In general, companies can deduct rent as a business expense on their federal tax return. However, several rules limit this tax break. For example, payments...
The balance sheet shows your company’s financial condition — its assets vs. liabilities — at a specific point in time. However, the balance sheet is ...
The manufacturing industry had a challenging year in 2025, despite some favorable tax developments under the One Big Beautiful Bill Act. Tariff uncertainty...
From technical know-how to charisma and innovation, the skills and personal attributes of a company’s leaders are often critical to its success. But thos...
A Crummey trust provides a key tax benefit of an outright gift without some of the downsides. Although the mechanics can seem technical, the concept is str...
Eligible workers can claim new federal income tax deductions on their 2025 returns for qualified tip income (up to $25,000) and qualified overtime premiums...
The House Ways and Means Committee has advanced a bipartisan bill that would require the IRS to modernize its digital processing technology for tax returns...
The Internal Revenue Service Advisory Council (IRSAC) has published its annual public report, which provides recommendations to the IRS on current and emer...
On Jan. 14, the IRS released guidance on changes to the additional first-year depreciation deduction. Also known as bonus depreciation, this break was incr...
At the recent D.C. Bar Tax Conference, former IRS and U.S. Justice Dept. officials warned about challenges during the upcoming tax filing season. One chall...