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New Fuel Tax Credit Statement
Excerpted from IRS IR-2025-12 Earlier this year, the Internal Revenue Service and partners in the Coalition of Scam and Scheme Threats (CASST) released changes for the 2025 filing season designed to help protect taxpayers from becoming victims of a scam or scheme. The changes to protect taxpayers include a new form involving the Fuel Tax [...]
How to Access Retirement Funds in a Disaster
As appears in IRS Tax Tip 2025-04 The SECURE 2.0 Act makes it easier for qualified individuals impacted by a federally declared major disaster to access their retirement savings. Eligibility A taxpayer may be eligible for relief that provides for expanded access to their retirement funds if their principal residence was in a major disaster [...]
Saver’s Credit Can Help Low- and Moderate-Income Taxpayers Save More in 2026
As appearing in IRS IR-2024-298 Low- and moderate-income taxpayers can save for retirement now and possibly earn a tax credit in 2026 and future years. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps taxpayers offset a portion of the first $2,000 ($4,000 if married filing jointly) they voluntarily contribute to Individual [...]
Tax Benefits for Businesses that Accommodate People with Disabilities
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes. Here are the tax incentives for employers who provide accommodations for people with disabilities. Disabled Access Credit The Disabled Access Credit is a non-refundable credit for small businesses that have expenses for [...]
Employers Must Certify Eligibility of New Hires to Claim the Work Opportunity Tax Credit
As appearing in IRS Tax Tip 2024-85 Employers who hire people from certain groups can reduce the tax they owe when they claim the Work Opportunity Tax Credit on their federal tax return. To claim the credit, an employer must first get certification an individual is eligible. This credit is extended through the end of 2025. It [...]
Dealer Push Back Heats Up Over Alliance for Automotive Innovation Letter to DOJ
As posted to CBT News on 7/25/25 (Click Image to View Clip - Run Time: 18 min, 07 sec) A recent letter from the Alliance for Automotive Innovation to the U.S. Department of Justice (DOJ) has sparked a firestorm in the automotive retail world. The letter, urging the DOJ to scrutinize state dealership, franchise, and [...]
Tax Checklist for Newlyweds
As appearing in IRS Tax Tip 2024-57 Summer is wedding season, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know. Report a name change Report [...]
Is Your Side Hustle a Hobby or a Business?
As appearing in IRS Tax Tip 2024-55 Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Whether someone is having fun with a hobby or running a business, if they are [...]
Beware of These Common Tax Scams
As appearing in IRS Tax Tip 2024-42 Taxpayers and tax professionals should remain alert and aware of these common scams, schemes and cons to avoid losing money, personal information or client data. Social media: Fraudulent form filing and bad advice Social media can circulate inaccurate or misleading tax information, and the IRS has recently seen [...]
What Taxpayers Need to Know About Digital Asset Reporting for Tax Purposes
As appearing in IRS Tax Tip 2024-21 Taxpayers filing 2023 tax returns must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer. A digital asset is [...]
No Tax on Car Loan Interest Under OBBBA 2025? Not Exactly
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan [...]
A Tax Guide to Choosing the Right Business Entity
One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a [...]
How to Interview Employees About Possible Fraud
If you or your managers suspect fraud is occurring in your organization, you can’t afford to wait to act. According to the Association of Certified Fraud Examiners, the longer an occupational fraud scheme continues, the more it will cost the company a significant amount. So any suspicion should result in hiring a forensic accountant to [...]
Act Soon: OBBBA 2025 Ends Clean Energy Tax Breaks
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back [...]
OBBBA 2025 is a Game-Changer for Business Payment Reporting
The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold [...]
Disclaimer
This blog is designed to provide competent and reliable information regarding the subject matter covered. However, it is being provided with the understanding that the blogmaster is not engaged in rendering investment advice. Laws and practices often vary from state to state and if investment assistance is required, the services of a licensed investment professional should be sought. The blogmaster resolutely encourages the reader/viewer to do their own research and due diligence before acting on any information contained herein. As such, Roger Rossmeisl specifically disclaims any liability that is incurred from the use or application of the contents of this blog. It should also be noted that the views contained in this blog are not necessarily representative of the opinions/beliefs of the other owners, management and/or employees of Kho & Patel CPAs.
