News & Insights

The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on December 31. It also includes some new […]

The U.S. House of Representatives has passed its budget reconciliation bill, dubbed The One, Big, Beautiful Bill. Among other things, the sweeping bill would eliminate clean vehicle credits by the end of 2025 in most cases. If you’ve been pondering the purchase of a new or used electric vehicle (EV), you’ll want to buy sooner […]

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice memo” (CCA 202511015) from the IRS’s Office of Chief Counsel suggests more victims of fraudulent scams may be able to claim a theft loss deduction than previously understood. Casualty loss deduction […]

President Trump’s “Liberation Day” announcement of global tariffs caught businesses, as well as foreign countries and worldwide financial markets, off guard. While the president has long endorsed the imposition of tariffs, many businesses expected him to take a targeted approach. Instead, Trump rolled out a baseline tariff on all imports to the United States and […]

Victims of presidentially declared disasters in recent years who couldn’t previously claim a casualty loss deduction may now be able to claim a refund. Additional tax relief for natural disasters also might be available. Read on to learn more about the potential opportunities for victims of certain disasters. Loosened Restrictions for Casualty Losses The tax […]

I have a fulfilling job. And as a trusted advisor to our manufacturing clients, one of my great pleasures is a plant tour. I recently visited a plant for one of our firm’s new clients for the first time. On this day, you meet your typical groups (accounting, finance, legal) and people in operations that […]

Ensuring your system and organization controls audits and reports are detailed, comprehensive and effective is an essential responsibility for service organizations. Your customers rely on you to be committed to strong internal controls, and a SOC audit and report completed by a trustworthy CPA firm is the best way to provide them with the peace […]

President Trump and the Republican Congress plan to act swiftly to make broad changes to the United States — including its federal tax system. Congress is already working on legislation that would extend and expand provisions of the sweeping Tax Cuts and Jobs Act (TCJA), as well as incorporate some of Trump’s tax-related campaign promises. […]

There is a lot of press about generative artificial intelligence (GenAI) and a subset called large language models (LLM). As someone who makes a living in public accounting, I find this topic very interesting. I lived through the changes that paperless audits, mobile devices and the internet brought to the profession. My first audit room […]

To help make sure you don’t miss any important 2025 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. January 31 Businesses: Provide Form 1098, Form […]