Understanding Depreciation Recapture: What Business Owners Need to Know
For many businesses, depreciation is a powerful tax tool that helps reduce taxable income and improve cash flow. From straight-line depreciation to double-declining balance and units of production, the IRS provides several methods for spreading the cost of assets over their useful lives. However, when a business eventually sells or disposes of an asset, depreciation […]
How the OBBBA Impacts Clean Energy Tax Incentives
The One, Big, Beautiful Bill Act (OBBBA) introduces significant changes to clean energy tax incentives for individuals and businesses. These adjustments scale back or eliminate several credits originally created or enhanced under the Inflation Reduction Act (IRA). Understanding these changes is critical for taxpayers looking to maximize benefits while remaining compliant. Clean Energy Tax Credits for Individuals The OBBBA shortens […]
Moving Out of State? Why You Should Review Your Estate Plan
Relocating to a new state involves more than packing boxes—it can have important implications for your estate plan. Even if your plan is up to date, moving across state lines may require adjustments to ensure your wills, trusts, and powers of attorney comply with your new state’s laws and continue to meet your objectives. Reviewing Your Will You […]
IRS Ending Paper Checks: What Taxpayers Need to Know
The IRS, U.S. Treasury Department, and Social Security Administration (SSA) have announced a major change affecting how millions of Americans receive tax refunds and federal benefit payments. Starting September 30, 2025, paper checks will no longer be issued. This transition to an all-electronic payment system is designed to improve efficiency, reduce fraud, and lower administrative costs. Why Paper Checks Are Ending […]
OBBBA Compensation and Benefits: Impact to Employers
On July 4, the Opportunity and Business Benefits Balance Act (OBBBA) was signed into law, bringing significant updates to tax rules affecting executive compensation, employer deductions, and fringe benefits. These provisions also build on prior changes to information reporting requirements and employer credits, creating new compliance challenges for businesses and tax-exempt organizations. Public Company Executive Compensation Deduction Limits The […]
What’s Your Business Exit Strategy?
Ever since you became a business owner, you’ve focused on growing revenue, managing expenses and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals. Multiple-Owner Businesses A buy-sell agreement is […]
Choosing the Optimal Accounting Method for Tax Savings
The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best […]
