Robert Bell, CPA, Partner As 2025 draws to a close, taxpayers face a year-end planning environment unlike any in recent memory. The July passage of the One Big Beautiful Bill Act (OBBBA) fundamentally reshaped tax strategy by making permanent nearly all the provisions previously scheduled to sunset at the end of the year under the...
keep readingDennis Gardiner, CPA, Managing Partner The 2017 Tax Cuts Jobs Act (TCJA) is due to sun set on December 31, 2025 (with the 2025 tax year). The 21% corporate tax rate was permanently changed with TCJA, so it will not expire. As you are likely aware of, the Section 199A(g) deduction will expire. This deduction...
keep readingRobert Bell, CPA, Tax & Audit Manager The Inflation Reduction Act created a new tax credit for biofuel that rewards producers for creating low-carbon options. What is the 45z tax credit? This tax credit rewards biofuel producers who can demonstrate a lower carbon intensity (CI) score in the crops used to create biofuels. The CI...
keep readingRobert Bell, CPA, Audit + Tax Manager The IRS is taking action to prevent fraudulent claims within the Employee Retention Credit (ERC) program. This credit provided crucial relief to many during the pandemic, however, some bad actors saw an opportunity to exploit it. Here is the summary of key points: The IRS has a voluntary...
keep readingRobert Bell, CPA, Tax Manager I’ve written about the provisions under IRC 163(j) before, but now is the time to take it seriously. Businesses are limited to the amount of interest expense they are allowed to deduct for tax purposes to 30% of Adjusted Taxable Income (ATI). The ATI calculation used to allow for the...
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