IRS Whistleblower Tip Denied—Here’s Why It Didn’t Count

Taxpayers who give the IRS Whistleblower Office (WBO) credible, specific tips about unpaid taxes may qualify for cash awards. But certain conditions must be met. The IRS must act on the tip and the WBO must collect proceeds from that action. In one new case, a tipster alleged transfer pricing violations by a multinational corporation. […]

The new law includes favorable changes for depreciating eligible assets

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]

Big Tariff Money Means Big Rebates? Here’s What Lawmakers Are Proposing

Even before the new tariffs on foreign goods kicked in on Aug. 7, 2025, tariffs were generating a lot of cash. According to the U.S. Treasury, the federal government received $152 billion in tariff revenue for the year through July. That’s double the $78 billion collected over the same period last year. President Trump said […]

No More Cap? New Bill Could Make High Incomes Pay More into Social Security

Two lawmakers, Senator Mazie Hirono (D-HI) and Representative Jill Tokuda (D-HI), have reintroduced the Protecting and Preserving Social Security Act. It would affect how payroll taxes apply to people with high incomes. Currently, Social Security taxes are applied to wages and self-employment income up to a certain annual limit ($176,100 in 2025). Earnings above this […]

How to prepay expenses strategically and report them accurately

In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period as the revenue they help generate. Prepaid expenses — payments made for goods or services before they’re used — must be handled carefully to conform […]

2025 Tax Year Payroll Reporting Remains Unchanged—Guidance Coming for 2026

As part of its phased implementation of the One Big Beautiful Bill Act (OBBBA), the IRS announced that there will be no changes to certain information returns and withholding tables for tax year 2025. Specifically, Forms W-2, existing Forms 1099, and Forms 941 and other payroll return forms will remain unchanged for 2025. Federal income […]

Q&As: Family business compensation problems

Billy Long Out as IRS Commissioner — What’s Next?

President Trump has removed Billy Long as the IRS commissioner. Long, a former Republican member of Congress from Missouri, was sworn in as the 51st IRS commissioner in June. His term was to run through June 2027. Treasury Secretary Scott Bessent will temporarily serve as acting IRS commissioner. Since Trump took office in January, the […]

Tax Avoidance = Smart Planning; Tax Evasion = Crime

What’s the difference between tax avoidance and tax evasion? Tax avoidance is taking legitimate actions to reduce your tax bill, such as funding an IRA or appropriately claiming a tax credit. Tax evasion is willful noncompliance with the tax law. This includes actions such as falsifying tax records, inflating expenses and hiding income, which can […]

Footnotes: The narrative behind the numbers

Although footnote disclosures appear at the end of reviewed or audited financial statements, they’re far more than a regulatory formality. They provide critical insight into a company’s accounting policies, unusual transactions, contingent liabilities and post-reporting events. The Financial Accounting Standards Board’s conceptual framework says footnotes “are intended to amplify or explain items presented in the […]