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 […]

Self-employed? Don’t overlook valuable tax deductions

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]

Taxes are a key consideration in buying or selling a business

Planning to sell your business or acquire another one? Taxes can play a significant role in the outcome of the deal. For tax purposes, a merger or acquisition is generally structured as either an asset sale or a sale of stock (or another form of ownership interest). Sellers generally prefer stock sales, while buyers favor […]

Considering a gift to family members?

If you’re considering gifts to family members in a lower tax bracket, giving long-term appreciated stock rather than cash can offer valuable tax savings. You may be able to eliminate federal income tax on the capital gains if the loved one is in the 0% tax bracket for long-term gains. The recipient can potentially sell […]

Midyear tax planning: Review opportunities to save taxes this year (or next)

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Let’s take a look at a few areas that commonly provide tax-saving opportunities. Your tax bracket The legislation commonly known as the One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, […]

IRS Proposes simplified trust reporting for charitable deductions

The IRS has proposed regulations that may simplify reporting for certain trusts claiming charitable deductions. Under the proposed regs, a trust wouldn’t need to file Form 1041-A, “U.S. Information Return Trust Accumulation of Charitable Amounts,” for a tax year if its only charitable deduction comes from contributions made by a passthrough entity in which the […]