IRS Says 3 Minutes. Taxpayers Say 19. What’s the Truth?

If you called the IRS during the recent tax season, how long did you wait to speak to a representative? The Treasury Inspector General for Tax Administration (TIGTA) says that though the IRS reports an average wait time of three minutes, many taxpayers wait longer. According to TIGTA, during the 2024 tax season, the IRS […]

The new law includes a game-changer for business payment reporting

The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold […]

50% Tariffs on EU Steel & Aluminum: U.S. Finalizes Trade Deal Terms

Last month, the U.S. and the European Union (EU) announced the “framework” of a trade deal regarding tariffs. Since then, officials have been hashing out the details. Those details have now been announced. In a nutshell, the U.S. is imposing 15% tariffs on most EU goods (50% tariffs on steel and aluminum). This includes pharmaceuticals, […]

Clean Energy Tax Breaks Are Ending Sooner Than You Think ⚠️

The expiration dates of several clean energy tax credits and deductions have been accelerated under the One Big Beautiful Bill Act. The IRS has published a fact sheet (FS 2025-05) on the expiring credits and deductions in the form of frequently asked questions (FAQs). Specifically, the FAQs list the termination dates of seven clean energy […]

Budgeting basics for entrepreneurs

Starting a business can be rewarding, but the financial learning curve is often steep. The U.S. Bureau of Labor Statistics estimates that one in five new businesses will fail within one year of opening, roughly half will close within five years, and less than a third will survive for 10 years or longer. A common […]

Above the Line or Below? Why It Matters for Your Taxes

During the lengthy debate over provisions of the One Big Beautiful Bill Act, we often heard tax deductions described as “above-the-line” or “below-the-line.” What’s the difference? The “line” refers to the place on your tax return that lists adjusted gross income (AGI). Above-the-line deductions reduce income before calculating AGI. This can lower taxable income and […]

Thinking of Donating to a Foundation You Run? Read This First.

Tax law permits taxpayers to deduct donations to qualified charities, but the donor must be able to prove the donation. For cash gifts of $250 or more, you’ll need a timely letter from the charity that states the amount, date, whether any goods or services were received in exchange and, if so, their value. One […]

The QBI deduction and what’s new in the One, Big, Beautiful Bill Act

The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up to 20% of income from qualified real estate investment trust […]

Big Changes for Corporate Giving: Are You Ready for the 1% Rule?

One of the changes made by the One Big Beautiful Bill Act is to the tax treatment of charitable donations made by corporations. For tax years after 2025, corporations may deduct charitable contributions only to the extent that the contributions (in aggregate) exceed 1% of that tax year’s taxable income. The deduction can’t exceed 10% […]

Tax Court Clarifies: Compensation Stock May Still Be Taxable

In a recent case, the U.S. Tax Court ruled that a taxpayer must include the value of employer stock in gross income reported to the IRS. The taxpayer claimed that the transfer of stock by her former employer violated agreements in place. She emphasized that the stock transfer was erroneous and, therefore, she didn’t owe […]