The Right to Finality, what is that?

One of the items contained in the IRS’s Taxpayer Bill of Rights is the right to finality. Although finality may sound a little obscure, this right is critical if you’re being audited. For example, the IRS usually has a limit of three years from your filing date to assess additional tax (but it has unlimited […]

Rethink inventory management

For many businesses, inventory is one of the largest and most expensive assets to maintain. Beyond the cost of purchasing goods, businesses incur ongoing expenses related to storage, labor, insurance, transportation, obsolescence, depreciation and shrinkage. Excess inventory can also tie up cash that you could otherwise use to fund growth initiatives or other operational priorities. […]

Can You Deduct Long-Term Care Insurance Premiums? It Depends

Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health insurance under federal income tax rules. So if you buy a policy, your premiums are treated as medical expenses for itemized deduction purposes. But your total eligible medical expenses for the year must meet the 7.5% of adjusted gross income […]

Bonus depreciation deductions for businesses

Test your knowledge: Bonus depreciation deductions for businesses

Dos and don’ts when buying a home

Need to Prove You’re Tax Compliant? There’s a New IRS Tool

The IRS has launched a digitally authenticated Tax Compliance Report that taxpayers can access through their IRS Individual Online Accounts. A tax compliance report shows whether an individual has filed tax returns and paid taxes on time. The report helps protect privacy by not showing the individual’s income, dependents or filing status. You can securely […]

Make Your Business More Accessible — and Get a Tax Credit

Improving accessibility at your business may come with a valuable tax break: Eligible small businesses can claim the Disabled Access Credit for certain costs related to improving accessibility for individuals with disabilities. A business may qualify if, in the prior tax year, it had gross receipts of $1 million or less or no more than […]

Use non-GAAP measures without losing transparency

U.S. Generally Accepted Accounting Principles (GAAP) is widely perceived as the “gold standard” in financial reporting. Public companies are required to issue GAAP financial statements. A recent survey found that most private businesses also follow GAAP, though some use carve-outs for certain complex rules, such as the lease guidance. However, you might want to supplement […]

IRS issues proposed regulations covering investments in Trump Accounts

Wondering how Sec. 530A accounts (also known as Trump Accounts) may be invested? The IRS has issued proposed regulations clarifying the investment options allowed during the “growth period.” This period begins when the beneficiary’s initial account is established and ends on Dec. 31 of the year the child turns 17. During this time, eligible investments […]

Pushback on AI datacenters includes proposals in Congress

As the public in many communities pushes back on data center development, lawmakers are considering new tax policies for these enterprises. In the U.S. Senate, there’s a proposal to eliminate federal tax incentives for data centers, including ending eligibility for 100% bonus depreciation. This proposal would also introduce an excise tax on data centers’ gross […]