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The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The treatment of research and experimental (R&E) expenses is a high-stakes topic for businesses, especially small to midsize companies focused on innovation. Currently, R&E expenses must be capitalized and amortized over five years for domestic activities and 15 years for foreign activities. The One, Big, Beautiful Bill, which is now being considered by the Senate,…
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The House passes The One, Big, Beautiful Bill Act: An overview of its tax provisions
The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on December 31. It also includes some new and…
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How The One, Big, Beautiful Bill proposes to change the gift and estate tax exemption
The Tax Cuts and Jobs Act (TCJA) effectively doubled the unified federal gift and estate tax exemption — and annual inflation adjustments have boosted it even further. For individuals who make gifts or die in 2025, the exemption amount is $13.99 million ($27.98 million for married couples). Under the TCJA, the exemption amount is scheduled to revert…
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Business owners can rest easier with sound cash flow management
Slow cash flow is one of the leading causes of insomnia for business owners. Even if sales are strong, a lack of liquidity to pay bills and cover payroll can cause more than a few sleepless nights. The good news is that you can rest easier by exercising sound cash flow management. Scrutinize your cycles…
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How to turn F&A turnover into a business opportunity
Turnover in finance and accounting (F&A) leadership is on the rise. In 2024, CFO turnover among Standard & Poor’s 500 companies hit 17.8%, tying a record high in 2021, according to the Russell Reynolds Global CFO Turnover Index. This trend isn’t limited to large corporations. Closely held businesses are also feeling the pinch, as competition…
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Questions about taxes and tips? Here are some answers for employers
Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on…
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Charitably inclined? Pair a donor-advised fund with your estate plan
Your estate plan is the perfect place to make charitable gifts if you’re a charitably inclined individual. One vehicle to consider using is a donor-advised fund (DAF). What’s the main attraction? Among other benefits, a DAF allows you to set aside funds for charitable giving while you’re alive, and you (or your heirs) can direct…
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Do you have an excess business loss?
If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during…
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A revocable trust can be a versatile tool in your estate plan
A revocable trust (sometimes referred to as a “living trust”) is a popular estate planning tool that allows you to manage your assets during your lifetime and ensure a smooth transfer of those assets to your family after your death. Plus, trust assets bypass the probate process, which can save time, reduce costs and maintain…
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Taming the tax tangle if you’re retiring soon
Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications.…
