The One Big Beautiful Bill (OBBB) restored two tax provisions that can significantly impact fixed asset planning – 100% bonus depreciation and the depreciation addback for calculating Section 163(j) business interest limitation. Together, these changes may provide businesses with greater opportunities when planning fixed asset purchases or capital improvements. One of the more notable changes...

Blake Miller, CPA, CFE, Partner Deferred Compensation arrangements are often entered into with executive leadership to enhance their compensation package and keep key individuals at the Company.  These contracts defer compensation today to be paid out sometime in the future and thus also deferring the tax obligation until received by the individual.   Many times, the...

Matt Gardiner, CPA, CFE, Audit Manager Starting July 1, a new rule will make more workers eligible for overtime wages. The threshold for exempt executive, administrative, and professional employees will increase from $35,568 to $43,888, making an estimated 1 million additional workers eligible for overtime pay. On January 1, 2025 this threshold will rise further...

Blake Miller, CPA, CFE, Partner The 2021 Corporate Transparency Act created a new beneficial ownership information (BOI) reporting requirement for small businesses starting January 1, 2024.   The purpose of this legislation was to combat bad actors from concealing their ill-gotten gains through shell companies or other opaque ownership structures in the U.S.  The act will...

Robert Bell, CPA, Tax Manager I’ve written about the provisions under IRC 163(j) before, but now is the time to take it seriously. Businesses are limited to the amount of interest expense they are allowed to deduct for tax purposes to 30% of Adjusted Taxable Income (ATI). The ATI calculation used to allow for the...

Ryan Taylor, Partner Now that the calendar has turned over to 2023, I thought it would be beneficial to update you on IRS changes for 401(k) and IRA contributions. 401(k) contribution limit increases from $20,500 to $22,500 401(k) catch-up contributions for employees age 50 and over increases from $6,500 to $7,500 Annual IRA contribution limit...