Executive Order issued to terminate credits on Wind and Solar Facilities

President Trump signed an executive order (EO) instructing the Treasury Dept. to “strictly enforce the termination of the clean electricity production and investment tax credits” for wind and solar facilities. These are the credits revised or eliminated by the One, Big, Beautiful Bill Act (OBBBA). The EO also requires stricter rules concerning foreign-controlled companies involved […]

A new deduction in the One, Big, Beautiful Bill

Now that the One, Big, Beautiful Bill Act is law, certain older taxpayers can enjoy a new tax break. For 2025 through 2028, those age 65 and up can claim a senior deduction of up to $6,000. For married couples filing jointly, if both spouses are at least 65, they can deduct $12,000. The deduction […]

Are you missing a valuable tax deduction for Medicare premiums?

If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However, there may be a silver lining: You could be eligible for a tax deduction […]

QBI becomes permanent in Tax Bill

Some business owners got welcome news with the One, Big, Beautiful Bill Act (OBBBA). The new law makes the qualified business income (QBI) deduction permanent and enhances it. (The 20% deduction was set to expire after 2025.) Certain limits reduce or eliminate the deduction based on taxpayer income. For 2025, the ranges over which these […]

Texas Disaster area declarations

As expected, President Trump has declared areas of Texas, including Kerr County, federal disaster areas. Individuals and businesses affected by storms that began July 2, 2025, now have until Feb. 2, 2026, to file returns and make tax payments that would have been due on or after July 2. This includes returns with valid extensions […]

DOs and DON’Ts to help protect your business expense deductions

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

Don’t Get Scammed: How to Spot Fake IRS Emails & Messages

How do you know if an email or text message purportedly from the IRS is real? Criminals are increasing their misuse of electronic messages, social media and even U.S. mail to trick taxpayers into giving up sensitive information or making payments. The IRS is warning that it never contacts taxpayers via digital channels without prior […]

Tariffs in the news

President Trump ratcheted up his trade war by announcing a 35% tariff on Canadian imports, up from the 25% tariff he imposed on that country in March. He warned that the levy could increase if Canada retaliates with increased tariffs on U.S. imports. In a letter sent to Canadian Prime Minister Mark Carney, Trump accused […]

Risky business: How auditors help combat corporate fraud

In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures. Fraud triangle Three elements are generally required for fraud to happen. First, perpetrators must experience some type of […]

Big Win for Businesses: 100% Bonus Depreciation Made Permanent Under New Law

First-year bonus depreciation had been phasing down 20% annually since 2023 and was set to drop to 0% in 2027. Businesses have been eager to learn the fate of this popular depreciation-related tax break. The good news is that the One, Big, Beautiful Bill Act makes permanent 100% first-year bonus depreciation for the cost of […]