The One, Big, Beautiful Bill Act extends many business-friendly tax provisions

The One, Big, Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are likely to impact your tax planning. Here are several provisions included in the new law that may influence your business’s tax liability. Qualified business income […]

🏛️ Estate Tax Win: $15M Exemption Made Permanent — Wealth Transfer Just Got Easier 💼👨‍👩‍👧‍👦

Individuals with sizable estates can breathe a sigh of relief when it comes to the federal estate tax. Currently, the federal gift and estate tax exemption is $13.99 million for individuals ($27.98 million for married couples). This exemption was scheduled to revert to $5 million (plus inflation adjustments) in 2026. But under the One, Big, […]

🏡 Big Tax Break Could Be Coming for Home Sellers — Say Goodbye to the $250K Cap? 💰

If a new bill gains traction, there could be good news ahead for homeowners looking to sell their homes. Currently, qualified sellers can exclude up to $250,000 in capital gains from the sale of a primary residence ($500,000 for married couples filing jointly). This limit was set in 1997. U.S. Rep. Marjorie Taylor Greene (R-GA) […]

Is college financial aid taxable? A crash course for families

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs […]

📈 IRS Cracks Down on High Earners & Partnerships — But Will It Last? 💼🔍

A new Treasury Inspector General for Tax Administration (TIGTA) report says that IRS audits of high-income taxpayers and partnerships increased from fiscal years 2020 through 2023. Although audits of large corporations fell during the period, “examination starts” for partnerships rose by 63%. Audit rates of individuals with incomes over $400,000 rose from 5.2% in 2020 […]

🚗💰 New Tax Break Alert: Deduct Up to $10K on Your Next Car!

One of the lesser-known provisions of the One, Big, Beautiful Bill Act is a new deduction for certain vehicle interest. This provision allows taxpayers to deduct up to $10,000 in interest on loans to buy new cars, minivans, vans, SUVs, pickup trucks and motorcycles. Vehicles must be purchased for personal (not business) use and final […]

Startup costs and taxes: What you need to know before filing

The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number. If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t currently be deducted on […]

Bill makes changes to premium tax credits

If you receive Premium Tax Credits (PTCs) under the Affordable Care Act, be aware that the One, Big, Beautiful Bill Act makes some significant changes to the requirements. Beginning in 2028, eligible individuals must annually verify household income, immigration status and place of residence. Previously, many insured individuals were allowed to automatically re-enroll annually. And […]

Bill makes changes to student loan debt

The One, Big, Beautiful Bill Act (OBBBA) makes changes to two types of student loan debt. Forgiven student loan debt generally is treated as taxable income, but tax-free treatment is available for student loan debt forgiven after Dec. 31, 2020, and before Jan. 1, 2026. Under the OBBBA and beginning in 2026, only student loan […]

How to turn F&A turnover into a business opportunity

Turnover in finance and accounting (F&A) leadership is on the rise. In 2024, CFO turnover among Standard & Poor’s 500 companies hit 17.8%, tying a record high in 2021, according to the Russell Reynolds Global CFO Turnover Index. This trend isn’t limited to large corporations. Closely held businesses are also feeling the pinch, as competition […]