Tariffs on Chinese goods started February 4th

On Feb. 3, President Trump paused the 25% tariffs on imported products from Canada and Mexico that were supposed to take effect Feb. 4. There’s now a 30-day reprieve. In addition to the 25% tariffs now set to be effective March 4, a 10% tariff on energy resources from Canada is paused. Trump issued the […]

Refund Season for many taxpayers

Tax filing season (which started Jan. 27) also means refund season for many taxpayers. If you’re entitled to a federal tax refund, know that the IRS issues most refunds in less than 21 days after a return is filed. E-filing generally expedites the refund process and enables taxpayers to check on the status of their […]

How Section 1231 gains and losses affect business asset sales

When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or exchange of certain business property. Business gain and loss tax basics The federal income tax character of gains and losses […]

Draft legislation issued to improve taxpayer experience

Senate Finance Committee Chair Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR) recently issued draft legislation they claim will “improve the taxpayer experience.” In a statement, Crapo and Wyden said the proposed draft, dubbed the Taxpayer Assistance and Service (TAS) Act, is intended to “facilitate communication between the [IRS] and taxpayers, streamline processes for […]

Tariffs paused for Canada & Mexico

President Trump announced that 25% tariffs would be imposed on products from Canada and Mexico, effective Feb. 4. But on Feb. 3 after a stock market drop, he announced that tariffs on Mexico would be paused for one month. He also imposed a 10% tax on energy resources from Canada. In addition, he imposed an […]

Saving for college: Tax breaks and strategies your family should know

As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial burden. Below is an overview of some of the most beneficial tax breaks and planning options for funding your child’s […]

Can I deduct a home office?

Taxpayers preparing to file their 2024 tax returns may wonder if they qualify for a home office tax deduction. Keep in mind that it comes with specific requirements. Employees working remotely at an employer’s request don’t qualify. Self-employed individuals whose homes serve as their principal place of business may be eligible. However, the portion of […]

What Income do I report on my tax return?

When gathering your tax records, it’s easy to overlook smaller amounts of income. However, taxpayers who are employees must generally include all income, not just the amount they find on an employer-generated W-2 form. For example, did you make goods and sell them on an online marketplace or at a craft fair? Did you sell […]

Beyond the financials: What’s a quality of earnings report?

Financial statements provide insights into a company’s historical performance. But the parties to a merger or acquisition are also interested in assessing the acquisition target’s potential to generate cash flow in the future. That’s where an independent quality of earnings (QOE) report comes into play. Looking to the future QOE reports look beyond the quantitative […]

Penalty-free Early withdrawal? Yes, please

Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up to $5,000 to help pay adoption costs. Victims of federally declared disasters can withdraw up to $22,000, and victims of domestic […]