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. Type of limitation 2025 limit 2026 limit Elective … Read more
The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the most tried-and-true tax-reduction measures. It also creates new opportunities for businesses to reduce their 2025 tax liability before December 31. Here are potentially some of the most beneficial ones. Investments in capital assets … Read more
H2R CPA Consulting Manager, Mike Clark, CPA, recently wrote an article published in the Nov/Dec 2025 issue of Breaking Ground magazine, a publication of the Master Builders Association of Western Pennsylvania. The article, “Cut Costs, Gain Expertise: Why construction companies are turning to outsourced accounting” can be found on page 43 of the issue. How can you … Read more
On March 25, 2025, President Donald Trump issued Executive Order 14247, mandating that all federal payments, including tax payments made to the IRS, be made via electronic funds transfer. This requirement was generally to go into effect for payments made after September 30, 2025. Currently, trusts and estates cannot use IRS Direct Pay, which is … Read more
A Required Minimum Distribution (RMD) is part of the federal tax code for tax-deferred retirement accounts, indicating the minimum amount that must be withdrawn annually from certain retirement accounts, such as traditional IRAs (including SEP or SIMPLE IRAs), 401(k)s, 403(b)s, or other pre-tax workplace retirement plans. RMDs are not required for Roth IRAs or Roth … Read more
The IRS recently issued Notice 2025-62 offering important guidance and penalty relief for businesses and employers navigating new information reporting requirements introduced by the One, Big, Beautiful Bill Act (OBBBA). These changes affect how tips and overtime compensation are reported for tax year 2025. Here’s what you need to know: Background: What Changed Under OBBBA? … Read more
In today’s fast-paced and data-driven business environment, staying financially agile isn’t just a competitive advantage, it’s a necessity. Yet, many small and mid-sized businesses fall into the trap of only reviewing their financials at year-end. While year-end financial statements are important for tax filing and regulatory compliance, they offer only a snapshot of the past. … Read more
Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year is the One Big Beautiful Bill Act (OBBBA), which significantly changes various tax laws. Here are some of the measures you can take now to reduce your 2025 taxes in … Read more
If you’re leading a nonprofit, you already know how critical financial transparency is to sustaining trust. Donors, grant makers, board members, and even the public want reassurance that funds are being managed responsibly. One of the best ways to demonstrate transparency is through assurance services, which help to: Provide credibility to financial statements Satisfy grant … Read more
The IRS recently issued its 2026 cost-of-living adjustments for more than 60 tax provisions. The One Big Beautiful Bill Act (OBBBA) makes permanent or amends many provisions of the Tax Cuts and Jobs Act (TCJA). It also makes permanent most TCJA changes to various deductions and makes new changes to some deductions. OBBBA-affected changes have … Read more