Signed into law on July 4, 2025, the One Big Beautiful Bill is the most substantial federal tax overhaul since the 2017 Tax Cuts and Jobs Act. At over 870 pages, this sweeping legislation reshapes ...
Category Archive: Tax
Businesses can make many last-minute moves at the end of the year to lower their tax bills, but year-end planning can only go so far. Some of the most effective strategies take time to implement, ...
To manage their finances and accurately file their taxes, most small business owners must choose between two accounting methods: cash or accrual. This choice directly affects how and when you report income and expenses, and ...
Regularly review who’ll receive your assets. Do you know the meaning of the term “nonprobate assets?” These assets bypass more traditional estate planning vehicles, such as a will or revocable trust, and are transferred to ...
Renting to family and friends: Handle with care Ordinarily, you can deduct the expenses of owning and operating a rental property. You may even be able to claim a loss if those expenses exceed your ...
Updated February 14, 2025 A complex trust or estate may make an election under Internal Revenue Code Section 663(b) to treat all distributions made during a 65-day period as having occurred on the last day ...
As this reminder was going to press, a Texas-based federal court issued a preliminary injunction prohibiting the federal government from enforcing the requirement to report Beneficial Ownership Information (BOI). The federal government is expected to ...
The landscape of gift and estate tax planning is experiencing significant shifts, with the upcoming 2026 sunset looming as a pivotal moment for tax professionals and high-net-worth individuals. This article delves into the key points ...
Are you planning to make a Qualified Charitable Distribution (QCD) in 2024? Yes? Then read on … A QCD allows an Individual Retirement Account (IRA) owner to make a distribution directly from their IRA to ...
Please refer to the list below for some changes that will be made for 2023 v 2024. Bonus Depreciation – In prior years we have been able to take a 100% bonus depreciation deduction. For 2023 ...
Under the Corporate Transparency Act beginning January 1, 2024, certain entities will be required to file a Beneficial Owner Information Report (BOI). Entities that meet the definition of a “reporting company” and do not qualify ...
Starting tax year 2023, businesses may need to e-file certain information returns that they had historically paper filed. The Final Regulations for filing returns and other documents electronically significantly expanded electronic filing requirements for tax ...