President Trump signs executive order to expedite rescheduling of cannabis

On Dec. 18, 2025, President Trump signed an executive order to expedite the rescheduling of cannabis from a Schedule I to a Schedule III drug. Although this action wouldn’t legalize marijuana on the federal level, rescheduling will have significant tax implications for cannabis businesses. Currently, they’re subject to IRC Sec. 280E, which prevents them from […]

ACA vote forced

The Affordable Care Act’s enhanced premium tax credit (PTC) is scheduled to expire on Dec. 31, 2025. In an unexpected turn, four House Republicans have joined House Democrats to force a vote on extending the enhanced PTC. This comes a day after House Speaker Mike Johnson (R-LA) said a vote under “normal procedures” wouldn’t happen. […]

an overview of the improvements made to the Adoption Tax Credit

The IRS has provided an overview of the improvements made to the Adoption Tax Credit by the One Big Beautiful Bill Act. The credit can be claimed for eligible expenses related to international, domestic, private and public foster care adoptions. Qualified expenses include adoption fees, legal costs and travel expenses. In 2025, the credit is […]

6 last-minute tax tips for businesses

Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early 2026 […]

There’s still time to save 2025 taxes

Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31. Defer income and accelerate deductions Pushing income into the new year will reduce this year’s taxable income. If you’re expecting a bonus at work, for example, ask if […]

Year-end tax planning for accrual-basis taxpayers

Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have […]

$52 Billion Drop in Corporate Taxes: What’s Driving It?

According to U.S. Treasury data, revenue from corporate income taxes fell by $52 billion between July and November 2025, compared with the same period in 2024. Experts attribute this to recent tax legislation that enables companies to reduce their taxable income. Under the One Big Beautiful Bill Act, which became law in July, rather than […]

Holiday Cheer + Tax Savings: What Employers Need to Know

Hosting a holiday party for your employees can be a great morale booster, but it also comes with tax considerations. Most entertainment expenses are currently nondeductible, and business meals are generally only 50% deductible. But under certain conditions, you can deduct 100% of party costs. The event must be for your entire staff and not […]

Give generously by year end

Scholarship Tax Credits Coming in 2027: What You Need to Know

Beginning on Jan. 1, 2027, eligible individual taxpayers can claim nonrefundable federal tax credits for cash contributions to qualified Scholarship Granting Organizations (SGOs) that serve K-12 students from low- and middle-income families. The credit was introduced under the One Big Beautiful Bill Act. The IRS has issued guidance (Rev. Proc. 2026-6) that allows states to […]