The One, Big, Beautiful Bill Act includes a nice deduction for senior citizens. For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether eligible taxpayers itemize or not. (view article)
The passage of the One, Big, Beautiful Bill Act delivers many family-friendly provisions. This article provides a brief rundown of three: the Child Tax Credit, the Credit for Other Dependents, and the adoption credit. (view article)
The Section 199A qualified business income (QBI) deduction was initially authorized by the Tax Cuts and Jobs Act (TCJA) to benefit certain business owners and self-employed individuals. Set to expire after 2025, it has been given new life. The One Big Beautiful Bill Act makes it permanent and adds improvements. Here’s a basic description of the original QBI deduction and how it stands now.(view article)
Hurricanes are just one of several weather emergencies companies may face, depending on location. Tornadoes, floods and wildfires also pose serious threats. To lower the risk of closure and improve the chances of a strong recovery, businesses should establish a comprehensive weather emergency plan. (view article)
For convenience purposes, we have listed below the current amounts of the Section 179 and bonus depreciation limits. As with all tax regulations, there are stipulations and exceptions. Please call us with any planning we can assist you with.(view article)
The federal estate top tax rate is 40%. The Federal estate tax exemption is $13,990,000 for 2025 and will be $15,000,000 for 2026. The exemption for 2024 was $13,610,000. The annual gift exclusion is $19,000 in 2025 and $18,000 in 2024.
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Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.(view article)
2025, 2024, and 2023 Pension Plan Limitations & Social Security Wage Base (view article)
We were notified by the Peer Review Committee Reporting Acceptance Body that our most recent triennial peer review report with a pass rating was accepted. A "pass" rating is the highest form of rating a CPA firm can receive.(view article)
President Signs Omnibus Bill; Including Secure 2.0 Act of 2022(view article)
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