Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction. […]
From technical know-how to charisma and innovation, the skills and personal attributes of a company’s leaders are often critical to its success. But those same traits can become a source of risk if the business relies too heavily on its founder or another top manager. If a so-called “key person” becomes incapacitated, retires or unexpectedly leaves, it […]
The One Big Beautiful Bill Act (OBBBA) creates new income tax deductions for tax years 2025 through 2028 for qualified cash tips and overtime compensation. If you receive tips or overtime pay, you likely have questions about whether you’re eligible for a deduction and how big it might be. The IRS has issued guidance on how […]
Sponsoring a high-deductible health plan (HDHP) along with Health Savings Accounts (HSAs) has become a widely used employee benefits approach. When the One Big Beautiful Bill Act (OBBBA) was enacted last year, it expanded HSA eligibility for many potential participants. On December 9, 2025, the IRS issued guidance on the OBBBA’s changes to the HSA rules […]
Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an eligible beneficiary. The SECURE 2.0 Act, signed into law in […]
Many tax figures are annually adjusted for inflation and typically increase each year (or at least every few years). For 2026, some additional changes are going into effect under the One Big Beautiful Bill Act, signed into law July 4, 2025. Here’s an overview of some important limits and other tax figures for 2026. Keep […]
The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released […]
Sponsoring a high-deductible health plan (HDHP) along with Health Savings Accounts (HSAs) has become a widely used employee benefits approach. When the One Big Beautiful Bill Act (OBBBA) was enacted last year, it expanded HSA eligibility for many potential participants. On December 9, 2025, the IRS issued guidance on the OBBBA’s changes to the HSA rules […]
The word “affordability” is getting a lot of play in the news and elsewhere these days. But if you’re an employer that sponsors a health insurance plan, you may already be familiar with the concept in a more specific sense. Under the Affordable Care Act (ACA), applicable large employers (ALEs) must offer full-time employees health […]
The IRS annually updates a range of employer-provided fringe benefit limits to keep pace with inflation. These cost-of-living adjustments (COLAs) affect compensation strategy, employee benefits design and payroll administration. As we look ahead to the new year, now’s a good time to review the changes to help your organization budget accurately and communicate effectively with […]
A family limited partnership (FLP) can be a powerful tool for consolidating and managing family wealth while reducing gift and estate taxes, in part through valuation discounts. However, the IRS closely scrutinizes these arrangements, especially when they involve deathbed transfers or when donors fail to retain sufficient personal assets outside of the partnership. A recent […]
With Notice 2025–67, the IRS has issued its 2026 inflation-adjusted retirement plan contribution limits. Although the changes are more modest than in recent years, most retirement-plan-related limits will still increase for 2026. Depending on your plan, these adjustments may provide extra room to boost your retirement savings. Starting in 2026, the SECURE 2.0 Act requires […]