democrats warn couId threaten Medicaid funding. However, the parameters are still being worked out and only the broad outlines of the overall plan have been approved so far.
Besides extending the individual and pass-through business provisions of the TCJA that weren’t already made permanent, Republicans hope to add more tax breaks such as promises to eliminate taxes on tips, overtime pay, and Social Security income.
Current Policy Baseline
The bill would raise the debt limit by $5 trillion and cut taxes by up to $5.3 trillion over a decade, likely adding $5.8 trillion to the national debt by 2034. However, Republicans hope to use an assumption called the “current policy baseline” to assert that the $3.8 trillion cost of extending the existing tax cuts would essentially equate to zero, paving the way for $1.5 trillion in additional tax cuts.
SALT Cap (particularly important to New York State residents)
Among the tax provisions under consideration are raising the $10,000 limit on the state and local tax deduction in the TCJA. Democrats from high-tax blue states like New York and California have long opposed the so-called “SALT cap,” but now Republican lawmakers in those same states are threatening to withhold their votes if the limit isn’t raised. There are enough Republicans that are choosing that hill to die on that the thought is there won’t be a straight extension of the $10,000 cap. Where that ends up is going to be subject to some pretty intense negotiations. One of the more recent developments being discussed seems to be a $25,000 cap. The initial response from what the Republican SALT Caucus has been that’s not nearly enough, so we’ll see where that eventually lands.
In addition to these major points, the Tax Bill is also discussing other key topics such as eliminating the carried interest tax break that mainly benefits hedge
fund managers, private equity firm partners and venture capitalists, but lobbyists have successfully defended the tax break in the past. Also, Corporate Taxes, Changes to Green Energy Tax Incentives, and International Taxes are being discussed as part of the overall Bill.
Timeframes
Republicans had hoped to get the Bill to President Trump’s desk by Memorial Day, but that timeline is looking uncertain now as Congress starts looking at other priorities from the Trump administration. The idea of including the debt limit in the bill will affect the timing.
M.R. Gaebel will closely follow the progress of these very important pieces of legislation and will keep you informed about new developments. For more information or further clarification…Please call us at 315-493-1862.
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M.R. Gaebel Tax and Accounting Professionals, Carthage, NY
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