Planning for Business Losses in 2026? Know the Limits

Year-end tax planning is especially important for business owners expecting substantial losses in 2026. The “excess” business loss limitation restricts the amount of business losses noncorporate taxpayers can use to offset other income. Losses from these entities flow through to the owners and generally can offset income from other sources (such as salary, interest, dividends […]

How can barcodes improve asset management?

From laptops and tablets to power tools and safety equipment, misplaced or mismanaged assets can quietly drain profits and disrupt operations. By tracking equipment and other assets with barcodes, your business can connect its physical property to its financial records. Here’s a closer look at how this technology can help you control costs, strengthen internal […]

2027 Social Security Changes: Bigger Benefits and a Higher Wage Base

The Social Security Administration has announced that Social Security benefits for 2027, including Old-Age, Survivors and Disability Insurance (OASDI) and Supplemental Security Income (SSI) payments, will increase 3.6%. This is the largest annual cost-of-living increase since 2023, driven primarily by high inflation. Social Security retirement benefits will increase by about $75 per month on average […]

Harvest a bounty of tax benefits with an ESOP

Personal Flights on Company Aircraft May Be Taxable

The IRS has released Standard Industry Fare Level (SIFL) rates for valuing noncommercial flights on employer-provided aircraft from July 1, 2026, through Dec. 31, 2026. The rates, combined with an adjustment based on the aircraft’s weight and employee’s status, are used to calculate the taxable value of certain personal flights provided as employee fringe benefits. […]

Debt Forgiveness Could Come With a Tax Bill

Did a lender forgive or discharge some of your debt? You could face an unexpected federal income tax bill. Canceled debt is generally treated as taxable income, even though you never received any cash. But exceptions and exclusions may apply. For example, debt discharged in bankruptcy or canceled while you’re insolvent may be partially or […]

Disability benefits may have income tax consequences you don’t expect

Disability insurance is a valuable benefit provided by many employers. It replaces a portion of the insured person’s income — typically 45% to 65% of pre-disability earnings — after a specified waiting period that starts when the person becomes disabled (as defined by the policy’s terms). Whether you’re just beginning to receive disability benefits or you’re […]

Having Trouble Paying the IRS? Know Your Rights

One of the 10 basic rights the IRS guarantees taxpayers is the right to a fair and just tax system. In practice, this means that if you can’t pay your tax bill, you may be able to arrange a payment plan and can request an “offer in compromise” to reduce the debt. The IRS consults […]

Selling Investments at a Loss? Watch Out for the Wash Sale Rule

Selling an investment in a taxable account at a loss can help reduce your federal tax bill, but beware of the wash sale rule. If you sell securities at a loss and buy substantially identical securities within 30 days before the loss sale date or 30 days after that date, the IRS generally disallows the […]

FAQs about resolving small business tax issues

Tax problems can happen to even the most organized small business owners. A cash flow crunch, an unexpected tax notice, a missed filing deadline or a payroll tax oversight can be stressful — especially when penalties and interest begin to add up. Fortunately, businesses can get back on track by addressing tax issues promptly and […]