Our Blog

Rebecca Acorn, CPA, MST •

​A new tax advantaged savings plan is included as part of the One Big Beautiful Bill Act (OBBBA). The plans are commonly known as “Trump Accounts”
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​Anthony McVeigh, MSA, CPA •

The Qualified Business Income (QBI) deduction under Section 199A was originally enacted with the 2017 Tax Cuts and Jobs Act (TCJA) and was set to expire at the end of 2025. The QBI deduction allows up to 20% of qualified business income and qualified real estate investment trust (REIT) dividends to be deducted. This only applies to sole proprietors and owners of pass-through entities such as partnerships, S corporations, and LLCs taxed as those entities. C corporations are not eligible. This deduction is subject to several limitations, including income thresholds, wage and property tests, and special rules for specified service businesses or SSTBs (like law, health, and consulting).

Brenda Quinn, EA •

The One Big Beautiful Bill Act (OBBBA) has some new changes taking effect July 1, 2026. These updates will impact students, parents, and graduates, addressing areas such as borrowing limits, student loan repayment options, educational assistance programs, and dependent care credits. 

Lena Tassi, CPA, MSA •

​The One Big Beautiful Bill Act (OBBBA), signed in July 2025, changed the deductibility of charitable giving for individual and business taxpayers beginning after December 31, 2025. Here is a quick overview of the changes and how they may impact you.

Anthony McVeigh, MSA, CPA •

Bonus Depreciation
 
The 2017 Tax Cuts and Jobs Act (TCJA) created a temporary 100 percent bonus depreciation provision, with a gradual phase out over time. Starting in 2023, the bonus depreciation started to phase out, with a business only being allowed to deduct 80 percent in 2023, then dropping 20 percent each year. This was to continue until 2027, when it was scheduled to be eliminated entirely. Bonus depreciation primarily covered machinery, equipment, and qualified improvement property such as interior improvements to nonresidential buildings.