HOW THE CRYPTOCURRENCY WORLD INTERSECTS WITH THE TAX WORLD
HOW THE CRYPTOCURRENCY WORLD INTERSECTS WITH THE TAX WORLD As cryptocurrency investing and transactions become more mainstream, taxpayers need to be aware of potential taxable events that must be reported on their tax returns. Keeping thorough and accurate records is essential to ensuring compliance and proper reporting to the IRS.
AVOIDING IRS PENALTIES THROUGH SMART WITHHOLDING AND ESTIMATED PAYMENTS
AVOIDING IRS PENALTIES THROUGH SMART WITHHOLDING AND ESTIMATED PAYMENTS Penalties often arise from underpayment, late filing, or incorrect income reporting—mistakes that are avoidable with some planning. Preventing IRS penalties starts with one key strategy: ensuring you pay the correct amount of tax throughout the year. This can be achieved by arranging proper withholding, making timely estimated tax payments, or combining both of these strategies.
Should A Living Trust Be Part Of Your Estate Plan?
A living trust is a powerful estate planning tool. It offers several advantages for individuals and families looking to manage their assets both during their lifetime and after death.
Construction Industry Alert: New Depreciation Rules Under OBBBA Create Major Tax Opportunities
Big News for Contractors: Depreciation Rules Just Changed Construction businesses making equipment investments in 2025 face new tax opportunities — and new pitfalls. The One Big Beautiful Bill Act (OBBBA): ✅ Permanently reinstates 100% bonus depreciation (for property placed in service after Jan. 19, 2025). ✅ Increases Section 179 expensing limits to $2.5M with a $4M phase-out. ⚠️ Some states don’t conform with federal rules — meaning the benefits may vary. These changes can mean significant tax savings, but they also require careful planning to maximize impact. 💡 If you’re considering a major equipment purchase in 2025, now is the time to evaluate your strategy. 👉 Contact our Construction Industry Services team to learn how to take full advantage of these new rules.
5 Ways Your Business Can Build A Stronger Annual Budget
As summer gives way to fall, many businesses begin their budget-setting processes for the upcoming year. This annual rite of passage can be stressful, contentious and, perhaps wors [...]
New Rules Could Boost Your R&E Tax Savings In 2025
A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction [...]
Factoring Tax Law Changes Into A Business Valuation
Several provisions of the One, Big, Beautiful Bill Act (OBBBA) — enacted on July 4, 2025 — alter the tax rules for businesses. The new law generally extends and expands many provis [...]
The Future of Auditing: Embracing AI and Data Analytics to Stay Ahead
The Future of Auditing: Embracing AI and Data Analytics The audit landscape is rapidly evolving as AI and data analytics redefine traditional methods. By leveraging advanced tools like AI-driven risk assessments, machine learning fraud detection, and continuous data monitoring, auditors can now analyze entire data populations with greater speed and precision. This shift delivers clear client benefits—enhanced accuracy, proactive risk identification, and meaningful insights that go beyond compliance. Yet, technology is only part of the equation. Human judgment, professional skepticism, and ethical oversight remain critical to audit quality. At CST Group, CPAs, PC, we’re investing in cutting-edge tools and specialized training to deliver smarter, value-driven audit services. Want to learn how a technology-enhanced audit can benefit your organization?
How Will The Changes To The SALT Deduction Affect Your Tax Planning?
The One Big Beautiful Bill Act (OBBBA) shifts the landscape for federal income tax deductions for state and local taxes (SALT), albeit temporarily. If you have high SALT expenses, the changes could significantly reduce your federal income tax liability. But it requires careful planning to maximize the benefits — and avoid potential traps that could increase your effective tax rate.
So, You Have Inherited a Traditional IRA — Now What?
So, You Have Inherited a Traditional IRA -- Now What? The time of inheriting a traditional IRA may be occupied by a range of mixed emotions, from grief for a lost loved one to the joy of receiving a windfall of money that you may not have expected. When you inherit an IRA, then you are a “beneficiary” for purposes of federal tax rules. A beneficiary can be a person or an entity, such as a trust, and that beneficiary must choose how to receive the benefits of the IRA after the original owner passes away. Beneficiaries of a traditional IRA must include any taxable distributions they receive in their gross income. Therefore, consulting with a tax advisor can help you understand your options for choosing the distribution method that best suits your financial situation and minimizes your tax liability.
Home Office Deduction: What Qualifies and How to Claim It
If you are self-employed or run a small business from home, the home office deduction can help reduce your taxable income. But the IRS has strict rules—and misunderstanding them can lead to mistakes or even audits. Following is information regarding what qualifies, how to calculate the deduction, and how to stay compliant.
What Taxpayers Need To Know About The IRS Ending Paper Checks
Big changes ahead! The federal government will soon stop issuing paper tax refund and Social Security checks. Here’s what you need to know.
The OBBBA Will Soon Eliminate Certain Clean Energy Tax Incentives
If you or your business is planning on taking advantage of certain clean energy tax incentives, you’ll need to act much sooner than you anticipated.
The One, Big, Beautiful Bill Act extends many business-friendly tax provisions
The One, Big, Beautiful Bill Act extends many business-friendly tax provisions The One, Big, Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are likely to impact your tax planning. Here are several provisions included in the new law that may influence your business’s tax liability.
What The New Tax Law Could Mean For You
The One, Big, Beautiful Bill Act is changing tax policy. Find out how it will affect you.
President Trump signs his One, Big, Beautiful Bill Act into law
On July 4, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). As promised, the tax portion of the 870-page bill extends [...]
An Education Plan Can Pay Off For Your Employees — And Your Business
A Section 127 educational assistance plan can be a smart investment for your business. With this tax-favored benefit, employees can finish degrees, pursue graduate study and even pay off student loan debt.
Why Choosing The Right Trustee Matters
A trustee is the person who has legal responsibility for administering a trust on behalf of the trust’s beneficiaries. What qualifications should you look for when choosing a trustee?
Family Business Focus: Addressing Estate And Succession Planning
Family business owners: Prudently planning the future of your company may call for weaving together estate planning and succession planning. Let’s talk strategy.
6 Practical Tips To Lower Business Travel Expenses
With inflation and rising travel costs, businesses can’t afford to overspend. Take control of your travel budget with these six cost-cutting strategies.
Flexible Spending Account (FSA)
An FSA or Flexible Spending Account allows employees to set aside pre-tax dollars to spend on eligible expenses. For a healthcare FSA, these expenses include medical, dental, and [...]