Tips to Take Advantage of the Bill This Article is an Update From Previous Guidance: https://abacuspro.com/10-ways-the-proposed-new-tax-cuts-could-affect-your-taxes-this-year/ The "One Big Beautiful Bill Act" (OBBBA) is a sweeping tax and economic package that seeks to extend or make permanent many provisions of the 2017 Tax Cuts and Jobs Act, while introducing a host of new tax rules and [...]
As your business grows, your people structure should grow with it. But too often, roles are built reactively around the people you like or the terminations you put out rather than the structure your business truly needs. Starting with structure doesn’t mean losing flexibility. It means getting clear on what the business needs first, so you [...]
What students and parents should know before that first paycheck A part-time job is a great way for high school and college students to build work experience, earn a paycheck, and learn responsibility. But if your student is receiving financial aid, or will be soon, you might be wondering: how does that extra income impact their [...]
Note: This article is the third of a series regarding BOI reporting updates as we've followed changes. See also our introductory blog to the reporting requirement and our previous coverage of the legislative changes. 4/1/2025 Update: As of March 21, U.S. companies are no longer required to file their Beneficial Ownership Information (BOI) Report, as [...]
Tax season is officially here! If you haven’t started gathering your tax documents yet, now is the time. Many people tend to procrastinate on filing their taxes, either because they feel overwhelmed by the process or because they assume they have plenty of time. However, waiting until the last minute can lead to unnecessary stress, delays, [...]
2/27/25 Update: Last week, the Financial Crimes Enforcement Network (FinCEN) made significant announcements regarding the enforcement of Beneficial Ownership Information (BOI) reporting requirements. On Monday, February 17, 2025, a U.S. District Court judge lifted the final nationwide injunction that had previously halted BOI report filings. Reporting companies now have until March 21, 2025, to file their [...]
Intuit QuickBooks will change its automated payroll tax withdrawals in the new year. Beginning January 1, 2025, QuickBooks will withdraw payroll taxes when payroll is processed and when taxes owed increase, a difference from its current process of withdrawing payroll taxes when they’re due. You or a company admin must confirm if you wish to continue [...]
The concept of variable pricing models has been around for a while in the minds of Quick Service Restaurant operators but has made recent headlines. Variable pricing models, also known as dynamic pricing or demand-based pricing, are strategies businesses use to adjust the price of products or services based on various factors such as demand, time [...]
Military service members and veterans receive various forms of financial compensation and benefits for their service and sacrifices. Understanding the tax implications of these payments is essential for proper financial planning and compliance with federal tax laws. In particular, military retirement pay, military disability retirement pay, and veterans' benefits are subject to different tax treatments under [...]
Cost segregation is a tax strategy used by real estate investors and property owners to accelerate depreciation deductions on certain components of their properties. It involves identifying and reclassifying certain assets within a building for tax purposes, allowing them to be depreciated over shorter periods than the building itself. Here’s how cost segregation works: Asset Identification [...]
