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. […]
Read More Tax Court Halts Trials During Ongoing Government ShutdownSmall business leaders on tariffs
Read More Small business leaders on tariffsHelp employees help you fight fraud
Read More Help employees help you fight fraudRecently, 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 […]
Read More Thinking of Outsourcing? A New Bill Could Add a 25% TaxRunning 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 […]
Read More Tax Court case provides lessons on best recordkeeping practices for businessesNormally, 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. […]
Read More OBBBA Permanently Increases Federal Estate and Gift Tax ExemptionIf 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, […]
Read More Plan Ahead: OBBBA Doubles Sec. 179 Expensing for 2025For 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. […]
Read More Understanding the most common IRS noticesOctober is National Cybersecurity Awareness Month, a time when the IRS and its Security Summit partners remind us about best practices for protecting personal information. For example, use a virtual private network when connecting to public Wi‑Fi. Also, beware of unsolicited emails and texts that ask for tax or financial information. For businesses, it’s important […]
Read More October Is National Cybersecurity Awareness MonthTeachers and other educators should be glad to know that the above-the-line tax deduction they can claim for unreimbursed educator expenses will soon rise. Currently $300 per year, in 2026 the maximum deduction will increase to $350. It will be adjusted for inflation in the future. Married educators who file a joint return can each […]
Read More Tax Relief for Teachers: Deduction Rises to $350 in 2026
