As 2025 comes to a close, it’s a good time to review your business expenses and identify which costs qualify as deductible. Accelerating deductible expenses into this year can help reduce your 2025 tax bill and may even provide permanent savings. It’s also important to consider the impact of the One Big Beautiful Bill Act (OBBBA), which makes several provisions from the Tax Cuts and Jobs Act (TCJA) permanent while modifying others.

If you’re age 50 or older, you have a unique opportunity to strengthen your retirement savings through additional “catch-up” contributions to your tax-favored retirement accounts. These extra contributions can make a bigger impact on your long-term financial security than many people realize.

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E expenses, reversing rules under the Tax Cuts and Jobs Act (TCJA) that required businesses to capitalize and amortize these costs over five years (15 years for research performed outside the United States).

Beginning September 30, 2025, all payments made to or from the IRS must be electronic under Executive Order 14247, Modernizing Payments to and From America’s Bank Account. This major shift is designed to increase efficiency, improve security, and reduce the costs of paper-based processing.

This transformation empowers the U.S. Department of the Treasury to overhaul the government’s payment infrastructure, aiming to reduce costs, minimize fraud, and eliminate operational inefficiencies associated with paper-based transactions.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduces new federal income tax deductions for eligible employee overtime pay and tips. To comply, employers should act now on payroll, reporting, and withholding updates.

The U.S. Department of the Treasury and IRS have issued proposed regulations identifying nearly 70 “customarily tipped” occupations eligible under the OBBBA’s “no tax on tips” provision. Occupations are grouped into eight broad categories:

Form 990 is more than just a tax form; it’s a vital tool for nonprofit transparency and credibility. Whether you’re a new board member or an experienced nonprofit leader, understanding the basics can help you avoid impactful mistakes and even showcase your organization’s impact. Below are answers to some of the most frequently asked questions we receive from nonprofits.

With a new school year beginning, not only are parents buying new school supplies, but teachers are as well. As teachers prepare their classrooms, many of the expenses they incur to make a welcoming and educational atmosphere are not reimbursed. The tax code provides some relief, and starting next year, educators will have an even greater opportunity thanks to the One Big Beautiful Bill Act (OBBBA).

The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system. If the AMT exceeds your regular tax bill, you owe the larger AMT amount.