The tip credit is a special tax benefit designed for businesses in industries where employees commonly receive tips, such as restaurants, bars, and certain personal care services. When employees receive tips from customers, employers are required to pay Social Security and Medicare taxes (FICA taxes) on those tips, just as they do on regular wages. […]

On July 23, 2025, the White House released a new roadmap for AI called “Winning the Race: America’s Action Plan.” It’s 25+ pages and lays out 90 actions the federal government will take across three pillars – accelerating innovation, building AI infrastructure and leading in international AI diplomacy. There were three executive orders signed alongside […]

The IRS Form 1099 series is a cornerstone of federal information reporting, used to report a wide range of payments made in the course of a trade or business. For tax year 2025, several important changes and clarifications affect who must file, what must be reported, and how forms must be delivered. This article summarizes […]

The landscape for tipped workers and their employers is changing dramatically with the passage of the One Big Beautiful Bill Act (OBBBA). This sweeping legislation introduces a new, temporary deduction for tips, expands employer credits, and tightens compliance requirements—making it essential for both individuals and businesses to understand the new rules. A Groundbreaking Deduction for […]

The One Big Beautiful Bill Act (OBBBA), enacted in 2025, brings significant and permanent changes to the rules governing the qualified business income (QBI) deduction under section 199A of the Internal Revenue Code. The QBI deduction, originally introduced by the Tax Cuts and Jobs Act (TCJA) of 2017, allowed eligible taxpayers to deduct up to […]

Running a successful business calls for constantly balancing the revenue you have coming in with the money you must pay out to remain operational and grow. Regarding that second part, careful accounts payable (AP) management is critical to strengthening your company’s financial position. Proper AP management enables you to maintain strong relationships with vendors, suppliers […]

The recently enacted One Big Beautiful Bill Act (OBBBA) brings significant and favorable changes to the tax treatment of research and development (R&D) expenditures for U.S. businesses. These updates are designed to encourage innovation, support domestic investment, and simplify compliance for taxpayers engaged in R&D activities. Below, we outline the key changes, their impact on […]

Recent tax legislation, known as the One Big Beautiful Bill Act (OBBBA), has introduced important adjustments to the federal limitation on state and local tax (SALT) deductions—commonly referred to as the SALT cap—beginning with the 2025 tax year. Combined with the ongoing availability of Pass-Through Entity Tax (PTET) regimes, these changes create fresh opportunities for […]

The One Big Beautiful Bill Act (OBBBA), signed into law in 2025, brings significant changes to the federal tax rules, including how state and local taxes (SALT) are deducted by both individuals and businesses. If you own or operate a business, understanding these changes is important for your tax planning and bottom line. This article […]

For many small and midsize businesses, setting up a qualified retirement plan can be challenging due to complicated administrative rules. As a busy business owner, you may not want to deal with IRS-required testing that can bring added stress, time, and expense. If that’s the only thing holding you back, consider a safe harbor 401(k) […]