Business Insights

The phase out of paper checks has begun as the IRS shifts towards a modernized practice of using electronic payments. This order primarily effects individual or fiduciary tax payers since most businesses have already been required to use electronic payments.

Will you be able to benefit from the One Big, Beautiful Bill Act (OBBBA), signed into law earlier this year? The law makes many tax provisions, which were scheduled to expire at year end, permanent and includes other favorable changes for individual taxpayers.

The OBBBA contains more than 110 tax provisions. Most are effective beginning in 2026. However, a number of important provisions are effective in 2025.

To handle their finances and file taxes, most small business owners must decide between two accounting methods: cash or accrual. This decision determines how and when income and expenses are reported, which can have a major effect on tax obligations and cash flow.

Tax Tip: Make sure you chose the correct ownership structure when buying a vacation home.

Business owners either established or just starting up, should maintain accurate records for income and expenses. Carefully documenting expenses is essential to claiming all eligible tax deductions. Having good standing records can help defend amounts reported on tax returns in case of an IRS audit or court challenge.

The value of an effective mentorship can make a difference in personal and professional growth of employees. Overall effecting the performance of individuals involved, increasing productivity, and fostering self-development through encouragement in the expansion of professional expertise.

Tax Tip: Tax credits are more valuable than a tax deduction, however they are not unlimited. The general business credit can limit the aggregate value of tax credits.