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Why 1099 Season Is About To Break Most Finance Teams
Every January, teams sprint into the 1099 deadline like it’s tax season’s version of the Hunger Games. But according to a new Avalara report, most companies are still doing the entire process with spreadsheets, email chains and sheer willpower. The result is predictable. Errors, burnout and a growing fear of IRS penalties.If you work with contractors or vendors, this year’s 1099 season might be your toughest yet.
FASB Adds Guidance to GAAP on Accounting for Government Grants by Businesses
For the first time in decades, GAAP now includes official rules for how businesses must account for government grants. On December 4, the Financial Accounting Standards Board released a new Accounting Standards Update that finally replaces years of inconsistent practice and loose analogies to IAS 20. This change gives companies a clear, authoritative framework for recognizing, measuring and presenting government grants in financial statements.
IRS Releases First Trump Account Guidance: What CPAs Need to Know for 2026
The IRS just released its first official guidance on Trump Accounts, the brand-new kid-focused investment accounts created under the One Big Beautiful Bill Act. Families are already buzzing about the $1,000 federal deposit, but the real complexity sits under the hood — contribution rules, employer programs, rollover limits and how these accounts convert into IRAs at age 18.
Hawley Wants a New Health Care Tax Break. Here’s What CPAs Should Watch For
Sen. Josh Hawley is trying to solve America’s health care headache with a simple pitch:Let every taxpayer deduct up to twenty five thousand dollars per person in medical expenses, even if they take the standard deduction.
Charitable Deductions Just Got Way More Complicated. Here’s the Real Play Behind OBBBA
Congress basically turned charitable deductions into a Rubik’s Cube. Starting next year, the One Big Beautiful Bill Act rewrites the rules for giving. Some taxpayers get a tiny new perk. Others get smacked with floors, caps and weird little tax haircuts. And if you don’t plan ahead, you could lose money you thought you were saving.
HBK Just Bought MKS&H. Here’s the Real Story Behind the Deal
HBK is quietly building one of the strongest regional accounting empires in the country. This time, the Top 50 Firm moved into Maryland by acquiring MKS&H, an 80 year old firm with deep middle market roots. Thirty five new pros, two new offices and a new industry niche all landed under the HBK umbrella on Dec. 1.
Killing the Penny Sounds Easy. The Compliance Mess Behind It Isn’t.
The penny is basically useless and insanely expensive. It costs almost four cents to make a one cent coin, burning over one hundred million taxpayer dollars a year. Getting rid of it sounds like common sense. But for accountants, retailers and tax pros, it could turn into a compliance nightmare fast.
Trump Signs IRS Math Act Into Law: Here’s What Changes for Taxpayers
The IRS just got new rules. Trump signed a new law forcing the agency to clearly explain math error notices, show what changed, and tell taxpayers they have 60 days to challenge it. Millions get these letters every year with little clarity, and that’s what this fixes.
