Don’t Let Your Flexible Spending Account Savings Go to Waste

If your employer offers a Flexible Spending Account (FSA), you may have enrolled to make pretax contributions to it up to $3,400 in 2026 (or a lesser amount set by your employer). The plan then pays or reimburses you for qualified medical expenses. If you also participate in a Health Savings Account (HSA), your FSA […]

Restricted stock deserves attention before year end

Executives and key employees often receive stock-based compensation in addition to salaries and bonuses. If restricted stock is part of your compensation, considering the potential tax consequences well before December 31 is a good idea. You may have decisions to make if: 1) you’ve recently received an award or are expecting one soon, 2) your […]

Nonprofit Tax Filing Deadline Approaching: Is Your Form 990 Ready?

The deadline is approaching for nonprofits that opted last May for an automatic six-month extension for filing their 2025 information return: Extended Form 990, Return of Organization Exempt from Income Tax, is due Nov. 16. Extended Forms 990-EZ and 990-PF are also due Nov. 16. And any tax, interest and penalties due must be paid. […]

What Could Democratic Control of Congress Mean for Federal Taxes?

Democrats won control of both the U.S. Senate and House in the Nov. 3 midterm elections. What does this mean for federal tax legislation over the next two years? Democrats could pursue repealing or revising some tax provisions of 2025’s One Big Beautiful Bill Act or implementing other tax law changes. However, President Trump’s veto […]

Let’s trade! Business bartering is still taxable

Trading items or services — without exchanging cash — has long been common among small businesses. Today, some use online barter exchanges to facilitate trades. In addition to preserving cash flow, these types of transactions may expand your purchasing power, help you move overstocked inventory and increase your business’s exposure to new markets. But bartering […]

Rental Property Owners: Know the Tax Rules for Advance Rent and Security Deposits

As year end approaches, rental property owners should review tenant payments carefully. Advance rent and security deposits may be taxed differently. Advance rent is generally taxable in the year received, regardless of the period covered or the landlord’s accounting method. By contrast, a refundable security deposit generally isn’t taxable when received if it’s held to […]

New IRS Guidance Expands Retiree Health Benefits for Phased Retirement

Under new IRS guidance, a qualified pension plan may use surplus assets in its Section 401(h) retiree health account to pay medical benefits for eligible phased retirement participants (plus their spouses and dependents). Employees age 59½ or older who receive pension benefits under the program are considered retired for this purpose, even if they continue […]

Debits and credits: A practical guide for business owners

Accurate books start with a basic understanding of how financial transactions flow through your accounts. Today’s accounting platforms automate much of the double-entry process, making bookkeeping faster and more efficient. But even with increasingly sophisticated software, understanding the fundamentals of debits and credits can help business owners make sense of their financial reports and spot […]

Giving Back This Holiday Season? Your Volunteer Expenses May Be Tax Deductible

Giving back to your community this holiday season may come with an added benefit: tax deductions. If you itemize and volunteer for a qualified charitable organization, you may be eligible to deduct certain out-of-pocket expenses. Although your time and services don’t qualify, you may be able to write off transportation costs, including mileage at 14 […]

“Doorstep taxes” can raise the cost of home delivery