Act Soon: The OBBBA Ends Clean Energy Tax Breaks
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives [...]
FAQs About Reasonable Compensation for S Corporation Owners
Federal taxes are a major consideration when determining how to structure your business, and many business owners choose to operate as S corporations for their tax advantages. One upside [...]
What you Still Need to Know About the Alternative Minimum Tax After the New Law
The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual [...]
New Trustees’ Report: Social Security Benefits Update and the Tax Angles
The Social Security Board of Trustees recently released "The 2025 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust [...]
Shareholders Compensation vs Dividends: An Important Distinction for C Corporations
The IRS and closely held C corporations often disagree about the reasonableness of compensation paid to shareholder-employees. The company wants to classify payments to shareholder-employees as deductible compensation expense. [...]
Beware: M&A Activity Can Trigger Unexpected Tax Issues
The IRS has an Employee Plans Team Audit (EPTA) program to enforce the tax rules for employee benefit programs in large companies. According to the tax agency, one of [...]
5 Common Business Entities and Their Tax Implications
Choosing the right business entity is one of the most important decisions entrepreneurs make when launching or restructuring a business. The type of entity selected affects how the business [...]
Hiring independent contractors? Make sure you’re doing it right
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for [...]
The Tax Rules for Legal Awards and Settlements: What Recipients Should Know
If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay [...]
Tax Advice for Recent College Grads
New college graduates will face some of the harsh realities of adulthood, including paying taxes, filing their own tax returns and possibly coordinating with their parents to achieve the [...]
Still Have Tax Questions? You’re Not Alone
Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. [...]
The “Wash Sale” Rule: Don’t Let Losses Circle the Drain
Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good [...]
Explore SEP and SIMPLE retirement plans for your small business
Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple [...]
An HSA Can Help Fund Your Retirement
The Health Savings Account (HSA) was designed to help taxpayers with high-deductible health insurance save for medical expenses, but it can also be a powerful retirement planning tool. With [...]
Red Flags That Could Trigger an IRS Audit
Keeping up with ever-evolving tax laws can be challenging for individuals and small business owners. Because the IRS continuously refines its systems for detecting errors and inconsistencies, it's important [...]