The Fine Print of the OBBBA: Some Households Will Pay More Than Others

The nonpartisan Congressional Budget Office (CBO) has crunched the numbers regarding the distributional effects of the One Big Beautiful Bill Act (OBBBA). The CBO found that the lowest-income earners will lose an average of $1,200 in overall household resources annually. Other taxpayers will see increases, including families in the middle and top percentiles. The director […]

The OBBBA will soon eliminate certain clean energy tax incentives

For some time, President Trump and the GOP have had their sights on repealing many of the tax incentives created or enhanced by the Inflation Reduction Act (IRA). With the enactment of the One, Big, Beautiful Bill Act (OBBBA), they’ve made progress toward accomplishing that goal. Here’s a closer look at some of the individual-related […]

Tax-Related Identity Theft Is on the Rise: What You Can Do

Tax-related identity theft happens when a thief steals your Social Security number and uses it to file a tax return and claim a fraudulent refund in your name. According to an interim report by the Treasury Inspector General for Tax Administration, 58,276 fraudulent tax returns were identified in the 2025 filing season. How can taxpayers […]

Teachers, You Might Be Leaving Money on the Table—Here’s How to Claim It

A new school year is ramping up, which means teachers and other educators have been working hard to prepare their classrooms before classes begin. Qualified educators can claim an above-the-line tax deduction for unreimbursed expenses. The deduction is $300 for 2025 and will be adjusted for inflation in the future. Married educators who file a […]

What families need to know about the new tax law

The One, Big, Beautiful Bill Act (OBBBA) has introduced significant tax changes that could affect families across the country. While many of the provisions aim to provide financial relief, the new rules can be complex. Below is an overview of the key changes. Adoption credit enhanced Parents who adopt may be eligible for more generous […]

IRS Whistleblower Tip Denied—Here’s Why It Didn’t Count

Taxpayers who give the IRS Whistleblower Office (WBO) credible, specific tips about unpaid taxes may qualify for cash awards. But certain conditions must be met. The IRS must act on the tip and the WBO must collect proceeds from that action. In one new case, a tipster alleged transfer pricing violations by a multinational corporation. […]

The new law includes favorable changes for depreciating eligible assets

The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]

Big Tariff Money Means Big Rebates? Here’s What Lawmakers Are Proposing

Even before the new tariffs on foreign goods kicked in on Aug. 7, 2025, tariffs were generating a lot of cash. According to the U.S. Treasury, the federal government received $152 billion in tariff revenue for the year through July. That’s double the $78 billion collected over the same period last year. President Trump said […]

No More Cap? New Bill Could Make High Incomes Pay More into Social Security

Two lawmakers, Senator Mazie Hirono (D-HI) and Representative Jill Tokuda (D-HI), have reintroduced the Protecting and Preserving Social Security Act. It would affect how payroll taxes apply to people with high incomes. Currently, Social Security taxes are applied to wages and self-employment income up to a certain annual limit ($176,100 in 2025). Earnings above this […]

How to prepay expenses strategically and report them accurately

In accrual-basis accounting, timing is everything. One core principle of U.S. Generally Accepted Accounting Principles (GAAP) is the matching concept, which requires organizations to recognize expenses in the same period as the revenue they help generate. Prepaid expenses — payments made for goods or services before they’re used — must be handled carefully to conform […]