by Brian Hare, CPA, CGMA | Aug 7, 2025 | Blog, Business, Tax
The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the...
by Brian Hare, CPA, CGMA | Jul 31, 2025 | Blog, Business, Tax
The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up to 20% of...
by Brian Hare, CPA, CGMA | Jul 16, 2025 | Uncategorized
The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions....
by Brian Hare, CPA, CGMA | Jun 25, 2025 | Uncategorized
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict...
by Brian Hare, CPA, CGMA | May 7, 2025 | Uncategorized
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to...
