The tax implications of disability income benefits

Many Americans receive disability income. Are you one of them, or will you soon be? If so, you may ask: Is the income taxed and if it is, how? It depends on the type of disability benefit and your overall income. The key issue is: Who paid for the benefit? If the income is paid […]

Child Tax Credit proposals

Democratic presidential nominee, Vice President Kamala Harris and Republican vice presidential nominee, Sen. J.D. Vance recently put forth differing views on the future of the Child Tax Credit (CTC). Harris proposes to restore enhancements to the CTC under the American Rescue Plan Act (ARPA). Under ARPA, the CTC amount was $3,600 for children under six […]

How are Series EE savings bonds taxed?

Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express support for our nation’s anti-terrorism efforts,” […]

Secure Act 2.0 can help employees pay student loans

Employees paying student loan debt may greatly benefit from a provision of the SECURE 2.0 Act, which took effect as of Jan. 2024. Employers can now make matching contributions to 401(k) accounts (and certain other retirement plans) with respect to qualified student loan payments (QSLPs). This is true even for taxpayers who aren’t contributing to […]

Heavy Highway Vehicle Use Return due soon

Truckers have a few extra days this year to file required forms, but the due date is still rolling up fast. Owners of most heavy highway vehicles must file their annual Form 2290 (Heavy Highway Vehicle Use Tax Return) by Sept. 3, 2024. The usual Aug. 31 due date falls on a Saturday this year. […]

Business website expenses: How they’re handled for tax purposes

Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply to the deductibility of business expenses and provide business taxpayers launching a website with some guidance about proper treatment. In addition, businesses can turn to […]

Elective Pay Options

Does your company, nonprofit or government entity want to take advantage of elective pay options that were made available under the Inflation Reduction Act and the CHIPS Act? If so, it generally needs to complete the pre-filing registration process at least 120 days before filing a tax return. The elective pay option may make sense […]

The Coalition Against Scam and Scheme Threats

Despite the IRS’s efforts to reduce tax-related fraud, fraudulent activity is on the rise. Enter the Coalition Against Scam and Scheme Threats (CASST). This new initiative is made up of the IRS, state tax agencies, private sector companies and professional groups. CASST’s three primary goals will be to enhance public outreach, find new methods to […]

Review real-time data with flash reports

It usually takes between two and six weeks for management to prepare financial statements that comply with the accounting rules. The process takes longer if an outside accountant reviews or audits your reports. Timely information is critical to making informed business decisions and pivoting as needed if results fall short of expectations. That’s why proactive […]

Bill introduced for childcare

As conversations about tax reform in 2025 begin to heat up, childcare-related tax credits are sure to be a hot topic. The U.S. Senate recently announced a bipartisan tax bill dubbed the Child Care Availability and Affordability Act. It would enhance three existing tax provisions: the Child and Dependent Care Tax Credit (CDCTC), the Dependent […]