Crunch Time on Capitol Hill: PTCs Hold Up Government Funding Deal

A Sept. 30 deadline to fund the government for fiscal year 2026 is approaching. Republican lawmakers introduced a continuing resolution (CR) to fund the government until Nov. 21, 2025. A sticking point is that many Democrats and some Republicans want to extend an enhancement to the Affordable Care Act’s Premium Tax Credits (PTCs). Beginning in […]

Use high-impact graphics to bring your financials to life

Are your company’s financial statements keeping up with how people consume information today? We live in a world that scrolls, swipes and scans. With information coming at us nonstop, most people don’t have the time — or patience — for dense financial reports. Proactive finance and accounting teams supplement their reports with easy-to-understand, high-impact charts, […]

Avoid This 401(k) Rollover Tax Trap

If you’re leaving a job soon and you have a 401(k), you may want to roll it over into an IRA. However, beware of a potentially costly tax trap before you act. To keep your savings growing tax-deferred, the safest move is to arrange a direct trustee-to-trustee transfer from the 401(k) to your IRA. If […]

Tax Court Says No QBI Deduction on Cannabis Wages

Many eligible small business owners enjoy a tax deduction based on their qualified business income (QBI). To be deductible for QBI purposes, expenses must be “allowed in determining taxable income.” The U.S. Tax Court recently denied the shareholders of two S corporations engaged in cannabis sales from including wages when calculating the QBI deduction. Tax […]

FinCEN Reviewing Corporate Transparency Act Rules After Suspension

Recently, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki updated a U.S. House Financial Services subcommittee on Corporate Transparency Act requirements. In March 2025, FinCEN suspended a mandate for U.S. companies and individuals to submit beneficial ownership information to the government. (Foreign companies and individuals must continue to comply.) However, many U.S. entities had already […]

EV Tax Credits Expire Soon – Act Before Sept. 30, 2025!

The clock is ticking on the availability of federal tax credits for buying an electric vehicle (EV) or other eligible clean vehicle. Credits of up to $7,500 for a new EV and $4,000 for a previously owned EV are scheduled to expire after Sept. 30, 2025. Recent data shows that car buyers have been rushing […]

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CBO Lowers 2025 Economic Growth Forecast

The Congressional Budget Office (CBO) has published an update to its economic forecast. According to the CBO, President Trump’s tariffs, the tax provisions of the One Big Beautiful Bill Act (OBBBA) and lower net immigration are likely to have competing effects on the economy. For 2025, the growth of real gross domestic product is 0.5 […]

Starting 2027: Roth Required for Some Catch-Up Contributions

The IRS has issued final regulations to address SECURE 2.0 Act provisions related to “catch-up” contributions. Eligible taxpayers age 50 or older can make additional catch-up contributions to employer-sponsored 401(k), 403(b), or 457 plans, SIMPLES and IRAs. Among other things, the regs provide rules related to a SECURE 2.0 Act provision requiring that catch-up contributions […]

Selling Your Primary Residence? Don’t Miss These Tax Tips

There’s a bill in Congress to eliminate capital gains tax on the sale of primary residences. It’s unclear whether it might pass in the future. Until then, if you’re selling your principal home, you may owe taxes on the profit, especially if you’ve lived there a long time. Here are two ways you may be […]