Taxpayers who suffered net operating losses (NOLs) in the 2025 tax year may hope to take advantage of them to reduce future tax bills. However, various limits d...
Update on the First-Year Depreciation Tax Rules for Businesses
Feb 25, 2026The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. And there are annual inflati...
Deducting Business Meal and Entertainment Expenses Today
Feb 17, 2026Do you know the current rules for claiming tax deductions for business meals and entertainment? Whether you’re wining and dining a prospective customer or...
Tax Update: What the “One Big Beautiful Bill” Means for You
Jul 07, 2025On July 5, President Trump signed the One Big Beautiful Bill Act (OBBB) into law—a sweeping tax reform package that makes several key provisions from the 2017...
Comparison of House and Senate Versions of the 2025 Tax Reform Bill
Jun 24, 2025As Congress works toward finalizing tax legislation, both the House of Representatives and The Senate Finance Committee have released competing versions of what...
Manufacturers: If Available, Take Advantage of Sales Tax Exemptions
Jun 23, 2025Manufacturers must comply with all relevant tax laws to avoid dire consequences. While the most attention is generally directed toward federal income and payrol...
IRS to Discontinue Paper Checks
Jun 11, 2025Earlier this year, President Trump signed an Executive Order directing federal agencies to adopt electronic payment methods for all transactions with the Depart...
Annual Action Required for Schedules K-2 and K-3
Jan 17, 2024The IRS released two new schedules in recent years, Schedules K-2 and K-3. These new schedules are an expanded reporting requirement intended to provide more cl...
Is Your Business Subject to the New BOI Reporting Rules? Due March 21, 2025
Dec 06, 2023Starting January 1, 2024, an anticipated 32.6 million businesses will be required to comply with new beneficial ownership information (BOI) reporting rules unde...
Will Your Crypto Transactions Be Reported on a Form 1099?
Oct 06, 2023Some taxpayers may be unaware of all the federal tax reporting requirements for cryptocurrency transactions — especially when it comes to issuing and receivin...