How Is Artificial Intelligence Improving Tax Preparation and Research? Today, you can read many articles saying that Artificial Intelligence (AI) is replacing jobs, and fear starts to settle in… Maybe AI will replace me? While this thought is frightening, the better question to ask is, how can AI help me? State and local developments, IRS...
keep readingThe 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...
keep readingNew IRS Guidance: Excise Tax on Dyed Diesel and Kerosene If your cooperative purchases diesel fuel or kerosene and later designates that fuel for nontaxable use — such as off-road agricultural equipment — there is recent guidance from Treasury and the IRS that are applicable. Under a new provision established by the One, Big, Beautiful...
keep readingRobert Bell, CPA, Partner As 2025 draws to a close, taxpayers face a year-end planning environment unlike any in recent memory. The July passage of the One Big Beautiful Bill Act (OBBBA) fundamentally reshaped tax strategy by making permanent nearly all the provisions previously scheduled to sunset at the end of the year under the...
keep readingDennis Gardiner, CPA, Managing Partner The 2017 Tax Cuts Jobs Act (TCJA) is due to sun set on December 31, 2025 (with the 2025 tax year). The 21% corporate tax rate was permanently changed with TCJA, so it will not expire. As you are likely aware of, the Section 199A(g) deduction will expire. This deduction...
keep readingRobert Bell, CPA, Tax & Audit Manager The Inflation Reduction Act created a new tax credit for biofuel that rewards producers for creating low-carbon options. What is the 45z tax credit? This tax credit rewards biofuel producers who can demonstrate a lower carbon intensity (CI) score in the crops used to create biofuels. The CI...
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