Revenge Tax was cut from Bill

The One, Big, Beautiful Bill cuts one proposal. That’s Sec. 899, a proposal to increase taxes on individuals associated with countries that impose unfair taxes on U.S. companies. Sometimes called a “revenge tax,” it focuses mainly on areas such as digital service taxes and the global minimum tax developed by the Organization for Economic Cooperation […]

St Louis receives disaster declaration

The IRS recently declared disaster-related tax relief for St. Louis, MO, and areas surrounding the city for individual and business taxpayers affected by storms that began May 16, 2025. This is only one of many U.S. regions that have received tax deadline extensions and other considerations from the IRS in 2025. If you live in […]

The advantages of a living trust for your estate plan

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer significant benefits, especially if your goal is to avoid probate […]

SALT limitation is Senate Bill

On June 28, 2025, the U.S. Senate advanced The One, Big, Beautiful Bill in a 51–49 procedural vote. After that, lawmakers began an hours-long debate process before a final vote. The bill has undergone significant changes since it passed in the U.S. House. One notable change is in the state and local tax deduction cap, […]

ETAAC releases its 2025 annual report

The IRS Electronic Tax Administration Advisory Committee (ETAAC) released its 2025 annual report with recommendations for both the tax agency and Congress. Among other things, the committee recommends that the IRS update its tax return forms to enhance security and combat fraud and identity theft. It also recommends that the tax agency build on its […]

5 tax breaks on the table: What business owners should know about the latest proposals

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean for your business. 1. Bonus depreciation Current rules: Businesses can deduct 40% of the cost […]

IRS reminds newlyweds to check withholding to avoid surprises

It’s wedding season, a time that’s generally filled with celebrations, gifts and planning. Amid the excitement, taxes might be the last thing on your mind. But the IRS reminds newlyweds to take a few key steps. Next year, for 2025, you’ll be filing your first tax return as a married person. That could affect the […]

IRS Taxpayer Advocate reviews filing season challenges

The IRS National Taxpayer Advocate Erin Collins recently released a “Fiscal Year 2026 Objectives Report to Congress.” Although she described the 2025 filing season as “one of the most successful in recent memory,” she warned of potential risks the agency must prepare for in 2026. The risks stem from a 26% reduction in the IRS […]

Closing time: Mastering your monthly close with QuickBooks

The month-end close is a pain point for many small to midsize businesses. While internal accounting teams often aim to wrap up the close within three days, a recent survey found that half the respondents actually take six days or longer to close the books. What can your organization do to help streamline this process? […]

Bill addresses deduction of R&E expenses

Before the Tax Cuts and Jobs Act limited the deductibility of research and experimentation (R&E) expenses in 2022, businesses could deduct them in the year they were incurred. Currently, R&E expenses must be capitalized and amortized over five years for domestic activities and 15 years for foreign activities. Some companies complain that the current law […]