Uncertainty Is the New Normal: How Small Businesses Can Stay Steady
The Economy Feels Mixed — and That’s Okay If you’ve read the headlines lately, you know the signals are…confusing. GDP is strong. Interest rates may be heading lower. Inflation is easing, but not “gone.” Tariffs are making imports more expensive. So is the economy strong? Slowing? Recovering? The truth is—it depends on who you ask….
Occupations Qualified for Tip Deduction Released
On September 2, 2025, the Treasury Department released a draft list of 68 occupations eligible for the new “no tax on tips” deduction. This deduction is part of the “One Big Beautiful Bill Act,” signed into law on July 4, 2025, and applies to federal income taxes for the 2025—2028 tax years. The deduction is…
Vehicle Loan Interest Deduction A Restrained Tax Benefit
In the swirling complexities of tax legislation, even well-intentioned provisions can seem like offers of relief that arrive weighed down with restrictions. The OBBBA provision, which allows taxpayers to deduct up to $10,000 of interest paid on passenger vehicle loans, is poised to be one such measure. On the surface, it beckons with the promise…
IRS Transitioning to All-Electronic Payments — What You Need to Know
The IRS has announced that it will begin requiring all tax payments to be made electronically starting later this year. This move is part of a broader effort to modernize the agency’s systems, reduce processing times, and improve payment security. What This Means for You: The IRS will no longer accept paper checks or other…
Stop Guessing, Start Tagging: How to Make QuickBooks® Online Work Smarter for You
If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee…
Navigating IRS Penalty Abatement
UNDERSTANDING REASONABLE CAUSE ABATEMENT Reasonable cause abatement is a provision that allows taxpayers to request the removal of certain penalties based on circumstances that prevented the taxpayer from complying with tax laws. This relief is grounded in the principle that, despite the taxpayer’s best efforts, compliance was not possible due to unforeseen events or circumstances…
Is Your Business Overpaying Taxes? 3 Mid-Year Moves That Could Lower Your 2025 Bill
You know that moment in April when you look at your tax bill and think:“We could’ve done something about this… if we’d only planned earlier.” Well, this is earlier. And if you’re a business owner who’s having a good year so far (or even just a better-than-expected one), now’s the time to stop the silent tax creep….
Understanding the Proposed Tax Legislation: A Cautionary Approach to Tax Planning
In recent months, legislative activity in Congress has spurred considerable discussion around the proposed One Big Beautiful Bill Act (OBBBA). This article explores the key components of the OBBBA House and Senate versions of the tax bill as deciphered from various Congressional documents and highlights the importance of cautious tax planning given the potential changes…
Firm News
- Security Update for NetClient CS Portal Login
October 19, 2023 - Lewis & Knopf, CPAs, P.C. Recognized as One of ‘Flint & Genesee’s Top 10 Employers’
October 2, 2023
