Investing in qualified small business stock now offers expanded tax benefits

By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A […]

Yes, You Can File a Complaint About the IRS—Here’s How

Most IRS employees you might come in contact with are professionals committed to problem-solving and fair outcomes. However, there may be some bad apples. What should you do if you have a complaint about an IRS employee or the way an issue is being handled? The IRS instructs taxpayers to contact the Treasury Inspector General […]

Seniors, Tip Earners, Car Loan Payers — This Tax Update’s for You

Certain taxpayers will claim deductions made available by the One Big Beautiful Bill Act on a new tax form. These include new deductions for seniors, those who earn tips or overtime, and taxpayers who pay eligible interest on car loans. The IRS has released a draft of the new Schedule 1-A, Additional Deductions (https://bit.ly/4nkYaZ1). It’s […]

Divorcing as a business owner? Don’t let taxes derail your settlement

Divorce is stressful under any circumstances, but for business owners, the process can be even more complicated. Your business ownership interest is often one of your largest personal assets, and in many cases, part or all of it will be considered marital property. Understanding the tax rules that apply to asset division can help you […]

Fed Lowers Benchmark Rate Amid Cooling Labor Market

For the first time this year, the Federal Reserve has approved an interest rate cut. The Fed opted for a quarter-point reduction to the central bank’s benchmark rate. The rate range is now set at 4% to 4.25%. According to Fed Chair Jerome Powell, one reason for the reduction is that “the labor market is […]

Crunch Time on Capitol Hill: PTCs Hold Up Government Funding Deal

A Sept. 30 deadline to fund the government for fiscal year 2026 is approaching. Republican lawmakers introduced a continuing resolution (CR) to fund the government until Nov. 21, 2025. A sticking point is that many Democrats and some Republicans want to extend an enhancement to the Affordable Care Act’s Premium Tax Credits (PTCs). Beginning in […]

Use high-impact graphics to bring your financials to life

Are your company’s financial statements keeping up with how people consume information today? We live in a world that scrolls, swipes and scans. With information coming at us nonstop, most people don’t have the time — or patience — for dense financial reports. Proactive finance and accounting teams supplement their reports with easy-to-understand, high-impact charts, […]

Avoid This 401(k) Rollover Tax Trap

If you’re leaving a job soon and you have a 401(k), you may want to roll it over into an IRA. However, beware of a potentially costly tax trap before you act. To keep your savings growing tax-deferred, the safest move is to arrange a direct trustee-to-trustee transfer from the 401(k) to your IRA. If […]

Tax Court Says No QBI Deduction on Cannabis Wages

Many eligible small business owners enjoy a tax deduction based on their qualified business income (QBI). To be deductible for QBI purposes, expenses must be “allowed in determining taxable income.” The U.S. Tax Court recently denied the shareholders of two S corporations engaged in cannabis sales from including wages when calculating the QBI deduction. Tax […]

FinCEN Reviewing Corporate Transparency Act Rules After Suspension

Recently, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki updated a U.S. House Financial Services subcommittee on Corporate Transparency Act requirements. In March 2025, FinCEN suspended a mandate for U.S. companies and individuals to submit beneficial ownership information to the government. (Foreign companies and individuals must continue to comply.) However, many U.S. entities had already […]