Industry News & Firm Updates
New Tax Rules Could Impact Your 2025 Planning
On July 4, 2025, President Trump signed into law a sweeping tax bill that makes many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) permanent and introduces new incentives and changes that will impact individuals and businesses alike. Below is a summary of the...
A Quick Overview of Key Features in CCH Client Collaboration
The Document Locker, Document Request List, and “Send to Accountant” button are powerful tools designed to streamline document sharing and keep both clients and firms aligned throughout the engagement process. Please remember to notify your tax professional once...
Reasons and Rules for Filing an Amended Return
Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made. Accuracy is essential, but, depending on the type of error, an...
Helping a Family Member Buy a Home
Making a family loan isn’t the only way to assist a loved one with purchasing a home. If you aren’t concerned about being paid back, a straightforward option is gifting cash. In 2025, you can give up to $19,000 to anyone without federal gift tax consequences under the...
Tax Season Cleanup: Which Records Can You Toss?
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and...
Payroll Fraud Threats Inside and Outside Your Company
Payroll fraud schemes can be costly. According to a 2024 Association of Certified Fraud Examiners (ACFE) study, the median loss generated by payroll fraud incidents is $50,000. It’s essential to know the payroll schemes making the rounds and how to prevent them or at...
Income Tax Issues for the Special Needs Trusts
In this webinar, Teresa Ferruzzo, CPA, abip partner, discusses a crucial financial planning tool for families who care for a loved one with special needs: Special Needs Trusts (SNTs). A Special Needs Trust is an essential mechanism to ensure that a family member with...
The Tax Side of Gambling
Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...