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.
Read MoreRecent changes to federal estate tax laws, including the permanent increase of the exemption to $15 million under the OBBB Act, mean fewer families will face estate tax liability. As a result, estate planning strategies are shifting toward minimizing income taxes for heirs, especially by considering whether to gift or retain appreciating assets.
Read MoreNonprofits facing financial shortfalls may be able to use income from their endowments to stabilize operations, provided the funds are unrestricted and spending aligns with legal guidelines like UPMIFA. A prudent spending policy, typically 4% - 7% of a rolling average, should account for inflation and aim to preserve the endowment’s principal for long-term sustainability.
Read MoreThe changes to the Qualified Business Income (QBI) deduction introduced by the OBBB aim to provide greater tax benefits for small business owners and self-employed individuals, making it easier for them to reduce their taxable income and save on taxes.
Read MoreA letter of instruction is a simple yet powerful way to bring clarity, comfort, and compassion to your estate plan. It bridges the gap between legal formality and personal intention, ensuring your voice is heard.
Read MoreThe 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.
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