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 [...]
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 [...]
The New Law Includes Favorable Changes for Depreciating Eligible Assets
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for [...]
What the New Tax Law Could Mean For You
As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July [...]
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. [...]
Is college financial aid taxable? A crash course for families
College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average [...]
Consider Tax-Saving Sec.1031 Exchange for Appreciated Real Property
Real estate values have surged in many areas. You might be considering selling an appreciated investment or business property that you think has topped out. But an outright sale [...]
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 [...]
Tax Breaks in 2025 and How The One, Big, Beautiful Bill Could Change Them
The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being [...]
Why Now Might Be a Good Time for a Gift
The current federal gift tax regime is favorable by historical standards. The Tax Cuts and Jobs Act (TCJA) significantly increased the unified exemption for 2018 through 2025 with annual inflation [...]
Digital Assets and Taxes: What You Need to Know
As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The [...]
8 Life Events that May Change Your Tax Situation
Life is full of changes, and many significant milestones can affect your tax situation in unforeseen ways. Whether you're getting married, welcoming a new child, starting a new job [...]
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 [...]
Business Owners: Is It Time to Transition Ownership to the Next Generation
One of the upsides to owning a small business is the chance to provide a financial legacy for your family members to participate in after you exit the business. [...]
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 [...]