Tax Planning and Preparation
Giving in 2026: What the New Charitable Rules Change Before December 31
Charitable rules change in 2026 for itemizers, non-itemizers and QCDs. What changed, and what families should review with Reason Tax before December 31.
Read MoreTrump Accounts Under IRC §530A: A Guide to What They Are, How to Elect Them, and What Happens Next
Executive Summary Trump Accounts (IRC §530A) are a new federal, tax-advantaged investment account for children, structured as a special kind of traditional IRA that is owned by the child but managed by an authorized adult while the child is a minor. They are not a social media platform or consumer subscription service. The IRS describes…
Read MoreHow Valentines Day is like Tax Day
ROSES ARE RED, TAXES ARE DUE: HOW VALENTINE’s DAY IS BASICALLY APRIL 15th IN DISGUISE At first glance, Valentine’s Day and the tax deadline seem like opposites. One promises romance, chocolates, and candlelit dinners. The other delivers receipts, spreadsheets, and mild panic. But look a little closer, and you’ll realize they have more in common…
Read MoreBreaking Down the OBBBA – Reason Top 10 List
Breaking Down the OBBBA: What the ‘One Big Beautiful Bill Act’ Means for Your Tax Strategy Signed July 4, 2025, the landmark tax legislation offers permanent extensions, temporary relief, and strategic incentives for individuals and business owners alike. The “One Big Beautiful Bill Act” (OBBBA), signed into law on Independence Day 2025, delivers sweeping tax…
Read MoreWhat in the BOI is going on?
The Ever-Changing Landscape of the Corporate Transparency Act In the realm of regulatory compliance, change is often the only constant. This has proven true once again as the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) face yet another suspension. Here’s what you need to know about this latest development and…
Read MoreCompliance with the Corporate Transparency Act
As we step into 2024, a significant regulatory change is on the horizon that impacts corporations, limited liability companies (LLCs), limited partnerships, and similar entities. Newly formed entities are now required to file a report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), providing detailed information about their “beneficial owners”. This requirement, effective…
Read MorePersonal Use of Corporate Automobile
Personal Use of Corporate Automobile Download your 2025 Personal Use of Auto Inform Based on current tax laws, an employee’s personal use of a corporate provided vehicle (PUA) is considered to be a taxable fringe benefit. The following summarizes these rules: A corporation is required to treat the personal use of an employer provided vehicle as…
Read MoreReminder to File Your 1099s
Reminder to File Your 1099s Form 1099 Filing Requirements and Due Dates As we wrap up the year and prepare to hit the ground running, here is a reminder of how, when and if you need to file Forms 1099-NEC and 1099-MISC. The following general guidelines are meant to assist you in either preparing the…
Read MoreHealth Insurance Premiums Paid for S-Corporation Shareholders
Health Insurance Premiums Paid for S-Corporation Shareholders Download: Health Insurance Premiums Paid for S-Corporation Shareholders. To comply with the Internal Revenue Service regulations regarding health insurance provided to an employee who owns a 2% or greater interest in an S-Corporation (a “2% shareholder-employee”), the health insurance premiums for the 2% shareholder-employee must be reported on the…
Read MoreChasing Deadlines
In the world of tax accounting, adapting to new deadlines is part of the game. This year, we’ve been on a marathon, with the IRS setting a new finish line at November 16th for California storm victims (source: IRS Newsroom). This recent change marks the third relay race of deadlines in 2022 alone, and it…
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