OBBBA expands QOZ benefits

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as […]

IRS expands Business Tax Account

The IRS has announced an expansion of its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exempt organizations; federal, state and local governments; and Indian tribal governments. The BTA is a centralized platform that allows eligible users to manage their federal tax responsibilities online. Among other things, BTA users can view tax […]

Increase taxes on sports betting?

Sports betting could get a lot more expensive! A new Bipartisan Policy Center brief (https://bit.ly/4vbsKbT ) outlines how lawmakers might increase the federal excise tax on sports betting, which has exploded in popularity since a 2018 Supreme Court ruling allowed states to legalize it. An excise tax increase from 0.25% to 5% could raise close […]

Time to check your withholding

After filing your 2025 tax return, consider fine-tuning your 2026 withholding. A big refund may be fun, but it indicates you withheld too much. Meanwhile, an unexpectedly high tax bill (and perhaps interest and penalties) means you withheld too little. The truth is, withholding is only an estimate. Changes in income, deductions, credits or life […]

New 2026 IRS Rule Cuts Red Tape for First Responders

The IRS has finalized regulations expanding the definition of “qualified nonpersonal use vehicles” to include unmarked emergency vehicles used by firefighters, rescue squads and ambulance crews. These vehicles, typically equipped with lights, sirens and emergency gear, are now exempt from the Internal Revenue Code Sec. 274(d) rules that require additional substantiation when claiming certain deductions […]

What makes business rent unreasonable?

You can still make HSA contributions

If you contribute directly to a Health Savings Account (HSA) — not through pretax payroll deductions — you still have time to make 2025 contributions. The deadline is April 15, 2026, and you can deduct the contribution on your 2025 federal income tax return. Filing for an extension doesn’t extend the contribution deadline. Just be […]

Did you hear the one about Section 127 education assistance programs?

Section 127 educational assistance programs allow employers to provide up to $5,250 per employee annually in tax-free education benefits. These programs can pay or reimburse for tuition, books, supplies and — based on recent changes under the One Big Beautiful Bill Act — qualified student loan payments. The law also indexes the $5,250 limit for […]

OBBBA impacts gig workers

If you’re a gig worker preparing your 2025 federal tax return, make sure you know how last year’s One Big Beautiful Bill Act (OBBBA) may affect you. You’re probably already aware of the new deduction for tips. The OBBBA also restores former reporting rules for payment app and online marketplace income. If, in 2025, you […]

Divorce & Business Ownership: Understanding the Tax Implications

In the event of divorce, part or all of a married couple’s business will often be considered divisible marital property. If you’re in this situation, you likely can divide your business ownership interests without triggering federal income or gift taxes. The spouse receiving the interests assumes the existing tax basis (to determine future gain or […]