IRS Issues Guidance on New Trump Accounts On March 6, the IRS issued proposed regulations addressing Trump Accounts (TAs), which were created under the One Big Beautiful Bill Act. TAs provide families with a new way to build savings for…
Taxpayers who suffered net operating losses (NOLs) in the 2025 tax year may hope to take advantage of them to reduce future tax bills. However, various limits determine eligibility for NOL deductions and the size of those tax breaks. In…
Taxpayers often discover after their federal income tax returns are prepared that they owe more than expected. If you can't pay your bill in full, you may be unsure what to do next. Here's what you need to know about…
Big losses from a business or rental property don't always deliver the immediate tax relief people expect. In recent years, the rules have become much stricter — and starting in 2026, even more taxpayers will feel the impact. If you…
Not all married couples earn dual incomes. For example, during the course of a marriage, one spouse may leave the workforce to care for a family member or tend to his or her own health issues. Regardless of why you…
Situation Following the SEC’s Custody Rule 206(4)-2 Surprise Examination, a result of the Bernie Madoff case, investment advisory firms are required to meet custody-related compliance requirements designed to protect client assets and restore investor confidence. The law ensures that advisors…
Under current law, the deduction for business interest expense is generally limited to 30% of adjusted taxable income (ATI) for the year. The One Big Beautiful Bill Act (OBBBA) modifies how ATI is calculated, starting in 2025. Specifically, depreciation, amortization…
As resource-strapped states aggressively pursue tax revenue and are claiming nexus for a variety of business activities, state and local taxes (SALT) have become a significant cost of doing business. Budget cutbacks can mean that states may be more likely…
For decades, accounting professionals often believed that working for a larger firm was the best career path, however as times change, many are now discovering the advantages of working with midsize and smaller firms. If your priorities include a collaborative…
The One Big Beautiful Bill Act (H.R. 1, P.L. 119-21) was signed into law on July 4, 2025. The legislation makes permanent many of the 2017 Tax Cuts and Jobs Act (TCJA) provisions that were otherwise set to expire at…
