The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the most tried-and-true tax-reduction measures. It also creates new opportunities for businesses...

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Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year is the One Big Beautiful Bill Act (OBBBA), which...

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The One Big Beautiful Bill Act made 100% bonus depreciation permanent for businesses that purchase and place into service qualified new or used property after Jan. 19, 2025. However, for 2025 only, you can...

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Did your nonprofit organization opt last May for an automatic six-month extension for filing Form 990, Return of Organization Exempt from Income Tax? If so, your 2024 information return (Form 990, Form 990-EZ or...

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The IRS has updated its Employee Retention Credit (ERC) FAQ page. The new FAQs address ERC refund limitations enacted under the One Big Beautiful Bill Act. The tax law prevents the IRS from allowing...

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Recently, the American Institute of Certified Public Accountants (AICPA) asked the IRS to clarify reporting and substantiation requirements for deducting qualified tips and overtime pay. These deductions were made available by the One Big...

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The IRS has updated its FAQ page for Form 1099-K (Payment Card and Third Party Network Transactions). The One Big Beautiful Bill Act retroactively reinstates the lower Form 1099-K reporting thresholds that applied before...

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October was National Cybersecurity Awareness Month, a time when the IRS and its Security Summit partners remind us about best practices for protecting personal information. For example, use a virtual private network when connecting...

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Health insurance open enrollment begins Nov. 1. One option is a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA). You fund the higher deductible by contributing pretax income to the HSA....

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