Deducting Car Loan Interest: What the OBBBA Changed
For years, the IRS has generally disallowed deductions for personal interest — with a major exception for home mortgages. That changed with the passage of the One Big Beautiful Bill Act (OBBBA), which temporarily adds another carve-out: a deduction for certain car loan interest. A Clarification on “Tax-Free” Some outlets are calling this a “no…
Read More
When the Music Stops: Lessons from Three Estates Gone Wrong
Even celebrities and TV icons can fall victim to the consequences of poor estate planning. These three stories underscore the importance of thoughtful estate and tax planning. Prince: The Artist Who Left No Will Age: 57 Death: April 21, 2016; Minnesota; accidental overdose of fentanyl When Prince died in 2016, the world mourned, and his…
Read More
Tax Implications of Gifting to Children or Grandchildren
Gifting assets to children or grandchildren can be a smart part of an estate or education planning strategy, but it’s important to understand the tax rules involved. Effective January 1, 2025, individuals can give up to $19,000 per recipient per year without needing to file a gift tax return. Married couples can combine their annual…
Read More
Dent Moses, LLP, Names Lee Willoughby as Managing Partner
Willoughby to lead firm’s next chapter of growth and client service excellence We’re excited to share a leadership update at Dent Moses, LLP. As of June 2025, Lee Willoughby, CPA, has officially stepped into the role of Managing Partner of our firm. With more than 25 years of experience in public accounting, Lee has long…
Read More
Federal Government Phasing Out Paper Checks
Earlier this year, President Donald Trump signed an executive order requiring all federal agencies to stop issuing and accepting paper checks by September 30, 2025. This applies to both disbursements (tax refunds, Social Security, vendor payments) and receipts (1040 tax payments, quarterly estimates, payroll tax deposits, fees, and fines). Income Tax Refunds IRS has long…
Read More
Changes Ahead for Charitable Giving
Effective January 1, 2026, the One Big Beautiful Bill Act (OBBB, H.R. 1) introduces significant changes to charitable contribution rules that will impact tax planning for both individual and corporate donors. This summary highlights the key provisions and actionable strategies. Changes Ahead for Charitable Giving — Key Provisions & Planning Tips Provision 2026 Rule Planning…
Read More
Pros and Cons of Converting a Traditional IRA to a Roth IRA
Converting a Traditional IRA to a Roth IRA can be a smart financial move in the right circumstances, but it’s important to weigh the pros and cons before making the switch. Roth IRA funds are currently not means-tested or taxed. Contributions are made with after-tax dollars, and qualified withdrawals—both contributions and earnings—are tax-free if you’re…
Read More
News Options for Leftover 529 Plan Funds – Convert to Roth IRA
The SECURE 2.0 Act of 2022 introduces a noteworthy change: a special rule allowing transfers from 529 plans to Roth IRAs. Effective in 2024, this rule enables unused college savings to shift to retirement accounts tax- and penalty-free. Why This Matters Before this change, if a 529 plan wasn’t fully used for education, options were…
Read More
No Tax on Tips: What Employers Need to Know About the New Federal Deduction
The One Big Beautiful Bill Act (OBBBA) created a new exemption that eliminates federal income tax on tips for certain occupations. As of September 1, 2025, the Treasury Department has identified 68 occupations (expected to finalize at about 70 by October 2, 2025) where workers can receive tips tax-free annually on $25,000. The deduction phases…
Read More
2025 & 2026 Tax Treatment for Meals and Entertainment
The meals and entertainment deduction has gone through several revisions in recent years. Before 2018, meals and entertainment were eligible for a 50% tax deduction. Beginning with the 2018 tax year, the Tax Cuts and Jobs Act eliminated the deduction for entertainment expenses altogether, while most meals remained 50% deductible. In 2021 and 2022, the Consolidated…
Read More