A pesky reporting burden for businesses will be eased by legislation signed into law on July 4. Currently, businesses must issue a Form 1099-MISC to any payee (and to the IRS) when transactions reach $600 in a calendar year.
Real Estate Improvements: Deduct Now or Later?
Commercial real estate usually must be depreciated over 39 years. But certain real estate improvements — specifically, qualified improvement property (QIP) — are eligible for accelerated depreciation and can even be fully deducted immediately. While maximizing first-year depreciation is often beneficial, it’s not always the best tax move.
Year-End Tax Planning for Accrual-Basis Taxpayers
Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have some unique tax-saving opportunities when it comes to deductions.
Writing an AI Governance Policy for Your Business
Artificial intelligence (AI) is changing the way businesses operate. Its capacity to gather and process data, as well as to mimic human interactions, offers remarkable potential to streamline operations and boost productivity.
Seasonal Workers and the Healthcare Law
Many businesses rely on seasonal or part-time workers during peak periods — whether for the holidays, harvest season, commercial fishing, or special events. But how do these temporary workers affect your obligations under the Affordable Care Act (ACA)?
Here’s what employers and business owners need to know.
Opportunity Zone Guidance Finalized
Final regulations were recently issued regarding details about investment in qualified opportunity zones (QOZ) that modified and finalized proposed regulations for QOFs and QOZ businesses that were previously issued on October 28, 2018, and May 1, 2019.
Tax Planning: Key Considerations When Selling Your Business
Summary: Tax Essentials for Selling Your Business
Selling a business requires proactive tax planning because the IRS views the sale not as a lump sum, but as a collection of individual assets.
Enhanced SALT Tax Break Will Help Many Homeowners
The One Big Beautiful Bill Act (OBBBA), enacted on July 4, will allow more taxpayers to fully deduct their state and local tax (SALT) expenses (including property tax). Here are the details.
Can Your Business Benefit from the WOTC?
Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit that incentivizes employers to hire from certain targeted groups that face employment barriers.
2 Important Changes for Businesses under the New Tax Law
The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this year are now being extended or made permanent. Below is a snapshot of two important changes to help you with tax planning in the fourth quarter of 2025 and going forward.