The One Big Beautiful Bill Act introduced new federal tax deductions for tip and overtime income, retroactive to January 1, 2025. Workers in eligible occupations may deduct up to $25,000 in tips and up to $12,500 in overtime income, but documentation, eligibility rules, and phaseout thresholds make navigating these deductions more complex than they appear.
If your business or rental property generates significant losses, you may not be able to deduct the full amount in the current tax year. With new legislation making the excess business loss rule permanent and lowering deduction thresholds starting in 2026, the stakes for proactive tax planning have never been higher.
Leaving the workforce does not mean leaving retirement savings behind. A spousal IRA lets a nonworking spouse keep building retirement security using the working spouse’s income. With a contribution deadline of April 15, 2026, for the 2025 tax year, there may still be time to reduce your tax bill and strengthen your financial future.
Enterprise risk management isn’t just for large organizations. With the right framework, nonprofits of any size can identify, prioritize, and address the risks that threaten their mission. Learn how a practical ERM approach, built around four key steps, can help your organization protect what matters most and make more intentional decisions.
The revised instructions address changes to the treatment of §174A domestic research expenditures and align with prior IRS guidance and clarifications on reporting requirements.
Government contractors performing work for SHIELD can save cash tax and reduce taxes by claiming the R&D tax credit on qualified efforts.
Ghost employee fraud is silently draining organizations of millions through fictitious payroll entries. A recent Florida case exposed a $146 million scheme that went undetected for a decade. Forensic specialists use advanced analytics and investigative techniques to uncover these schemes, quantify losses, and help organizations recover funds while strengthening internal controls.
Offering tabs to regular customers can boost loyalty and sales, but without proper systems in place, unpaid balances can quickly spiral out of control. Learn how to create a clear policy, track credit effectively, and collect overdue amounts while maintaining positive customer relationships.
The One Big Beautiful Bill Act has transformed the charitable deduction landscape for 2026. Itemizers now face new limitations, while nonitemizers gain permanent deduction opportunities. Understanding these changes is essential for maximizing your tax benefits while supporting the causes you care about.
When you owe back taxes, the IRS doesn’t leave you penniless. Collection Financial Standards determine how much you’re allowed for basic living expenses—from food and clothing to housing and transportation. These guidelines help establish reasonable payment plans while ensuring you can maintain your health and income-earning ability.