November 14, 2025 On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This legislation includes numerous tax changes, particularly a significant update to Section 179 expensing election, which may greatly impact many taxpayers. Below, we outline the details of the changes of Section 179.   Overview of Section 179 Section 179  expensing is applied before bonus depreciation under  Section 168(k) . After applying  Section 179  and bonu

November 13, 2025 The origin of the admonition, “A small good is like a great evil, while a great good may appear merciless,” is from the Chinese classic The Caigentan  (aka, The Unencumbered Spirit: Reflections of a Chinese Sage ), but I first heard this from Dr. Kazuo Inamori, who was the founder and honorary chairman of Kyocera. The idea is that what we don’t want to hear is often what we need for personal growth, while what appears to be kindness can lead to self-indulgen

October 27, 2025 Accrued expenses are liabilities that may appear on the balance sheets of companies that follow U.S. Generally Accepted Accounting Principles (GAAP). Many non-experts in accounting are unclear about which accrued expenses must be recognized and/or disclosed in a company’s financial statements under the accounting rules. These Q&As make accrued expenses easier to understand. What are accrued expenses? Accrual-basis accounting requires expenses to be recognized