News & Insights
Business Tax Update: IRS Guidance on QPP Depreciation Rules
Under the One Big Beautiful Bill Act (OBBBA), eligible businesses can claim 100% first-year depreciation for nonresidential real estate that's classified as qualified production property (QPP). This provision can accelerate depreciation deductions and potentially reduce tax obligations for businesses that invest in qualifying property. However, it's available for a limited…
Exploring Whether to Make Roth Contributions to Your 401(k)
A Roth option is now almost universally offered by 401(k) plans, according to the Plan Sponsor Council of America's 68th annual survey, which covers the 2024 plan year. If you participate in your employer's 401(k) and have access to this opportunity, don't sell it short. Roth contributions can provide significant…
Federal Tax News for Individuals
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 eligible children. Contributions of up to $5,000 per year can…
Solving In-house Accounting Inefficiencies and Bottlenecks
Challenge A specialty automotive business, employing 20–25 people, was facing serious accounting challenges. The owner was frustrated by the lack of timely and accurate financials, which left him unable to confidently make major decisions. Their external CPA often delayed reconciliations and month-end closings during tax season, creating bottlenecks. Bank and…
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