Many Business Tax Limits Have Increased in 2025
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last [...]
AI in Business: Current Applications and Future Opportunities
The business landscape is rapidly evolving with artificial intelligence (AI) becoming increasingly accessible and powerful. While large corporations have been early adopters, small and medium-sized businesses now have unprecedented access to AI tools that can [...]
BOI Reporting Update: What You Need to Know
As of now, businesses are not required to file Beneficial Ownership Information (BOI) reports, following recent legal and legislative developments. Here’s what you need to know: Current Status of BOI Reporting According to an alert [...]
Businesses: The Form W-2 and 1099-NEC Deadline is Coming Up Fast
With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, [...]
The Standard Business Mileage Rate Increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also [...]
Small Business Strategy: A Heavy Vehicle Plus a Home Office Equals Tax Savings
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If [...]
Saving for College: Tax Breaks and Strategies Your Family Should Know
As higher education costs continue to rise, you may be concerned about how to save and pay for college. Fortunately, several tools and strategies offered in the U.S. tax code may help ease the financial [...]
How Section 1231 Gains and Losses Affect Business Asset Sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains and losses from the sale or [...]
Appeals Court Reinstates Injunction Halting BOI Enforcement
On December 26, 2024, the Fifth Circuit Court of Appeals reinstated a nationwide injunction against the enforcement of the Corporate Transparency Act (CTA), temporarily pausing the requirement for companies to disclose their Beneficial Ownership Information [...]
Federal Disaster Tax Relief Act Enacted
President Biden has signed the Federal Disaster Tax Relief Act (H.R. 5863; P.L. 118-148). As we previously reported here, the bill: Retroactively excludes from gross income qualified wildfire relief payments paid to individuals as compensation (other than insurance payments) for losses, expenses, [...]