A recent U.S. Tax Court case highlights how poor documentation can lead to the disallowance of business expense deductions, including meals, supplies, and home office costs.
Read MoreQualified Charitable Distributions (QCDs) allow individuals 70½ or older to make tax-efficient donations directly from their IRAs to nonprofits, helping satisfy required minimum distributions while reducing taxable income. Recent updates under the SECURE 2.0 Act have expanded QCD limits and introduced new giving options offering donors more flexibility and nonprofits greater fundraising potential.
Read MoreQualified Charitable Distributions (QCDs) allow individuals aged 70½ or older to transfer funds directly from their traditional IRAs to qualified nonprofits, satisfying required minimum distributions (RMDs) while excluding the amount from taxable income. For 2025, individuals can contribute up to $108,000 annually ($216,000 for eligible couples), offering a tax-efficient giving strategy, especially for those who don’t itemize deductions.
Read MoreThe OBBBA includes significant tax provisions that impact the U.S. manufacturing industry, such as resetting bonus depreciation to 100%, increasing Section 179 expensing limits, and making the QBI deduction permanent.
Read MoreThe One, Big, Beautiful Bill Act proposes to restore the immediate deductibility of research and experimental (R&E) expenses, reversing the changes introduced by the Tax Cuts and Jobs Act (TCJA) that required these expenses to be capitalized and amortized over several years. If enacted, this bill would provide significant financial relief to innovation-focused businesses by allowing them to deduct R&E expenditures immediately.
Read MoreThe One, Big, Beautiful Bill Act proposes to restore the immediate deductibility of research and experimental (R&E) expenses, reversing the changes introduced by the Tax Cuts and Jobs Act (TCJA) that required these expenses to be capitalized and amortized over several years. If enacted, this bill would provide significant financial relief to innovation-focused businesses by allowing them to deduct R&E expenditures immediately.
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