What’s happening with bonus depreciation?

Do business owners fare better under The One, Big, Beautiful Bill passed by the U.S. House or the version recently released by the U.S. Senate Finance Committee (SFC)? Both include key provisions that affect domestic businesses. Under current law, first-year bonus depreciation (now at 40%) will phase out entirely by 2027. The House bill proposes […]

The IRS’s Pre-Filing Agreement

The IRS’s Pre-Filing Agreement (PFA) program is designed to help resolve tax issues and produce greater tax certainty for large and international companies. Recently, the IRS introduced several enhancements. It launched a new landing page that offers program metrics, process overviews and dispute resolution tools. It also now provides step-by-step instructions on how to submit […]

Planning a summer business trip? Turn travel into tax deductions

If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States. Note: Under the Tax Cuts and Jobs Act, […]

Senate and House Bills agree on many points

There are several points of disagreement between U.S. House and Senate Republicans on the tax provisions to be included in The One, Big, Beautiful Bill. But the lawmakers appear to agree on others. For example, both the House bill and the Senate Finance Committee’s version include a tax credit for contributions to organizations that grant […]

Old invoices, new rules: Tap into the power of the AR aging report

For many businesses, accounts receivable (AR) are more than just a line item on the balance sheet. This account provides a key indicator of potential cash flow, customer relationships and overall financial health. So proactive AR management is critical. The AR aging report has long been a cornerstone of expediting collections and reducing credit risk, […]

Social Security Insolvency

The long-term solvency of Social Security has been a topic of concern for Congress and individual taxpayers for years. The Social Security Board of Trustees recently estimated that Social Security’s trust funds will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035. After 2034, Social Security would be […]

Some details on the Deduction for Tips in the House Bill

The One, Big, Beautiful Bill passed by the U.S. House introduces a deduction from income for amounts that eligible taxpayers receive from tips. Tipped workers wouldn’t be required to itemize deductions to claim the deduction. However, they’d need a Social Security number to claim it. The deduction would expire after 2028. The Senate Finance Committee’s […]

Scam Warning

The IRS is warning of an increase in scams targeting older adults. These scams are designed to deceive or scare vulnerable individuals into paying fake penalties, ransoms or revealing personal information. Tactics range from bogus prize notifications to impersonating IRS agents, police or other government officials. Scammers typically make contact via phone, text or email, […]

The Debate over the Tax Bill continues

The debate over The One, Big, Beautiful Bill continues as both houses of Congress work to hammer out their differences. In May, the U.S. House passed its version. It includes an increase in the Child Tax Credit (CTC) to $2,500 (from $2,000). The Senate Finance Committee (SFC) recently released its version of the bill, which […]

If you have a large refund, you may incur additional oversight

Most taxpayers who are owed federal tax refunds can expect to receive them within a few weeks of filing their returns. However, the timeline may be longer if you or your business expects more than $2 million ($5 million for C corporations). That’s because some large refunds and large claimed credits are required to be […]