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…
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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…
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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…
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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…
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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…
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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…
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Full Deduction for Manufacturing Real Property Under the New Tax Bill
The “One Big Beautiful Bill” (formally termed “The Act”) introduces a significant tax benefit for manufacturers: a full, immediate deduction for the cost of certain real property used in production activities. Taxpayers can elect to fully expense the cost of qualified production property (QPP) in the year it is placed in service rather than depreciate…
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Expanding Investment Choices for 401(k) Plans
President Donald J. Trump signed an Executive Order aimed at expanding the range of investment options available within 401(k) plans. The initiative opens the door for plan participants to potentially access alternative assets such as cryptocurrency, private equity, real estate, and privately held companies. Key Provisions of the Executive Order Review of Fiduciary Guidance: The…
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Bonus Depreciation & Section 179 Expensing under the OBBB
The “One Big Beautiful Bill” (OBBB) significantly enhances both bonus depreciation and Section 179 expensing, giving businesses powerful tools to recover capital costs more quickly and improve cash flow. Bonus Depreciation Bonus depreciation is permanently restored to 100% for qualified property for 2025. Businesses can fully deduct the cost of most new and used tangible…
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The True Cost of an Employee: Salary Plus Benefits
When evaluating the financial impact of employees, it’s important to look beyond just the base salary. The true cost of an employee includes a range of additional expenses such as payroll taxes, insurance, retirement contributions, and other fringe benefits. These extra costs can increase total compensation by 20% or more, depending on the size of…
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