When donating cash and property to charity, the donor may secure a tax deduction if the charity is qualified with the IRS to receive tax-deductible donations and if the donor secures proper documentation from the charity. Here’s what donors need to know.(view article)
The tax rules for deducting the cost of employer-provided holiday parties for staff and guests changed under the Tax and Cuts Jobs Act, but deductions are still available. This article lists what types of expenses – and which guests -- are eligible for deduction and describes other limitations.(view article)
Tax planning at the end of the year can be done as late as November or even December. This article looks at five tips that can help taxpayers improve their outcome when tax filing time rolls around.(view article)
The One Big Beautiful Bill Act (OBBBA) has permanently restored 100% first-year bonus depreciation, offering business owners a powerful way to maximize their tax savings for 2025 and beyond. Under prior law, this tax break was phasing out and scheduled to vanish in 2027. This article provides details. And a sidebar gives a brief look at one retirement plan option business owners can use to save taxes for the business, for themselves and their employees. (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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