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 […]

IRS clarifies theft and fraud loss deductions

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice memo” (CCA 202511015) from the IRS’s Office of Chief Counsel suggests more victims of fraudulent scams may be able to claim a theft loss deduction than previously understood. Casualty loss deduction […]

Senate releases it’s version of Trump tax bill

The Senate Finance Committee (SFC) has released its version of The One, Big, Beautiful Bill. There are several changes from the U.S. House version that passed in May 2025. For example, it creates a $6,000 deduction for qualified seniors (65 or older and under certain income thresholds), $2,000 more than the House’s deduction for eligible […]

Tax Planning can be complicated if you are not a US Citizen

If you’re not a U.S. citizen, tax planning can get complicated because of compliance issues associated with residency. When preparing your tax return, we’ll begin the planning process by verifying your status as a resident alien or a nonresident alien. The distinction greatly affects your tax liability. Generally, a resident alien is someone who resides […]