How a financial statement audit strengthens your fraud defenses

Fraud is a major threat facing small and midsize businesses. While audits aren’t designed to uncover fraud, they can help business owners identify anomalies and deter would-be fraudsters. Recent findings from the Association of Certified Fraud Examiners (ACFE) underscore the important role audits play, together with other controls, in a broader fraud prevention strategy. Recent […]

IRS Proposes New Rules for Qualified Opportunity Zone Investments

The IRS has proposed regulations regarding recent Qualified Opportunity Zone (QOZ) changes. The QOZ program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities through Qualified Opportunity Funds (QOFs). Under the proposed regs, QOFs would file information returns with the IRS and furnish statements to investors who dispose […]

The cost of going solar

Employers: New IRS Guidance Clarifies the Overtime Pay Tax Deduction

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created under the One Big Beautiful Bill Act. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting […]

IRS releases guidance on the paid family and medical leave tax credit

Offering paid family and medical leave (PFML) can help businesses attract and retain employees while providing workers with financial support when they need time away to care for themselves or their families. The Section 45S PFML tax credit can help eligible employers offset some of the costs. The One Big Beautiful Bill Act (OBBBA) made […]

Producing Clean Fuel? You May Qualify for a Valuable Tax Credit

The Section 45Z Clean Fuel Production Tax Credit is a tax incentive designed to encourage U.S. production of transportation fuels with lower lifecycle greenhouse gas emissions. It’s available for qualifying fuel produced after Dec. 31, 2024, and sold through Dec. 31, 2029. To claim the credit, taxpayers must produce qualifying fuel at a U.S. facility, […]

New Car Loan? You May Be Able to Deduct the Interest

The IRS has issued final regulations on the car loan interest deduction. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal use, eligible taxpayers may be able to deduct up to $10,000 in interest annually (through 2028), whether they itemize or claim the standard deduction. The deduction begins […]

Getting Paid Early? Your Business May Be Able to Defer the Tax

Does your business receive advance payments from customers? For federal tax purposes, these payments generally are taxable in the year received. But accrual-basis businesses may have another option. If certain requirements are met, these businesses can defer some or all eligible advance payments to the next tax year. That means qualifying payments received in 2026 […]

How what you donate impacts your tax deductions

Have you already made contributions to charity this year? Are you considering making more between now and year end? If so, it’s important to be familiar with the tax rules for different types of donations so you can maximize your tax benefit — or at least avoid finding out at tax filing time that your […]

RMD Deadline Approaching: Don’t Wait Until Year End

Year end is an important time to check required minimum distributions (RMDs). If you’re age 74 or older in 2026 and already subject to the RMD rules, you generally must take your 2026 RMD from traditional IRAs and applicable employer retirement plans by Dec. 31, 2026. If you turned — or will turn — 73 […]