Accounting, Tax & Advisory Experts

As our parents age, we may find it necessary to help them with their financial affairs. Here are some practical steps to consider:

Created under the One Big Beautiful Bill Act (OBBBA), Trump Accounts are a type of traditional individual retirement account (IRA) that is established for the exclusive benefit of an eligible individual and that is designated at its establishment as a Trump account.  The goal of these accounts is to help families build long term savings for children. 

For small business owners, every dollar saved can make a big difference. One area where careful planning can lead to tax savings is understanding the distinction between advertising expenses and gifts. While advertising costs are generally fully deductible, gifts are subject to a strict $25 limit per recipient per year. By knowing how to structure your expenses strategically, you can maximize deductions while staying compliant with IRS rules.

Not-for-profit organizations face a special IRS reporting requirement – the 990. Within the 990, 501(c)(3) and 501(c)(4) organizations are required to report total expenses according to “function,” which helps the IRS and other 990-readers determine if the organization is expending funds in a manner that supports the organization’s non-profit status and mission. Understanding each of these “function” categories, and the nuances that determine an expense’s function will help you report the most accurate information possible.