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IRS Enforcement in 2026: The Quiet Shift to Automated Compliance
If you hear from the IRS in 2026, the odds are high it won’t be from a person. It will be a computer-generated letter triggered by a data mismatch, sent before any examiner has looked at your return. That shift is the single most important thing small business owners and self-employed taxpayers need to understand…
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Clean Energy Tax Credits Are Ending: What Business Owners Should Do Before the Deadlines
Update (April 2026): This article has been corrected to reflect the final phase-out dates enacted under the One, Big, Beautiful Bill Act (P.L. 119-21, signed July 4, 2025). The Section 25C energy-efficient home improvement credit and the Section 25D residential clean energy credit both ended for property placed in service or expenditures made after December…
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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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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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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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Navigating BOI Reporting: A Guide for Small Business Owners
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. BOI Reporting…
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Inflation Reduction Act: A Comprehensive 1-Year Report Card
Update (April 2026): The Inflation Reduction Act clean energy provisions discussed in this article have been significantly modified by the One Big Beautiful Bill Act (July 2025). EV tax credits were terminated for vehicles acquired after September 30, 2025, and other clean energy incentives were altered. Check current guidance before relying on these provisions. The…
