Insights
In July 2025, H.R.1, The One, Big, Beautiful Bill Act was signed into law. This Act provides deductions for tips and overtime compensation for 2025 through 2028. As a result, employers must implement additional tracking mechanisms, so that this information is accurately reported on employees’ Form W-2. Tip Income Individuals are now eligible to deduct…
Read MoreParenting can be a challenge. You know this if you have lived through the “terrible twos.” If you haven’t yet had that experience, the “terrible twos” is a colloquial term for a phase of childhood typically starting around 18 months and lasting until around age 3 or 4. Your daily mantra for this stage is,…
Read MoreAn asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this value to the asset’s fair market value at the time of the owner’s death. For example, if a family home was purchased for…
Read MoreThe Importance of Accurate Real Estate Valuation in Tax Reporting
Real estate valuations have garnered increased attention in tax reporting over the last several years, driven by fluctuations in property prices and heightened oversight around how those values are reported. Whether a property is held for personal or operational use, an investment, or development, how it’s valued can directly impact taxable income, balance sheets, and…
Retirement Plan Catch-up Contributions
Super-Catch-up and Catch-up as Roth Requirements Beginning January 1, 2026, significant changes will be implemented regarding retirement plan catch-up contributions for certain individuals. Both individuals and retirement plan sponsors need to be aware of these changes. The changes discussed below apply to most 401(k), 403(b), and governmental 457(b) retirement plans. Other types of plans are…
Meet Chang Moo – Supervisor, Tax
Chang Moo is a Supervisor in our Tax department and has been a member of our team since 2017. Prior to joining R&A, he worked for Deloitte and RSM. His career in public accounting began in 2006. Chang graduated from the University of Iowa with a Bachelor’s degree in accounting. In addition to assisting clients…
Will the Appraiser You Select Withstand IRS Scrutiny?
If your business is in need of an appraisal, it is vital that you select the right appraiser. This case, Estate of Scott M. Hoensheid v. Commissioner (T.C. Memo 2023-34), underscores that point. The charitable contribution deduction claimed by Scott and Anne Hoensheid for a contribution of business stock was disallowed primarily due to the…
Business Succession Planning: Defining Your Tax Strategy
Owning a successful business is often more than just a financial asset; it’s a culmination of hard work and dedication. It’s about carrying forward a legacy. Succession planning is the art of ensuring this legacy continues beyond the founding generation, yet many businesses struggle to prepare adequately for this stage. In fact, a recent PwC…
EV Tax Credits End in September 2025
Congress began creating tax incentives for purchasing energy efficient vehicles in 2005, and the Inflation Reduction Act passed in 2022 brought major expansion to the electric vehicle (EV) tax credit program. The Trump tax reform bill passed in July 2025 has ended the federal EV credit for any vehicles purchased after September 30, 2025. For…
QuickBooks Desktop Slated to Sunset as Intuit Shifts to the Cloud
Like many vendors across the software industry, including Microsoft and Adobe, Intuit is sunsetting its long-running desktop product line in favor of its cloud-based model. QuickBooks Desktop (QBDT), used by small businesses for decades, is being phased out as the company directs customers to QuickBooks Online (QBO). As of September 2024, Intuit stopped selling new…