We generally assume that children aren’t required to pay taxes. But if your child has unearned income — such as interest and dividends from investments — the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,600 Your child will fall under what’s known as […]

Retiring from a business you founded isn’t like leaving a job. It’s a personal, financial and emotional process that takes time and coordination. Whether you want to sell, pass the business to family or simply step back, the best outcomes follow thoughtful preparation. Start with a clear plan Begin by asking key questions: When do […]

Taxpayers who worried about the expiration of several tax cuts from the Tax Cuts and Jobs Act of 2017 can now breathe easier. The One Big Beautiful Bill Act made most of those provisions permanent, which provides more stability for long-term tax planning. While this is welcome news, the law also introduced new provisions, eliminated […]

Private companies find themselves navigating a tax landscape marked by rapid change and increasing complexity. The wave of legislative, economic and technological developments over the past year has created novel challenges. It’s not enough to merely survive. All businesses are facing external challenges, and the most agile companies are often the most successful. Private companies should focus […]

The OBBBA includes several provisions that affect how individuals can deduct charitable contributions on their federal income tax returns. These changes influence both annual tax filings and estate planning decisions. Perhaps the most significant update is that the OBBBA makes permanent or modifies key provisions of the Tax Cuts and Jobs Act of 2017. As […]

Notice 2025-54 from the IRS updates the per diem rates taxpayers can use to cover lodging, meals and incidental expenses when traveling away from home. The rates take effect October 1, 2025, and include a special rate for the transportation industry, a rate for incidental expenses only, and the high-low rates for certain high-cost areas. […]

The One Big Beautiful Bill Act, signed in July, creates a special deduction for Americans age 65 and older. It provides a deduction worth up to $6,000 a year in tax years 2025 through 2028. To claim it, you must: Turn 65 or older by the end of the tax year. File a return that […]

Since 2022, bad actors posing as “tax experts” have used social media to push fraudulent ways of claiming credits. Their posts encourage taxpayers to misuse legitimate credits, such as the Fuel Tax Credit or the Sick and Family Leave Credit. These credits are meant only for certain businesses or self-employed individuals, but taxpayers who follow […]

Payroll Systems does more than process paychecks. We help businesses simplify HR, benefits, timekeeping and compliance all in one place. HR Made Easy With HCM and HRIS software, Payroll Systems keeps employee data organized and easy to access. Tracking recruitment, performance and compliance has never been simpler — everything is in one place, not scattered […]

Signed into law on July 4, the One Big Beautiful Bill Act significantly impacts how pass-through entities are taxed at the federal level. S corporations, partnerships, limited liability companies and sole proprietorships are the most common structures for small and midsize businesses. The OBBBA makes several tax breaks for these companies permanent, restores others that […]