Arguably our most important newsletter issue of the year! Critical information to keep your business operations on track, year-end planning tips, and much more. Enjoy our refreshed design along with the holiday puzzles and warm wishes from our firm to you for a very Merry Christmas, Happy Holidays and Happy New Year!
By John P. Kandler, Staff Accountant In the 2025 Reconciliation Bill otherwise known as the “One Big Beautiful Bill” or OBBB, there are an abundance of tax provision updates for tax years starting after December 31, 2025. There are, however, several pre-existing provisions for businesses that were not impacted and remain unchanged by the final […]
Copies of tax returns. You must keep records that support each item of income or deduction on a business return until the statute of limitations for that return expires. In general, the statute of limitations is three years after the date on which the return was filed. Because the IRS may go back as far […]
By Alexander J. Obie, Staff Accountant While several tax provisions have been adjusted or expanded, many of the core elements introduced under the Tax Cut and Jobs Act of 2017 (TCJA) have now been made permanent by the One Big Beautiful Bill (OBBB). Below are some of those provisions: Individual Income Tax Rates The TCJA […]
By Robert J. Laino, Staff Accountant Enhanced Deduction for Seniors The OBBB introduces a new, temporary $6,000 deduction specifically for seniors age 65 and older (whether collecting Social Security benefits or not), effective for tax years 2025 through 2028. The senior deduction will phase out when the taxpayer’s modified adjusted gross income exceeds $75,000 for […]
By Jeffrey A. Redband, Staff Accountant The One Big Beautiful Bill (OBBB) brought sweeping changes to the U.S. tax code, which included a significant overhaul to the energy-related tax incentives that were enacted as part of the Inflation Reduction Act of 2022. The bill curbs many energy incentives available to both individuals and businesses by […]
By Amanda M. Ziehm, Staff Accountant The One Big Beautiful Bill (OBBB) brings sweeping tax changes to U.S. businesses. Below is a quick look at some of the key changes: Qualified Business Income Deduction Section 199A was set to expire after 2025, which is a 20 percent deduction for qualified business income. The QBID has […]
The One Big Beautiful Bill, signed into law on July 4, 2025, makes a cost segregation study for your business real estate worth looking into. Read here what a cost segregation study is and why it may be an important tax activity for your business.
Chock full of information about the “One Big Beautiful Bill” (OBBB) that was signed into law on July 4, 2025. How might this sweeping new law impact your business, or impact your personally? Read more here. Bonus: We’ve also prepared a special add-on to our newsletter about how the OBBB can make a cost segregation […]
Our new newsletter prepared especially with our Small Business clients in mind is available for you to read. It’s a big issue – seven pages! – full of important and good-to-know information that all small businesses – and all businesses, in fact – need to know to keep operating smoothly and profitably. We hope you […]