Business Tax Articles

Executive Order 14247 requires the IRS to transition all tax-related payments and refunds to electronic methods starting September 30, 2025, eliminating paper checks except in limited cases. Taxpayers will need to use direct deposit, prepaid debit cards, or digital platforms for refunds and make payments through approved electronic systems, with support available for those lacking access to traditional banking.

The OBBB outlines key tax changes for businesses, including enhanced deductions and reporting thresholds starting in 2025. Highlights include 100% bonus depreciation, full expensing of domestic R&E, and increased 1099 thresholds, with some provisions expiring at year-end and others continuing into 2026 and beyond. Additional updates affect small business R&E elections, ERC claims, and the Qualified Opportunity Zone program.

The Historic Rehabilitation Tax Credit (HTC) offers financial incentives for preserving historic buildings. It provides insights into the application process and potential challenges, helping to enhance the value of historic properties.

Choosing the right business entity is essential for tax efficiency and operational success. This guide compares five common structures, sole proprietorship, S corporation, partnership, LLC, and C corporation; highlighting how each is taxed and what compliance requirements they entail. Understanding these differences helps entrepreneurs align their entity choice with financial goals and growth plans.

The One, Big Beautiful Bill (OBBB) Act significantly updates IRS reporting rules by raising the threshold for issuing Forms 1099-NEC and 1099-MISC from $600 to $2,000 starting in 2026, with future adjustments for inflation. This change will reduce paperwork and compliance burdens for businesses, especially small ones, while still requiring accurate income reporting and recordkeeping.

The One Big Beautiful Bill  introduces major tax benefits for small businesses, including the permanent return of 100% first-year bonus depreciation for eligible assets placed in service after January 19, 2025. It also significantly increases Section 179 expensing limits and introduces new incentives for production-related real estate, offering substantial opportunities for tax savings and reinvestment.

Signed into law on July 4, 2025, the Reconciliation Bill—officially titled the One Big Beautiful Bill (OBBB)—introduces sweeping changes to the U.S. tax code.

The One, Big, Beautiful Bill Act introduces a range of impactful tax changes for businesses, including the permanent return of 100% bonus depreciation, expanded Section 179 expensing, and immediate deductions for domestic R&E expenditures. It also enhances credits for employer-provided child care and paid family leave, while phasing out several clean-energy tax incentives. Some less favorable provisions, such as the permanent disallowance of excess business losses, also take effect.

Republicans have successfully passed a comprehensive reconciliation bill, marking a significant legislative achievement. This bill encompasses a wide range of policy changes and reforms, reflecting the party's priorities and goals.

New business owners can deduct up to $5,000 in startup and organizational costs, but only if total expenses stay under $50,000. Any remaining costs must be amortized over 15 years, and deductions can only begin once the business is actively operating. Careful planning and recordkeeping are essential to maximize tax benefits for new business ventures.