Under the new bonus depreciation rules, construction companies may be able to immediately deduct up to 100% of the cost of certain qualified property, including eligible equipment, if the property meets IRS timing and eligibility requirements.
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Payne Nickles & Company, CPAs, is proud to announce the promotion of three professionals, effective July 1: Tyler Puckrin to Manager, Jodi Stang to Supervisor, and Cody Schaffer to Senior Accountant. Tyler Puckrin joined Payne Nickles & Company in July 2020 as a Staff Accountant and was promoted to Senior Accountant before earning his CPA …
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The Working Families Tax Cuts legislation introduced Trump Accounts as a new long-term savings vehicle designed to help eligible children begin investing early in life. The accounts became available beginning July 4, 2026, creating a new savings option for eligible families. As with any new tax-advantaged account, families should understand how the accounts fit into their overall financial plan before deciding whether to contribute.
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Key Takeaways An outdated reporting structure can reduce the accuracy and usefulness of financial reports. Aligning your chart of accounts with business operations improves forecasting and decision-making. Regular reviews help ensure financial reporting continues to support growth and changing business needs. Business owners depend on financial reports to make decisions about hiring, pricing, expansion, and …
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Key Takeaways Recent tax law changes have created new planning opportunities for high-income business owners. Pass-through entity elections and QSBS planning may provide significant tax savings when evaluated early. Proactive, year-round planning can help business owners retain more earnings and support long-term growth. For high-income business owners, profitability is not just about increasing revenue. It’s …
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Key Takeaways New charitable giving rules in 2026 affect both itemizers and non-itemizers, making documentation and planning more important than ever. Higher income taxpayers may face reduced deduction benefits due to new AGI floors and itemized deduction phaseouts. Strategic planning can help business owners maximize both the financial and philanthropic impact of their charitable contributions. …
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Key Takeaways Separating financial responsibilities reduces the risk of bookkeeping fraud and makes irregular activity easier to detect. Small warning signs such as delayed reconciliations or unusual employee behavior can signal larger financial issues. Simple internal controls, including dual approvals and monthly reviews, help protect cash flow and business stability. Bank and credit card reconciliations …
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Key Takeaways Accelerated depreciation can improve short-term cash flow, but it often increases future tax exposure through recapture. The One Big Beautiful Bill Act restored 100% bonus depreciation, creating powerful but complex planning opportunities. Smart planning aligns tax strategy with pricing, investment timing, and long-term profitability goals. Business owners and investors often ask a simple …
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Construction companies routinely work with retainage provisions that allow project owners to withhold a portion of payment until specific contractual obligations are satisfied. While retainage serves an important purpose in managing project risk, it can also affect how a company’s financial position is presented. Recent guidance from the Financial Accounting Standards Board (FASB) provides additional clarity on how retainage should be presented and disclosed under ASC 606, helping contractors better understand the financial impact of these balances.
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Key Takeaways The R&D tax credit remains a valuable incentive for companies investing in innovation, but stronger documentation and project tracking are now essential. Section 174 capitalization rules require research expenses to be amortized, increasing the importance of strategic tax planning. Businesses that align innovation investments with strong financial tracking can capture tax benefits while …
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