Debt vs. equity: Classification counts when shareholders put money into their corporations

If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have a major impact on your tax bill. Payments from shareholders to fund the business can either be classified as capital contributions (equity) or shareholder loans (debt). That might sound […]

Not All Income Is Tax-Exempt: A Key Reminder for Religious Organizations

Religious organizations are generally exempt from federal income tax. However, like some other tax-exempt charities, these organizations can be subject to unrelated business income tax (UBIT). They usually can conduct income-producing activities that are related to their tax-exempt purpose (such as selling religious books) as long as the activities aren’t “substantial.” But income may be […]

Congress Proposes Clearer Tax Rules for Digital Assets

In the U.S. House, a bipartisan group of legislators has proposed a new tax framework for digital assets. The Digital Asset Protection, Accountability, Regulation, Innovation, Taxation and Yields (PARITY) Act is intended to establish clear standards for taxing digital assets, maintaining market stability and preventing abuse. The bill’s main provision is a “deemed-basis rule” that […]

The ins and outs of materiality

Materiality is a core concept that shapes the entire financial reporting process. In simple terms, materiality helps determine which financial information is significant enough to influence decisions — and which details likely won’t affect the overall picture. Understanding how experienced certified public accountants (CPAs) evaluate materiality can help you prepare reliable financial reports and avoid […]

Large Estate? The GST Tax Could Impact Your Legacy Plan

Are you considering making gifts during your lifetime or bequests at death to loved ones two generations or more below you? If so, beware of the generation-skipping transfer (GST) tax. It ensures that large estates can’t bypass a round of taxation that would normally apply if assets were transferred from parent to child and then […]

Pets are family. Plan for them.

Fun facts about family businesses

Beer Taxes by State, 2026

Beer Taxes by State, 2026 https://bit.ly/4dZAgQJ

IRS Announces Updated 2027 HSA and HDHP Limits

If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA). Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts various HSA and HDHP limits for inflation. For 2027, the maximum HSA contribution amount will be $4,500 for individuals (vs. $4,400 […]

IRS Releases New Calculator for Long-Term Contract Reporting

The IRS has released a new calculator to help businesses with multi-year construction and manufacturing contracts. The Excel-based Percentage-of-Completion Method (PCM) Look-Back Interest Calculator is designed to help with completing Form 8697, “Interest Computation Under the Look-Back Method for Completed Long-Term Contracts” (https://bit.ly/4u9m6RM). While the calculator may simplify part of the process, it doesn’t guarantee […]