Insights

Featured Insights

No results found.

All Insights

TCJA and Hobby Losses: Can You Still Deduct Your Sideline Activity’s Losses

TCJA and Hobby Losses: Can You Still Deduct Your Sideline Activity’s Losses

If you have a sideline activity that consistently generates losses, the IRS may classify it as a hobby, making deductions for those losses difficult. This article breaks down the challenges of hobby-related losses under the TCJA, offering advice on how to prove that your activity is a legitimate business. Learn about the IRS's safe-harbor rules, the importance of showing a profit motive, and factors that can help turn a money-losing activity into a deductible business expense.
Cash vs. Accrual Accounting: Which Method Will Benefit Your Business Most?

Cash vs. Accrual Accounting: Which Method Will Benefit Your Business Most?

Deciding between cash or accrual accounting for tax purposes can have a significant effect on your business's financial strategies. This article covers the eligibility criteria for using the cash method under the Tax Cuts and Jobs Act (TCJA) and examines the advantages of both accounting methods. Businesses should carefully evaluate the method that best suits their financial structure to optimize their tax outcomes. Learn how to choose wisely and avoid unnecessary complications when switching methods. Read the full article for expert advice.
How Financially Smart Are You? Take Our Quiz to Find Out!

How Financially Smart Are You? Take Our Quiz to Find Out!

Test your financial knowledge with our 12-question quiz on retirement planning, credit, taxes, and more. From understanding the "50/30/20" rule to knowing when you can make catch-up contributions to your retirement accounts, this quiz is a fun way to see how well you know the personal finance essentials. Take the quiz now and learn more about how to secure your financial future.
Surging mental health needs challenge health care, but also provide opportunities

Surging mental health needs challenge health care, but also provide opportunities

The Department of Health and Human Services and related agencies recognize the need to ease restrictions on access to mental health and wellness services
IRS issues guidance for section 25C energy efficient home improvement credit

IRS issues guidance for section 25C energy efficient home improvement credit

Section 25C energy efficient home improvement credit proposed regulations and Rev. Proc, 2024-31 released.
Strategic health care M&A requires strict capital allocation discipline, despite falling rates

Strategic health care M&A requires strict capital allocation discipline, despite falling rates

As the changing rate environment affects the operating environment, we expect strategic players will evaluate more deals, at a rate above the historical averages.
FASB proposes guidance on accounting for government grants

FASB proposes guidance on accounting for government grants

A proposed FASB ASU addresses recognition, measurement and presentation of government grants by business entities.
FASB proposes guidance to improve interim financial reporting

FASB proposes guidance to improve interim financial reporting

The FASB's proposed ASU establishes a comprehensive list of interim disclosures for entities that provide interim financial statements.
Court strikes down Biden administration overtime rule

Court strikes down Biden administration overtime rule

A rule that sought to increase the salary threshold for overtime exemption has been struck down by U.S. District Judge Sean Jordan. Learn the impact of this decision, how the situation unfolded, and potential future scenarios.
Key IRS Update: new 1099-K thresholds set through 2026

Key IRS Update: new 1099-K thresholds set through 2026

Significant changes to the IRS’s 1099-K reporting thresholds are on the horizon, affecting anyone who uses payment apps or online marketplaces. Starting in 2024, more of your transactions could be reported to the IRS, potentially impacting your tax obligations. Find out what these updates mean for you and how to navigate the new requirements.
Understanding Trump’s proposed tax changes: implications for taxpayers and business owners

Understanding Trump’s proposed tax changes: implications for taxpayers and business owners

Learn about President-elect Trump’s proposed tax changes and how they could affect your financial strategy. This nonpartisan article discusses the potential impacts of extending and expanding the Tax Cuts and Jobs Act of 2017, among other proposed changes. Stay informed about potential tax changes and learn how to prepare for them.
FASB’s proposed updates on software development accounting

FASB’s proposed updates on software development accounting

The Financial Accounting Standards Board (FASB) proposes changes to accounting for internal software development costs. Learn about the proposed changes and how they might affect your company's financial reporting.
U.S. consumer confidence improves to highest level in more than a year

U.S. consumer confidence improves to highest level in more than a year

Consumer confidence edged up in November to its highest level in more than a year, driven by improved sentiment about both the current economic situation and future expectations.
IRS extends the research credit claim transition period to Jan. 10, 2026

IRS extends the research credit claim transition period to Jan. 10, 2026

The IRS has announced it will extend the research credit claim transition period, which was set to expire in January 2025, an additional year to Jan. 10, 2026. The IRS continues to require detailed information at the time of claiming the research credit.
Simplify Tax Season: A Glossary of Key Tax Terms

Simplify Tax Season: A Glossary of Key Tax Terms

Navigating the complexities of federal taxes can be daunting, especially with confusing terminology and upcoming tax law changes. This article defines 20 essential tax terms, from "adjusted gross income" to "wash sales," to help you better understand your obligations and opportunities. Whether you're a business owner or individual taxpayer, this glossary will help make the tax season more manageable. Learn the language of taxes and prepare for 2025's potential changes—read the full article.