If you’ve been thinking about upgrading your home with energy-efficient improvements—now is the time to act. The recently passed One Big Beautiful Bill (OBBB) has moved up the expiration date for several major federal tax credits that help homeowners save money when making their homes greener.

Here’s what you need to know:

What’s Still Available in 2025

What the OBBB Changed

When the Inflation Reduction Act passed in 2022, many of these credits were set to last until 2032. OBBB has dramatically shortened that timeline:

• Most homeowner credits now expire at the end of 2025—meaning your project must be installed and placed in service before December 31, 2025.

• EV charger incentives end mid-2026, not years later as originally planned.

• New rules around where components are made could affect eligibility for certain systems, especially solar and battery storage.

Waiting could mean losing these credits entirely.

Example: How This Can Save You Money in 2025

Let’s say you install:

• Heat pump HVAC: $8,000 → Credit = $2,000

• Attic insulation: $3,000 → Credit = $900

• New energy-efficient windows: $6,000 → Credit = $600

Total Tax Savings: $3,200 in just one year (subject to limits within combinations of credits).

How to Maximize Your Savings

1. Plan early – Contractors will get busy as deadlines approach.

2. Confirm equipment eligibility – Not every product qualifies; check ENERGY STAR and IRS guidelines.

3. Document everything – Keep invoices, manufacturer certificates, and installation dates.

4. Coordinate with your tax advisor – Make sure you’re claiming credits correctly.

Bottom line:

The clock is ticking. If you’ve been holding off on solar panels, heat pumps, or other energy-efficient upgrades, 2025 is your window of opportunity to lock in thousands in federal tax savings.

This newsletter is for general informational purposes and is not tax advice. Please consult your tax professional to determine your eligibility.

Thinking about buying or leasing an electric vehicle (EV)? Now might be the time to make your move — because some of the most generous federal tax credits are set to expire or shrink in the coming months.

Thanks to recent legislation known as the One Big Beautiful Bill (OBBB), the clock is ticking on several key tax savings incentives when you go electric. Here’s a quick breakdown of what’s changing — and how to take advantage of it before it’s too late.

Federal EV Tax Credit – Up to $7,500 (Expiring Soon!)

The federal government currently offers up to $7,500 in tax credits for new EVs that meet certain requirements for battery and mineral sourcing. There’s also a separate $4,000 credit for used EVs. These credits fell under the Clean Vehicle Credit, the Previously Owned Clean Vehicle Credit, and the Qualified Commercial Vehicles Credit. There are qualifications as to which vehicles qualify for the credit and there are also Adjusted Gross Income limitations for taxpayers to qualify. In other words, not everyone qualifies (based on income) and not all EVs qualify.

But here's the big news: The federal EV tax credit is ending for most buyers after September 30, 2025.

This includes credits for:

• New EV purchases

• Used EV purchases

• Commercial vehicle purchases

• EV leasing (more on that below)

What counts as the deadline?

The vehicle must be placed in service (i.e., delivered and ready for use) on or before September 30, 2025 — simply placing an order or making a payment doesn’t count.

If your car isn’t delivered by the deadline, you won’t get the credit, even if you ordered it months earlier. So if you're thinking about ordering a new EV, it's wise to plan ahead — especially since delivery times can be unpredictable.

Leasing an EV? The “Loophole” Is Closing

Right now, many EV leases include the $7,500 federal credit — even on cars that wouldn’t qualify for the purchase credit due to price or sourcing rules. This is because the credit technically goes to the leasing company, which often passes the savings to you through lower monthly payments.

That benefit disappears after September 30, 2025 too.

So if you’re thinking about leasing an EV, doing so before the deadline could make a big difference in your monthly cost.

Bonus: EV Charger Tax Credit

Planning to install a home charging station?
The federal tax credit for EV chargers (30% of the cost, up to $1,000) is still available through June 30, 2026, as long as you're in a qualifying area (mostly low-income or rural communities).

Bottom Line: Don’t Wait Until 2026

If you’ve been on the fence about buying or leasing an EV, this is your heads-up: the best time to act is now — or at least before September 30, 2025.

Here’s why:

• You’ll lock in federal tax credits that may disappear or shrink

• Leasing an EV won’t be nearly as attractive after the “dealer loophole” closes

• Supply chain and delivery delays could leave you without the credit if you wait too long

This newsletter is for general informational purposes and is not tax advice. Please consult your tax professional to determine your eligibility.

Yes, it is March of 2024 and yes, these changes could affect your returns that you will be filing, or may have filed, for 2023. What are the changes? Will it affect you?

The original bill, known as the Tax Relief for American Families and Workers Act of 2024, or H.R. 7024, passed the House on January 19, 2024, with wide bipartisan support. However, it has been stuck in the Senate since then. With a two-week recess and other Senate business, it has not received much attention until the last few days.

What’s In The Bill?

Child Tax Credit

The bill modifies the refundable portion of the child tax credit for 2023. It also increases the credit slightly starting in 2024. This would affect taxpayers who pay less tax than the credit and rely on the refundable portion of the credit to receive more than their tax liability. It only affects taxpayers who have children under age 17 and take the refundable portion of the credit. This is a credit for which you may choose to file even before the law passes. IRS Commissioner Danny Werfel claims the IRS can review tax returns filed and can automatically issue tax refunds for those who are impacted by the new law. At the very least, I would add a reminder in six months to make sure the IRS sends you a refund if the law changes.

Bonus Depreciation

As the law currently stands, the bonus depreciation rules allow for an 80% deduction for the purchase of certain assets. The new law would change this to back to a 100% deduction for 2023 (as it was before 2023). Many taxpayers can take the Section 179 deduction at 100% of the cost of the assets, so this may not apply to all business owners or rental property owners. But if your business has a loss, Section 179 won’t be available and bonus depreciation is a good option. If you use bonus depreciation, you may want to wait to file for this potential tax break. Even if the difference between 80% and 100% is not huge, you may be required to amend returns if you took 80% bonus depreciation and the law changes to 100%.

Interest Deduction Limitations

The current law generally restricts the business interest deduction for businesses with $30 million or more in gross receipts. The new law changes the calculation of income used to calculate the deduction and a business can go back to 2022 to amend returns to apply the new rule.

Deductions for domestic research or experimental costs

The law would allow for the immediate expensing of certain research or experimental expenses for 2022 and 2023. Currently, certain types of research or experimental expenses had to be capitalized and expensed over five years. The new law allows for an immediate deduction for tax years going back to 2022 through 2025.

Other provisions

There are other provisions such as higher limits to the Section 179 immediate deduction for asset purchases, the shutdown of claims for the Employee Retention Credit, and increased penalties for ERC promoters. But the changes above are the more important changes that affect more taxpayers.

When Will it Pass?

Who knows? The House originally passed the bill in mid-January. It needs to pass the Senate and they appear busy with all kinds of other issues. There are also potential changes that could be made to get the support it needs. There is a belief among some policymakers that it could done by March 15^th. Some are more optimistic to get it done by April 15^th. After it passes it will take the IRS 4-8 weeks to update their systems. And then it could take more time for software companies to update the software to enable the filing of returns.

The best bet is to stay tuned and watch for developments. We will post when we hear more news.

Introduction

The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, introduces a new beneficial ownership information reporting requirement for certain entities to report information about their beneficial owners. The BOI report is designed to provide transparency about who owns and benefits from an LLC or Corporation to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. 

Who Must File a BOI Report?

• Corporations, limited liability companies (LLCs), and other similar entities created by filing a document with a secretary of state or similar office.

• Foreign entities that register to do business in the United States.

Exemptions:

Certain entities are exempt from this reporting requirement, including:

• Sole Proprietorships that have not filed as a single-member LLC with the Secretary of State

• General partnerships or trusts that have not been filed with the secretary of state

• Publicly traded companies

• Entities regulated by specific federal or state agencies (e.g. banks, credit unions, government agencies, etc.)

• Entities that employ more than 20 full-time employees in the United States, have filed federal income tax returns demonstrating more than $5 million in gross receipts or sales, and have an operating presence at a physical office within the U.S.

Who is a Beneficial Owner?

A beneficial owner is typically defined as an individual who:

• Owns, directly or indirectly, 25% or more of the equity interests of the entity.

• Exercises substantial control over the entity.

Important Filing Dates

• For existing reporting companies created or registered before 2024, the initial report is due by January 1, 2025.

• For reporting companies created or registered in 2024, the initial report is due 90 days after the entity's creation or registration.

• For reporting companies created or registered after 2024, the initial report is due 30 days after the entity's creation or registration.

Required Information:

Entities must provide:

• Full legal name, date of birth, address, and unique identifying number (from a passport, driver's license, etc.) for each beneficial owner.

• Details of the entity's ownership structure, including personal details of significant individuals in the company.

How to File

BOI reports must be filed electronically. FinCEN's e-filing portal, available at https://boiefiling.fincen.gov/, provides two methods to submit a report: (1) by filling out a web-based version of the form and submitting it online, or (2) by uploading a completed PDF version of the BOI report. Some third-party service providers may also offer the ability to file the BOI report through their software. The person who submits the BOI report will need to provide their name and email address to FinCEN. There is no fee for filing the report.

If there is a change to previously reported information about the reporting company or its beneficial owners, an updated report must be filed within 30 days of the change. So, your company must implement a system to identify reportable changes and file an updated report with FinCEN in a timely manner.

If you do not want to file on your own, you can visit CorpNet which offers a service for BOI reporting.

Penalties for Not Filing

The penalties for willfully failing to file both initial and updated reports are steep-$500 per day that the report is late, up to $10,000, and imprisonment for up to two years.

Implications for Businesses

Non-compliance with the reporting requirements can result in significant penalties. Businesses need to understand their reporting obligations and establish adequate procedures to collect and report the necessary information.

Resources for More Information

For further details and updates on the Beneficial Owners Information Reporting Requirements, consider visiting the following reliable sources:

U.S. Department of the Treasury - FinCEN

FAQs published by FINCEN

BOI Filings Services Through CorpNet

The information provided in this blog post is intended for general guidance and is not a substitute for professional legal or financial advice. Always consult with a professional advisor for specific advice related to your situation.

If you are looking for last-minute tax-saving ideas for 2023, we have a few suggestions for you. While the most effective tax planning is done during the year where actions must normally be taken before December 31^st, there are still things that can be done before you file your taxes in 2024. Here are some tax savings ideas for 2023 you can still make.

Best Tax-Savings Ideas for 2023 You Can Do Now

IRA Contribution

One of the easiest tax-saving ideas is to make a contribution to a Traditional IRA for last year. There are some requirements you have to meet to do this and take the deduction:

·         You must have “earned income”; either W-2 income or self-employment income.

·         If you or your spouse (if married) are eligible for a qualified retirement plan through your employer, your adjusted gross income must be under certain limits.

The maximum IRA contribution amount is the lower of your earned income or $6,500 ($7,500 if you are age 50 or older). The deadline for 2023 contributions is April 15, 2024.

Roth IRA Contribution

While contributions to a Roth IRA do not save taxes today, earnings and distributions are tax-free when you pull them out for retirement as long as you’ve held the Roth for at least 5 years and you make qualified distributions. These can make great financial planning strategies for retirement. The contribution limits are the same as the Traditional IRA above, but the income limits before getting phased out are a bit higher. So, if you can’t contribute to a regular IRA, you might qualify for the Roth. The deadline to contribute for 2023 is April 15, 2024.

Back Door Roth IRA

If your income is too high to make a regular contribution to a Roth IRA, it may be possible to implement a strategy known as a “back-door Roth”. The basic idea is you contribute to a traditional IRA, the contribution is nondeductible because your income is too high, and then you convert it to a Roth IRA. It is important to realize this works only if you have no other IRAs, including traditional IRAs, SEP IRAs, or SIMPLE IRAs. Like the IRAs above, the deadline to make the initial contribution for 2023 is April 15, 2024.

SEP IRA

The SEP IRA is for employers and self-employed taxpayers and is one of the best tax-saving ideas for small business owners to do after year-end. It is similar to a regular IRA but the amount you can contribute can be much larger, and the deadline is the extended deadline of your tax return. That means you could make these contributions as late as September 15^th if you are a corporation, or October 15^th if you file your business taxes as a sole proprietor. The maximum contributions are based on the income from your business, and you must include all eligible employees, if any.

HSA

The Health Savings Account is a great way to save on taxes for medical expenses. We see many clients miss out on this deduction when they participate in pre-tax deductions through their employer but think they cannot make additional contributions on their own. Check with your HSA custodian to see how much you’ve already contributed for 2023 and plan on making a one-time contribution before April 15, 2024.

You must be covered under a high deductible health plan that is HSA qualified and you can’t have other health coverage including Medicare. The maximum contribution amounts range from $3,850 for self-only coverage to $7,750 for family coverage. If you are aged 55 and older, you can contribute an additional $1,000. When you take distributions from your HSA account, they must be used to cover medical expenses. The deadline for contributions to count toward your 2023 tax return is April 15, 2024.

Please note that if you are no longer eligible for the HSA plan during any part of the year due to loss or change in coverage or starting Medicare, these limits may be less. Be sure to check the maximum before making any final contributions.

Intuit’s Policy Update

Intuit, the maker of QuickBooks Desktop and QuickBooks Online, recently announced significant changes to its QuickBooks Desktop software policy. The changes impact how users will access and use QuickBooks Desktop and could influence your decision on managing your accounting needs.

Intuit will formally announce this change to retail customers in February 2024.

Key Changes to QuickBooks Desktop

The big news is that QuickBooks Desktop will stop selling several products to U.S. new subscribers after July 31, 2024. Intuit has made a decision that after July 31, 2024, they will no longer sell new subscriptions of the following products:

• QuickBooks Desktop Pro Plus

• QuickBooks Desktop Premier Plus

• QuickBooks Desktop Mac Plus

• QuickBooks Desktop Enhanced Payroll

The bottom line is that if you are not a subscriber to QuickBooks Desktop product before July 31, 2024, your only choice is to move to QuickBooks Online or Desktop Enterprise. As of the date of this article, Intuit charges $600 annually for QuickBooks Pro Plus (Desktop) for one user, and $200 for each additional user.

While the desktop versions will still be available by subscription only if you are a current subscriber, Intuit is clearly accelerating the move online. Intuit has publicly stated, “all future innovation will happen in QuickBooks Online.”

Existing subscribers are not impacted by this change. Existing QuickBooks Desktop Plus and Desktop Payroll subscribers can continue to renew their subscriptions after July 31, 2024. Intuit will continue to provide security updates, product updates, and support for existing subscribers.

QuickBooks Desktop Enterprise products are also not impacted by this change, and customers can continue to purchase Enterprise subscriptions after July 31, 2024.

This stop sell applies to the United States only.

Q: Are QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, and Desktop Enhanced Payroll going to be discontinued (sunset)?

QuickBooks Desktop Pro Plus, Premier Plus, Mac Plus, and Desktop Enhanced Payroll will not be discontinued at this time. This is a stop sell only for new subscription purchases, not a discontinuation (sunset) of this product line.

Existing subscribers of these products can continue to renew their subscriptions after July 31, 2024. The stop sell only impacts new purchases by accountants and their clients. Intuit will continue to provide security updates, product updates, and support for existing subscribers.

Q: Can a new customer buy these products before July 31, 2024 and continue to renew?

Yes, any customer who has purchased a QuickBooks Desktop Plus or Enhanced Payroll subscription prior to July 31, 2024, will be able to continue to renew after July 31, 2024.

Q: Is QuickBooks Enterprise affected by this change?

No. QuickBooks Enterprise is not affected by this stop sell. New Enterprise customers and Accountants can continue to purchase QuickBooks Enterprise subscriptions from Accountant Sales and online after July 31, 2024. Existing Enterprise customers are also not affected by this stop sell and can continue to renew their subscriptions on their renewal dates.

Our Recommendations

The world has been moving to online software for many years. While QuickBooks Online received bad reviews many years ago, the improvements over the past 5-7 years are remarkable. The collaboration abilities between owners, staff, and CPA firms is a huge benefit of QBO. Bank feeds are better online as well as third-party integration capabilities. The mere fact that Intuit has publicly stated that “all future innovation will happen in QuickBooks Online” is also a strong reason to move online.

We are very strong supporters of QuickBooks Online. In fact we don’t take on clients unless they are online. Our recommendation is to move to QuickBooks Online. We are able to offer discounted rates through our partnership with Intuit.