R&A CPAs blog
New Guidance for Organizations Receiving Federal Assistance Effective October 1, 2024
If your organization receives federal assistance, the Office of Management and Budget (OMB) has released updated regulations you need to be aware of. The 2024 updates to the Uniform Guidance,…
What You Need to Know: Are Political Contributions Tax Deductible?
The short answer is no. Donations made to political organizations or political candidates are not tax-deductible. The IRS makes clear that expenditures for lobbying and political expenditures incurred with “influencing legislations,…
Inheriting Property: Navigating the Maze of Inheritance Tax
Whether it’s a cherished family home, vacation house, or a portfolio of investment properties, inheriting property often precipitates unexpected financial responsibilities. Understanding the nuances of estate and inheritance tax well…
Final Regulations Issued: Reporting Sales and Exchanges of Digital Assets
The US Department of the Treasury and the IRS have issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These digital asset transactions…
Tax Benefits and Risks to Consider in Real Estate Investments
Real estate investment has long been an attractive option for investors seeking to diversify their portfolios and build long-term wealth. With it brings the potential for steady rental income, property…
Securing Operational Records in Business Emergency Preparedness Plans
Natural and human-caused disasters often occur without much warning and can disrupt even the most well-oiled operations. Being equipped with an emergency preparedness plan for your business can ensure continuity…
What To Know About Overtime Rules
Overtime rules under the Fair Labor Standards Act (FLSA) can be confusing, but business owners need to know the provisions. Following are some provisions to be aware of. There’s no…
Tax Tips for Parents
When starting a family, you might be interested to know that you’re now eligible to claim new credits and deductions, which ultimately lessens the total value of your tax liability.…
Corporate Transparency Act: What Small Businesses Need to Know About New Reporting Requirements
Effective January 1, 2024, millions of privately-owned small businesses became subject to new reporting obligations under the Corporate Transparency Act (CTA), an anti-crime law that seeks to uncover the concealment…
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IRS Interim Guidance Provides Clarity on Bonus Depreciation Rules
The One Big Beautiful Bill Act (OBBBA) brought welcome news for businesses with the permanent return of 100 percent bonus depreciation. Businesses are now eligible to deduct the full cost of qualifying assets acquired and placed in service after Jan. 19, 2025. Until recently, bonus depreciation was scheduled to phase out entirely under previous law.…
Trump Accounts – The Basics
The One Big Beautiful Bill Act passed in July 2025 established the 530A account, a new type of tax-advantaged IRA designed specifically for children. Better known as Trump accounts, these IRAs are designed to help children enter adulthood with greater financial security. A Trump account is subject to certain special rules on contributions, investments, distributions,…
529 Tuition Programs – What You Need to Know
Qualified tuition programs, also called 529 plans, are tax-advantaged plans designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code (surprise!). Speaking of surprises, 2025 research shows that 52 percent of Americans don’t know what…
Handling a Family Business
Fairness isn’t always about equal shares – it’s often about what makes sense based on each person’s needs and circumstances. Sometimes one child needs more financial support or hands-on help. Other times, it’s about who’s better equipped to take the reins. At the end of the day, the goal is to land on a solution that allows…
Is Your Business Healthy?
Many leaders see sales and assume all is well, but hidden issues can linger under the surface. Discover the four essential financial tests. From liquidity to profitability, that determine the true health of your company.
The ABCs of RMDs and QCDs
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
Five Reasons to File Your Taxes Early
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
Could Your Child Owe Taxes? Here’s What To Know
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…