R&A CPAs blog
Employee vs. Freelancer: Tax and Financial Implications for Business Owners
Deciding to onboard a freelancer, also known as an independent contractor, requires understanding the tax and financial implications. Following are some considerations as you determine what works best for your…
Business Tax Account Gives Business Taxpayers New Options for Making Payments Easier
The IRS’s Business Tax Account (BTA) is an online self-service tool designed to help business taxpayers manage their tax responsibilities efficiently. BTA, launched last fall, is an important part of…
IRS Issues New FAQs on Educational Assistance Programs
With the new academic year approaching, the IRS recently issued timely guidance on employer-sponsored educational assistance programs under Section 127. The “frequently asked questions” (FAQs) fact sheet provides information on…
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…
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IRS to Revise Nonprofit Tax Returns
New proposed changes to Form 990, which is filed by not-for-profit organizations, will focus on making an organization’s use of funds more transparent. Click for more details.
What OBBBA Tax Changes Take Effect in 2026?
January 1 ushered in a new set of provisions resulting from the One Big Beautiful Act that will influence what 2026 looks like. You will want to pay attention now, before the year gets too far along.
Understanding the Federal R&D Tax Credit
At its core, the federal R&D tax credit, enacted in 1981 to stimulate innovation and business investment, provides dollar-for-dollar savings tied to qualified research activities. It is now complemented by similar tax credits in many states and, together, federal and state credits can amount to as much as 20 percent of the costs incurred in…
Scam Alert: How To Spot Phishing, Smishing and Spoofing
Phishing remains a major threat. In the second half of 2024, email-based phishing attacks surged by 202 percent. Alarmingly, most of these attacks used link-based tactics, and 80 percent of the malicious links were categorized as zero‑day threats, meaning they exploited computer vulnerabilities before patches could be applied. During peak periods, users encountered an average…
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…