-
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…
-
What to Do When You’re Strapped for Cash: Smart Steps for Handling Emergencies
We can’t always be prepared for emergencies or unforeseen circumstances. The idea of finding cash can be stressful which often leads to costly mistakes if actions are taken without considering all your options. Below is a guide you should consider if you are strapped for cash: Cash Distribution Guide Emergency checking or savings accounts: If…
-
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…
-
Brief Guide to 1256 Contracts
Section 1256 (“§1256”) contracts get are marked to market (MTM) at year-end and gains/losses are split 60% long-term / 40% short-term, regardless of your actual holding period or if you have actually closed your position. Congress created §1256 to curb year-end derivatives games (closing losses, letting winners ride) by imposing the mark-to-market rules at a…
-
Identifying §1256 Contracts, §1092 Straddles & Hedging Transactions
Most broker statements don’t explain why certain trades show up under different tax buckets. If you’ve ever wondered why you see a “Section 1256 gain/loss (60/40)” line, or why a loss didn’t reduce your taxes because of a “straddle,” this guide is for you. Below is a quick guide how to spot §1256 contracts, recognize…