The "One Big Beautiful Bill Act" (OBBBA) includes several favorable changes for small business taxpayers. Among the most impactful are expanded and enhanced rules for depreciating business assets. Below is a breakdown of what you need to know and how your business might benefit.

If you're claiming deductions for business-related expenses, especially meals, vehicle use, or home office costs, expect the IRS to scrutinize them. A recent U.S. Tax Court decision serves as a cautionary tale on the importance of documentation and the risks associated with noncompliance.

In baseball, a triple play is a rare but powerful defensive move that can shut down the competition in one swift motion. In business, your version of a triple play comes in the form of three essential financial statements. Together, these reports provide a comprehensive understanding of your company's profitability, liquidity, and long-term sustainability. When used strategically, they can help keep your business on track and ahead of the curve.

If you're age 65 or older and enrolled in Medicare, chances are you're paying premiums for various types of coverage and possibly incurring other significant out-of-pocket health care costs. The good news? Some or all of these expenses may be tax-deductible.

As we celebrate birthdays and life events, it's easy to overlook the fact that certain ages trigger significant tax and financial changes. Whether you're preparing for retirement, managing healthcare costs, or planning charitable contributions, understanding these age-based provisions can help you make more informed decisions.

A Qualified Charitable Distribution allows individuals aged 70½ or older to donate up to $100,000 directly from their traditional IRA to a qualified charity without incurring taxable income.

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it has already sparked attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean for your business.

The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. However, proposed legislation, dubbed "The One Big Beautiful Bill," could drastically change that. Here's what you need to know.

Turnover in finance and accounting (F&A) leadership is increasing. 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 for experienced finance professionals intensifies and the accounting profession faces a well-documented talent shortage.