Category: Taxes – Business
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Transition Relief for Businesses Reporting Car-Loan Interest (OBBBA)
Today the Department of the Treasury and the Internal Revenue Service provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill. Notice 2025-57 provides penalty relief and guidance to certain lenders for new information reporting requirements for car loan interest received in 2025 under the OBBB. Under this guidance, the…
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Why Your Book Income Doesn’t Match Your Taxable Income
If you keep your books in QuickBooks, use an outside accountant for financial statements, or prepare your records under GAAP, you’ve probably noticed that your book income never matches the taxable income reported on your business return. That difference isn’t an error — it’s the result of book-to-tax adjustments, which reconcile the rules of financial…
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Understanding IRC §409A: Deferred Compensation Rules Every Employer Should Know
Deferred compensation plans are an important tool employers use to attract and retain talent. They allow employees to earn compensation today but receive it later — often at retirement, separation, or another milestone. But with this flexibility comes significant complexity, especially for nonqualified deferred compensation (NQDC) plans. Enter IRC §409A, enacted in 2004 after the…
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Understanding the IRS Statute of Limitations: Audits and Collections
The statute of limitations refers to the legal timeframe during which parties must initiate legal proceedings. In tax matters, it defines how long the IRS has to audit a return or collect unpaid taxes. These timeframes help protect taxpayers from indefinite exposure to IRS enforcement, while also giving the agency time to investigate and pursue…
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Tax Prep Toolbox: Avoid IRS Penalties with These Essential Tools
If you’ve ever been hit with an unexpected IRS penalty, you’re not alone. The tax code is full of traps for the unwary—but there are also smart, legal tools you can use to avoid unnecessary charges. Whether you’re a self-employed freelancer, a high-earning individual, a corporation, or managing a trust or estate, this post gives…