Under the Fixing America’s Surface Transportation (FAST) Act, the IRS has the authority to certify individuals with “seriously delinquent tax debts” to the State Department. This certification can lead to the denial of a passport application or renewal and, in some cases, the revocation of an existing passport.
Layoff Alternatives: Strategies to Reduce Costs and Retain Talent
Laying off staff is every business owner’s least-favorite task. While reducing your workforce can restore short-term stability, it often comes with hidden long-term costs: severance pay, legal fees, loss of institutional knowledge, and the massive expense of rehiring when the economy rebounds.
Never Too Late to Start! 6 Hidden Tax Deductions for Businesses
Every tax year is a new opportunity to save.
Even after year-end, business owners still have opportunities to uncover overlooked deductions, adjust classifications, and make strategic moves that can reduce taxable income. If your numbers aren’t where you want them, a closer review may reveal deductions worth thousands.
Tax FOMO: Are You Losing $1,000s in Tax Savings?
The Power of Hiring a CPA (And What Could Happen if You Don’t)
You know about FOMO, or “fear of missing out,” when it comes to skipping a good party. You should also have a very healthy fear of losing out on tax savings. How? By trusting anyone other than a qualified CPA to handle your taxes!
Bonus Depreciation & Other Year-End Business Tax-Saving Tools
As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions.
Easier Reporting Rules for Some Forms
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.
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.
The Critical Role of Meticulous Business Recordkeeping
Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in maintaining financial health, ensuring compliance, and maximizing tax savings.
New Law Changes Business Payment Reporting Rules
The One Big Beautiful Bill Act (OBBBA) contains a major overhaul of an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Starting in 2027, the threshold amount will be adjusted for inflation.
New Law Boosts Depreciation Rules for Business Assets
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know.