Several provisions of the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, will affect homeowners starting in 2025. These changes are important as you plan for the current tax year, because they may impact whether you itemize or claim the standard deduction. In addition, tax credits for certain energy-efficient home improvements […]
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Code […]
We’ve come full circle. Or, perhaps more accurately, the circle has expanded. Many decades ago, business continuity planning focused mainly on the sudden loss of a business owner and perhaps what the company might do if its offices burned to the ground. Then, technology took over — and planning began to concentrate on how to […]
The IRS typically updates Form 1040 every year — sometimes a little, sometimes a lot. Given the many tax law changes under the One Big Beautiful Bill Act (OBBBA), there’s plenty to talk about this filing season. Here are some highlights. Basic Changes The OBBBA permanently extends the individual federal income tax rates established under […]
If your business is expanding its geographical footprint beyond state or U.S. borders, it’s important to understand the transfer pricing rules. In a nutshell, transfer pricing refers to cross-border pricing arrangements for transactions between related companies (including parent and subsidiary or brother-sister companies with a common parent) in different jurisdictions. Typically, these transactions involve charges […]
Whether your company has one vehicle or dozens on the road, smart “fleet management” can save you money and help ensure that your drivers are safer. Succeeding at fleet management calls for a multifaceted approach to handling your vehicles — including familiarizing yourself with applicable tax laws, keeping up with maintenance and tracking vehicle usage […]
The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, includes a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published in the Federal Register proposed regulations addressing the write-off — which is available regardless of whether taxpayers itemize on their tax returns — […]
Hot off the press! Our latest newsletter covering the 2026 Annual Information Returns (Forms 1099, W-2s, and more) is now available here. Key Updates for 2025: 1099s, Worker Classification, and New Tax Deductions Staying compliant with tax regulations is more important than ever—especially with evolving rules around Forms 1099, worker classifications, and new deductions for […]
Many owners of pass-through businesses and self-employed individuals have taken advantage of the Section 199A qualified business income (QBI) deduction. Created by the Tax Cuts and Jobs Act (TCJA), this break was scheduled to expire after 2025, making its future uncertain and hampering tax planning. The tax and spending legislation known as the One Big […]
The demand for long-term care facilities in the United States continues to rise, along with the costs. Someone who turns 65 today has roughly a 70% chance of eventually requiring long-term care services, according to the latest data from the U.S. Department of Health and Human Services. Moreover, 20% of seniors will need it for […]
Any business owner in the manufacturing sector knows firsthand that inventory management is much more than tracking boxes on shelves. It’s at the heart of your cost structure, your pricing, and your profits. Yet, two of the most common (and costly) inventory costing mistakes are often hiding in plain sight. Let’s break down why these […]
Client Background A regional contractor approached Hedman Partners LLP to assist in the adoption of ASC 842, Leases. The company had experienced rapid growth over the past several years and now required reviewed financial statements to secure financing for continued growth and expansion. The company maintains fleets of leased vehicles for its employees, leases several […]
The volume of corporate litigation is an ongoing concern, in any economy. In recent years, there has also been a global trend to hold individuals accountable for their actions. For stockholders, employees, customers and clients who feel they have been wronged, finding the guilty party and holding them accountable can often be accomplished by filing […]
With years of experience serving the unique needs of growing companies, our team in Valencia, CA delivers personalized solutions, including: Client Accounting and Advisory Services (CAAS) Tax Planning & Compliance Outsourced CFO & Controller Services Business Consulting and Succession Planning Assurance & Audit We understand the challenges that come with rapid growth, tax compliance, and […]
Determining the right successor for your family business can be more complex than it first appears. Sometimes what looks good on paper doesn’t play out well in reality. When the time comes to transition ownership and management to your chosen successor, what should you do if it seems like he or she isn’t ready or […]
Q<font=”arial””size=2″>uestion:</font=”arial””size=2″> For several years now, our organization has sponsored a wellness program for employees. Unfortunately, we’ve never seen a high level of participation. A handful of employees seem to love it and take full advantage of its features. But a much larger percentage either barely participate or ignore it completely. At a recent leadership meeting, one […]
New Funding Expands Eligibility for Trump Accounts On December 2, President Trump announced that Michael and Susan Dell are donating $6.25 billion to expand the funding of tax-advantaged Trump Accounts. Introduced under the One Big Beautiful Bill Act, these accounts are intended to help children save for the future. Previously, the government pledged to contribute $1,000 […]
Client Background A manufacturing company approached Hedman Partners LLP with persistent concerns about the accuracy and transparency of their inventory costing. Challenges Before Hedman Partners LLP Engagement 1. Limited systematic cost tracking • Manual processes resulted in missed allocations and inconsistent application of costs. 2. Uncertain overhead rates • Lack of confidence in calculated rates […]
If you’re unlucky enough to suffer a personal theft loss, you may be entitled to a federal income tax deduction. Or you may not. The rules are complex, but there’s some good news: Last year’s One Big Beautiful Bill Act (OBBBA) makes claiming these write-offs a little easier in the near future. Ground Rules Theoretically, […]
Suppose you’ve been doing business with a company that owes you money for your products or services. Things get so bad that you file a lawsuit to force them to pay up. But then you receive a notice that the customer has filed for bankruptcy. What now? Let’s explore some of the rights and responsibilities […]
The One Big Beautiful Bill Act (OBBBA) establishes new individual federal income tax deductions for qualified income from tips and overtime. Although the OBBBA wasn’t signed into law until July 4, 2025, these new deductions were effectively made retroactive to January 1, 2025. The IRS has announced it won’t issue revised information reporting forms for […]
As we wrap up the year, we want to keep our clients, colleagues, and friends informed about significant tax law changes that may impact your 2025 planning. The recently passed One Big Beautiful Bill Act (OBBBA) brings several updates affecting both individuals and businesses: Key Highlights: For Individuals: SALT Deduction: Increased to $40,000 (with phase-downs for […]
One of the costliest — yet easily prevented — disasters for any business is the failure to secure ownership of its intellectual property (IP). Under the law, ownership of copyrights and inventions may actually belong to employees or independent contractors unless there’s a legally defensible written agreement to the contrary. U.S. copyright laws, as well […]
For some time now, individuals age 70½ and older have been able to transfer funds directly from a traditional IRA to an IRS-approved charity. However, with the enactment of the One Big Beautiful Bill Act (OBBBA) earlier this year, these qualified charitable distributions (QCDs) have become an even tax-savvier way to give to charity. If […]
One reason many people disdain the budgeting process is that they associate budgets with restraint — that is, not spending money for something because it’s not in the budget. However, if you’re calling the shots, you can blow your budget as much as you want on the spending side. And there are times when it’s […]
Starting in 2026, Trump Accounts will provide another tax-favored way to save for a child’s future. Introduced under the One Big Beautiful Bill Act (OBBBA), these accounts are similar to traditional IRAs, but they’re only for U.S. citizens under age 18. Here are answers to some common questions. How Do Trump Accounts Work? Parents of […]
Running a business is complex. With employment-related claims and lawsuits on the rise, management must have a basic understanding of numerous federal, state and local laws. Here are three cases that illustrate some employer liability trends. Case 1. Giving a positive reference could cost millions. This court case, involving reference checks about a drug-addicted physician, […]
The One Big Beautiful Bill Act (OBBBA) rolls back federal income tax rules that required businesses to capitalize certain research and experimental (R&E) expenses. The rollback provision is effective for the 2025 tax year, but it’s available only for domestic R&E costs. There’s also some retroactive relief for domestic R&E expenses that were capitalized for […]
Does every single one of your customer support reps fully understand how their department makes money for your business? Is the administrative staff harboring a few bright ideas about how to increase the bottom line? It’s easy for employees to view their jobs narrowly and forget that they each contribute to the financial health of […]
Do you enjoy spending time at the casino or betting on sports? If so, you need to know about a new tax law provision scheduled to go into effect in 2026. The One Big Beautiful Bill Act (OBBBA) more tightly limits the deduction for gambling losses. Dealing Out the Tax Cards There are a few […]
How Do We Self-Correct a Failure to Enroll a New Employee in Our Automatic 401(k) Plan Contributions? Question: Our 401(k) plan satisfies the nondiscrimination safe harbor under the Internal Revenue Code by requiring an automatic deferral of 3.5% for each new employee who doesn’t affirmatively elect a different percentage (or zero), and by providing a […]
If you’re a contractor, manufacturer or another type of business that deals with hazardous materials, you’re probably already mindful of the legal and practical steps you need to take to safeguard your employees and facilities. On the other hand, if your working environment is a typical office, you might assume you’re largely off the hook […]
Don’t wait till the last minute If you requested an extension to file your tax return after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. If you have the information you need, you may want to file now. There’s no advantage to waiting, and last-minute filing may lead to worry. […]
Many companies choose not to combine real estate and other assets into a single entity. Perhaps the business fears liability for injuries suffered on the property. Or legal liabilities encountered by the company could affect property ownership. But there are valid and potentially beneficial tax reasons for holding real estate in a separate entity as […]
Qualified small business (QSB) stock has received very favorable federal income tax treatment for many years. Starting in 2025, the One Big Beautiful Bill Act (OBBBA) enhances the QSB rules even more. Here’s what you need to know to take advantage of this tax-saving opportunity. What’s Special About a QSB Corporation? QSB corporations are a […]
Public relations (PR) professionals sometimes get a bad rap. They’re “spin doctors” who help explain away the bad behavior of celebrities and the über wealthy, right? Not exactly. Having a trustworthy PR consultant on speed dial can help your business fine tune its marketing strategies, better communicate with staff and, well yes, be of critical […]