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Trump Accounts: A New Tax-Advantaged Savings Tool for Your Children’s Future
The One Big Beautiful Bill Act (OBBBA) created a new tax-advantaged savings account for children: Trump Accounts (formally, Money Accounts for Growth and Advancement, or MAGA accounts). This provision has received less attention than others in the law, but parents, grandparents, and business owners should take notice. Here is what you need to know. What…
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2025 Year-End Tax Planning: Strategies Under the New OBBBA Rules
As 2025 ends, the One Big Beautiful Bill Act (OBBBA) creates several time-sensitive tax planning opportunities for business owners. Multiple provisions took effect this year, and some strategies require action before December 31. Accelerate Equipment Purchases for Full Expensing With 100% bonus depreciation now permanent for property placed in service after January 19, 2025, you…
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What the OBBBA Means for Gig Workers, Tipped Employees, and Overtime Earners
The One Big Beautiful Bill Act (OBBBA) introduces new tax deductions for tips, overtime, and vehicle loan interest that can significantly reduce tax liability for service workers, gig workers, and other working Americans. If you are a server, bartender, rideshare driver, delivery worker, or anyone who regularly works beyond 40 hours a week, these new…
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The One Big Beautiful Bill: What Every Small Business Owner Needs to Know About the New Tax Law
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is the most significant tax legislation since the Tax Cuts and Jobs Act of 2017. Whether you run a sole proprietorship, an LLC, or a corporation, the new law contains provisions that could meaningfully reduce your tax burden. Here is a…
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BOI Reporting: The Rollercoaster Ride Is Over for U.S. Small Businesses
If you are a small business owner who has been following the Beneficial Ownership Information (BOI) reporting saga, you have likely experienced whiplash. Over the past 18 months, the Corporate Transparency Act (CTA) and its BOI reporting requirements have been challenged in court, frozen by injunctions, reinstated by the Supreme Court, and ultimately gutted by…
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Understanding Tax Reporting Requirements for Online Sweepstakes Operators
Corrected July 29, 2026: The prior version stated the former $600 threshold. For qualifying 2026 prize payments, the federal Form 1099-MISC reporting threshold is $2,000. This correction also addresses the IRS Information Returns Intake System transition, foreign-recipient scope, and the fact-specific distinction between prizes that do and do not involve a wager. The reporting threshold…
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Corporate Transparency Act (CTA) and BOI
Update (April 2026): FinCEN ruled on March 26, 2025 that all domestic entities (U.S. corporations, LLCs, and partnerships) are exempt from Beneficial Ownership Information (BOI) reporting. The filing requirements and penalties described in this article no longer apply to domestic companies. Foreign entities should check current FinCEN guidance. Read our full update here. Introduction The…
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Welcome to Tax Season 2024
The tax filing season has officially commenced! With the IRS now accepting and processing 2023 federal individual tax returns, it’s time to dive into the paperwork. But fear not, dear taxpayers, for this year promises a more streamlined experience, complete with extended support and improved tools to ease your journey through the tax forest.
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Securing a Strong Retirement Act of 2022 (SECURE 2.0)
Update (April 2026): The SECURE 2.0 provisions described as “upcoming” or “starting in 2025” in this article are now in effect. Contribution limits and thresholds have been updated since publication. Check current IRS guidance for the latest figures. The Securing a Strong Retirement Act of 2022 (SECURE 2.0) is a comprehensive legislation designed to strengthen…
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What Investors and Regulators Can Learn from Silicon Valley Bank’s Collapse
Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation (DFPI) citing inadequate liquidity and insolvency. DFPI determined that SVB was no longer able to operate safely and soundly and placed the bank under conservatorship or receivership. DFPI has turned over the receivership of SVB to the Federal Deposit Insurance…
