Texas Disaster area declarations

As expected, President Trump has declared areas of Texas, including Kerr County, federal disaster areas. Individuals and businesses affected by storms that began July 2, 2025, now have until Feb. 2, 2026, to file returns and make tax payments that would have been due on or after July 2. This includes returns with valid extensions […]

DOs and DON’Ts to help protect your business expense deductions

If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting […]

Don’t Get Scammed: How to Spot Fake IRS Emails & Messages

How do you know if an email or text message purportedly from the IRS is real? Criminals are increasing their misuse of electronic messages, social media and even U.S. mail to trick taxpayers into giving up sensitive information or making payments. The IRS is warning that it never contacts taxpayers via digital channels without prior […]

Tariffs in the news

President Trump ratcheted up his trade war by announcing a 35% tariff on Canadian imports, up from the 25% tariff he imposed on that country in March. He warned that the levy could increase if Canada retaliates with increased tariffs on U.S. imports. In a letter sent to Canadian Prime Minister Mark Carney, Trump accused […]

Risky business: How auditors help combat corporate fraud

In today’s volatile economic climate, organizations face mounting pressures that can increase the risk of fraudulent activities. Auditors play a pivotal role in identifying and mitigating these risks through comprehensive fraud risk assessments and tailored audit procedures. Fraud triangle Three elements are generally required for fraud to happen. First, perpetrators must experience some type of […]

Big Win for Businesses: 100% Bonus Depreciation Made Permanent Under New Law

First-year bonus depreciation had been phasing down 20% annually since 2023 and was set to drop to 0% in 2027. Businesses have been eager to learn the fate of this popular depreciation-related tax break. The good news is that the One, Big, Beautiful Bill Act makes permanent 100% first-year bonus depreciation for the cost of […]

Should you “fire” that customer?

Tax breaks in 2025 and how The One, Big Beautiful Bill changes them

The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. It’s important to understand how the proposals could alter key tax breaks. Curious about how the bill might affect you? Here are seven current tax provisions and how they could change […]

Yard Sale?

Summer is when many people clean out closets, hold yard sales and sell items online. Is that money taxable? If you sell personally owned items, you generally only have to report income if you receive more than you paid for the items (or the price of a gift that you sell). Most items decrease in […]

1099 filing burden will be eased next year

A pesky reporting burden for businesses should be eased by a provision in the One, Big, Beautiful Bill Act, signed into law on July 4. Currently, businesses must issue a Form 1099-MISC to any payee (and to the IRS) when transactions reach $600 in a calendar year. And businesses that pay $600 or more for […]