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Category: Accounting News

Accounting News

Are You Ready for the New Roth Catch-Up Contribution Rules?

Catch-up contributions have long been a way for taxpayers to put more dollars into their retirement accounts as they get older. But the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, enacted in…
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Accounting News

Guidance on calculating tips and overtime deductions for 2025

The One Big Beautiful Bill Act (OBBBA) creates new income tax deductions for tax years 2025 through 2028 for qualified cash tips and overtime compensation. If you receive tips or overtime pay, you likely have…
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Accounting News

Strategies for Saving: Year-End Tax Planning for Individuals

Year end is here, but there’s still time for individual taxpayers to make moves to lower their 2025 tax bills. The One Big Beautiful Bill Act (OBBBA), which became law in July, provides some welcome…
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Accounting News

6 Year-End Small Business Tax Saving Tips

There’s still time for small businesses and their owners to implement strategies to save taxes for 2025. Traditional strategies continue to be valuable, but the One Big Beautiful Bill Act (OBBBA) includes several changes that…
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Accounting News

Year-end tax planning strategies for Business

Minimize your business’s 2025 federal taxes by implementing year-end tax planning strategies The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the…
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Accounting News

Recent Tax Law Changes: 10 Provisions Employers Need to Know

The One Big Beautiful Bill Act (OBBBA) includes a number of tax law changes that affect employers. Here are 10 key provisions employers need to understand to ensure compliance with their federal tax and reporting…
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Accounting News

Expanded QOZ Program Offers Tax-Savings Opportunities

Congress created the Qualified Opportunity Zone (QOZ) program to incentivize investments in low-income communities through valuable tax breaks. The original program was scheduled to expire, but it has recently been renewed and expanded under the…
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Accounting News

New 1099 Rules May Bring Relief to Some Businesses

The One Big Beautiful Bill Act (OBBBA) has garnered headlines for extending dozens of tax provisions and creating new tax-saving opportunities for individuals and businesses. But it also eases the rules for Form 1099-NEC, “Nonemployee…
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Accounting News

Small Business Owners: Beware of Common Payroll Blunders

Managing payroll can be a major challenge for small business owners, especially as state and federal payroll tax regulations continue to evolve. Missteps in this area aren’t just minor hiccups — they can lead to…
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Accounting News

How the U.S. Election Changes the Outlook for Taxes

The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act…
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