Evaluating business decisions using breakeven analysis

You shouldn’t rely on gut instinct when making major business decisions, such as launching a new product line, investing in new equipment or changing your pricing structure. Projecting the financial implications of your decision (or among competing alternatives) can help you determine the right course of action — and potentially persuade investors or lenders to […]

Court Ruling Underscores Importance of Proof in Theft Loss Claims

In certain circumstances, investors may be able to deduct losses from theft. To be deductible, the loss must not be reimbursed, such as through insurance. The taxpayer also must prove by a preponderance of the evidence that an actual theft occurred under the relevant local law. In a complex case, a married couple invested in […]

Tax Court Halts Trials During Ongoing Government Shutdown

When the federal government shutdown began on Oct. 1, 2025, the U.S. Tax Court announced it would remain open, at least for a limited time. But that time has come to an end. Starting Oct. 20, all in-person and remote trial sessions of the Tax Court are canceled, at least through the week of Oct. […]

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Thinking of Outsourcing? A New Bill Could Add a 25% Tax

Recently, Sen. Bernie Moreno (R-OH) introduced a bill that could subject some U.S. businesses to a new tax. The Halting International Relocation of Employment (HIRE) Act would impose a 25% tax on outsourcing payments. The bill defines “outsourcing payments” as amounts paid to foreign persons for labor and services performed outside the United States that […]

Tax Court case provides lessons on best recordkeeping practices for businesses

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]

OBBBA Permanently Increases Federal Estate and Gift Tax Exemption

Normally, certain inflation-adjusted numbers affect taxpayers’ estate plans every year. One is the federal gift and estate tax exemption. But for 2026, the One Big Beautiful Bill Act (OBBBA) permanently increases the exemption amount to $15 million (up from $13.99 million for 2025). That amount will be adjusted annually for inflation for 2027 and beyond. […]

Plan Ahead: OBBBA Doubles Sec. 179 Expensing for 2025

If you own a business, the Sec. 179 expensing election allows you to deduct the cost of purchasing eligible assets rather than depreciating them over multiple years. An annual expensing limit applies, which begins to phase out dollar-for-dollar when acquisitions for the year exceed the phaseout threshold. For qualifying property placed in service in 2025, […]

Understanding the most common IRS notices

For many taxpayers, receiving a letter from the IRS can feel intimidating. The envelope arrives with the IRS seal, and immediately, worry sets in: Did I make a mistake? Am I in trouble? The truth is, IRS notices aren’t uncommon, and most of them can be resolved fairly easily once you understand what they mean. […]