Business Tax Articles

There’s much to consider before deciding whether to use the actual expense method or cents-per-mile method to deduct expenses for a vehicle your business placed in service in 2025.

If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes.

Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years.

Under the "Delivering for America" plan, the USPS has clarified that postmarks added to mail do not reflect a mailing date, they reflect a processing date. This has implications for the way time-sensitive mail, including tax return and tax payments, is received by federal agencies.

Starting in 2026, the One Big Beautiful Bill Act (OBBBA) introduces major changes to employer reporting requirements, including new W-2 codes for qualified tips and overtime income and contributions to Trump accounts. The law also raises the 1099 reporting threshold from $600 to $2,000, easing compliance for businesses. Employers should prepare now for updated forms and processes to ensure accurate reporting and employee eligibility for deductions.

The One Big Beautiful Bill Act (OBBBA) significantly expands business interest expense deductions starting in 2025. It allows a more generous calculation of adjusted taxable income (ATI) by excluding depreciation, amortization, and depletion, and broadens floor plan financing to include trailers and campers. These changes mean larger deductions for many businesses, though complex rules and exceptions still apply.

As public companies prepare for year-end, a proactive and integrated tax strategy is essential for optimizing cash flow, reducing risk, and ensuring transparent financial communication with stakeholders. This guide highlights key areas that corporate tax and finance leaders should evaluate before the close of the fiscal year.

Taxes play a critical role in the success of mergers and acquisitions, influencing both deal structure and financial outcomes. Whether a transaction is structured as an asset sale or a stock sale can significantly impact tax liabilities for buyers and sellers. Understanding these implications early helps avoid surprises and ensures a more strategic, tax-efficient deal.

The One Big Beautiful Bill Act introduces a 100% first-year depreciation deduction for nonresidential real estate classified as Qualified Production Property (QPP), offering significant tax savings for manufacturers. To qualify, properties must meet strict usage and timing requirements, and businesses should be aware of limitations such as nonqualified areas, leased buildings, and potential recapture rules. Careful planning and IRS guidance will be essential to maximize this benefit.

As 2025 draws to a close, employers should review whether they have properly included the value of common fringe benefits in their employees’ and (if applicable) 2% S corporation shareholders’ taxable wages.