The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the "One Big Beautiful Bill...
The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for...
Let’s get one thing straight: Scammers are not slowing down. They’re getting slicker, faster, and disturbingly good at sounding like someone you trust—especially now that AI can mimic voices, emails, and even your tax pro’s writing style. The IRS sees it too. That’s why, every year, they publish...
So you built something real. A business. A legacy. A family-run thing that’s weathered recessions, pandemics, and probably more sleepless nights than you care to count. Maybe it’s a restaurant. A dental practice. A small farm. Maybe it’s a consulting firm that started at your kitchen...
Laura Fletcher joined Blackman & Sloop in October 2023 as part of our Client Accounting and Advisory Services (CAAS) team. Prior to joining, she served as VP of Finance at a local non-profit, where she partnered with Blackman & Sloop during annual audits. Impressed by...
Here is what the firm has been up to since our last newsletter. Promotions and New Hires: On August 25, we welcomed Jessica Wyant to the team as a Senior Audit Associate, and on August 11, Henry Kunz joined us as an Audit Associate! We’re excited to...
If you're near retirement — or already there — market dips hit differently. When you're still in your 30s or 40s, a downturn is just a blip on a long timeline. When you're in your 50s, 60s, or beyond? It feels a lot more personal. A lot more...
Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization's tax-exempt status and ensuring compliance with the Internal Revenue Service (IRS). This comprehensive guide will walk you through the...
UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance...
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When...
