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

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…
Read More

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…
Read More

On March 25th, President Trump signed an executive order mandating that the federal government cease issuing paper checks in favor of electronic payments. Despite growing momentum toward digitizing all federal disbursements, the federal government currently still accepts paper checks for certain payments—including estimated tax payments—beyond the September 30, 2025, deadline. Taxpayers can continue mailing checks…
Read More

The One Big Beautiful Bill Act (formally termed “The Act”), signed into law on Friday, July 4, by President Donald Trump, extends key provisions of the Tax Cuts and Jobs Act (TCJA) and addresses several tax priorities of the Trump administration. The bill cleared the House on Thursday, July 3, by a narrow 218–214 margin,…
Read More

The integrity of the Internal Revenue Service (IRS) is fundamental to maintaining public trust in the U.S. tax system. However, recent findings have raised concerns about tax compliance among IRS employees and contractors. As of 2023, reports indicated that over 5,800 IRS workers and contractors were delinquent in their tax obligations, collectively owing nearly $46…
Read More

Timing As of March 30, 2025, the Trump administration, alongside congressional Republicans, is actively pursuing significant tax legislation aimed at extending and expanding upon the 2017 Tax Cuts and Jobs Act (TCJA). The exact timing and provisions are influenced by economic considerations and dynamics within the Republican Party. The goal is to finalize before the…
Read More

In 2025, the Internal Revenue Service (IRS) introduced several inflation-adjusted changes to various tax provisions, aiming to align them with current economic conditions. Standard Mileage Rate for Business Use: The rate has increased to 70 cents per mile, up from 67 cents in 2024, reflecting higher vehicle operation costs. Standard Deductions: Single Filers and Married…
Read More

Domestic Companies No Longer Required to Report to FinCEN Effective immediately, all entities formed in the United States (such as corporations, LLCs, and other common U.S. business structures), along with the beneficial owners of such entities, are exempt from Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This exemption also applies to…
Read More