OneSource Accounting & Tax

OneSource Accounting & Tax CFO Consulting, Tax & Accounting for medium to small business's. Over 25 years CFO experience. What sets us apart from other accounting professionals?

For over 25 years, we have successfully managed companies and clients in minimizing taxes and maximizing profits. This includes not only small to medium companies but also large business’s (over 100 million in sales). Our services include Strategic Planning, Full service bookkeeping, Accounting and Tax services for individuals, partnerships, corporations, LLCs, trusts and estates. Services: Accoun

ting, Bookkeeping, Income Tax Preparation for Business and Personal, Payroll, Tax Problem Resolution, Sales Tax, Merchant Account, Incorporation and LLC set-up

Software Experience: QuickBooks Proadvisor, Peachtree, Timberline, Sage Products, Simply Accounting, Great Plains, Primavera project management software, to list a few. Experience in the following industries: Advertising, Construction, Health Care, Retail, Restaurants, Manufacturing, and Distribution. Specialty: Construction, Business start-up, Financial Planning, ISO 9001:2000 Internal Auditor. We also can help you with retirement, social security and estate planning to maximize your retirement income and minimize your income tax and estate tax burden. Anyone can crunch the numbers, but you also get: Personable, friendly service, quick problem solving, reasonable fees, experience, flexibility, reliability and most importantly real-world experience! CALL US TODAY!

03/03/2026

Employee tips for 2025

Because Forms W-2 issued for 2025 will not separately list cash tips, the IRS will allow taxpayers to meet the reporting requirement if the tips are properly reflected in Box 7 on the W-2 or reported through the employee’s Form 4137. The notice outlines three acceptable methods for calculating total qualified tips:

Use the amount in Box 7 representing Social Security tips
Use all tip amounts reported on Forms 4070, Employee’s Report of Tips to Employer, or other employer- required monthly tip reports
Use amounts reported in Box 14 if provided by the employer
Use voluntary employer disclosures in Box 14 or a supplemental statement if provided
Note: Form 4070 is no longer downloadable from the IRS website. It had historically been included in Publication 1244, Employee’s Daily Record of Tips and Report to Employer, which has been made obsolete and is no longer available.

In addition, any amount the employee reports as unreported tips on Form 4137 may be included in the total.

Taxpayer’s responsibility

A key responsibility remains with the taxpayer. Employees must still determine whether their occupation was one that customarily and regularly received tips before 2025. They can use the list which was included in the September 2025 regulations for reference. Taxpayers may rely on this list until final regulations are issued.

Employers may voluntarily supply occupation information in Box 14, but they are not required to do so for 2025.

The statute normally prohibits the deduction if the tips are tied to an SSTB. The Treasury Department acknowledges that most employers have never evaluated whether their business is a specified service activity for this purpose. Accordingly, until final regulations are issued and effective, the IRS will treat an occupation that appears on the proposed list as eligible, without requiring the employer to determine its specified service status. This enforcement relief applies to both employees and non-employees.

02/22/2026

A new era of SSN-based eligibility: the core rule

OBBBA establishes a uniform principle across several major credits: the SSN must be valid for employment and issued by the due date of the return, including extensions. This requirement applies not only to the individual claiming the credit but, depending on the provision, also to the qualifying dependent.

This represents a tightening of standards for several benefits. For example:

American opportunity tax credit (AOTC): Effective after Dec. 31, 2025, the AOTC requires the taxpayer to have a valid for employment SSN; an individual taxpayer identification number (ITIN) is no longer acceptable.

Child tax credit (CTC): Before OBBBA, the emphasis was placed primarily on the child’s SSN. The new rule requires the taxpayer claiming the credit to have a valid-for-employment SSN, with a married couple needing at least one spouse to meet that requirement.

$6,000 senior deduction: Eligibility is now conditioned not only on age, but on the presence of an employment-authorized SSN.

These requirements are no longer evaluated in the post-filing audit environment. They are assessed electronically before the return is even accepted. Under OBBBA’s targeted identification provisions, the IRS cross-checks SSN validity and work authorization status as part of the e-file intake process.

A mismatch or expired work authorization will prevent the return from being accepted at all.

02/22/2026

The OBBBA added two new deductions for tax years beginning in 2025.

One allows eligible individuals to deduct qualified tips, capped at $25,000 per year, even for joint filers.
The other allows a deduction for the premium portion of qualified overtime compensation, capped at $12,500 per return ($25,000 for joint filers).
Both deductions begin phasing out for taxpayers with modified adjusted gross income (MAGI) over $150,000 ($300,000 for joint filers).

On paper, the rules sound straightforward. In reality, many taxpayers will not see these amounts clearly labeled on their tax forms, at least not yet. For 2025, Forms W-2 and 1099 will not typically include separate boxes for qualified tips or qualified overtime; in this transition year, employers are not required to separately report these qualified amounts. That gap is where Notice 2025-69 becomes essential reading.

02/22/2026

Beginning in 2026, many employer-sponsored retirement plans are expected to begin implementing the SECURE 2.0 Roth catch-up requirement for certain higher-wage employees. Under this rule, affected employees may no longer make pre-tax catch-up contributions and instead must contribute those amounts on a Roth basis. Final Treasury and IRS regulations generally apply to contributions in taxable years beginning after Dec. 31, 2026, but they permit earlier implementation using a reasonable, good-faith interpretation of the statute.

02/06/2026

A new era of SSN-based eligibility

OBBBA establishes a uniform principle across several major credits: the SSN must be valid for employment and issued by the due date of the return, including extensions. This requirement applies not only to the individual claiming the credit but, depending on the provision, also to the qualifying dependent.

This represents a tightening of standards for several benefits. For example:

American opportunity tax credit (AOTC): Effective after Dec. 31, 2025, the AOTC requires the taxpayer to have a valid for employment SSN; an individual taxpayer identification number (ITIN) is no longer acceptable.
Child tax credit (CTC): Before OBBBA, the emphasis was placed primarily on the child’s SSN. The new rule requires the taxpayer claiming the credit to have a valid-for-employment SSN, with a married couple needing at least one spouse to meet that requirement.
$6,000 senior deduction: Eligibility is now conditioned not only on age, but on the presence of an employment-authorized SSN.
These requirements are no longer evaluated in the post-filing audit environment. They are assessed electronically before the return is even accepted. Under OBBBA’s targeted identification provisions, the IRS cross-checks SSN validity and work authorization status as part of the e-file intake process. A mismatch or expired work authorization will prevent the return from being accepted at all.

01/30/2026

No tax on overtime
Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay, generally, the “half” portion of “time-and-a-half” compensation, that’s required by the Fair Labor Standards Act and reported on a Form W-2, Form 1099, or other specified statement furnished to the individual.

Maximum annual deduction is $12,500 ($25,000 for joint filers)
Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers)
The deduction is available for both itemizing and non-itemizing taxpayers

01/28/2026

What Is a Trump Account?

A Trump account is a type of traditional individual retirement account (IRA) established by an authorized individual for the exclusive benefit of a child listed in Form 4547, Part II.
The child listed in Form 4547, Part II, will be the owner of the initial Trump account (also referred to as the “account beneficiary” of the Trump account). In order for the child to qualify to receive the $1,000 pilot program contribution to their Trump account, the child must meet additional requirements. To see if a child can have an initial Trump account established for them, see Account Beneficiary , later. To see if the child is eligible for a pilot program contribution, see Pilot Program Contribution Election , later. To see who is an authorized individual who can elect to establish the initial Trump account for a child, see Authorized Individual , later.

Although a Trump account is a type of traditional IRA, during the growth period, a Trump account is subject to special rules that don’t apply to other IRAs.

01/16/2026

Guidelines Released on 100% Bonus Depreciation

The IRS released Notice 2026-11, providing interim guidance on the newly permanent 100% bonus depreciation under §168(k) for qualified property acquired after Jan. 19, 2025. The notice explains how existing bonus depreciation rules apply using updated acquisition and placed-in-service dates, including the impact of binding contracts and available elections.

01/16/2026

Paper Checks Are on the Way Out

The IRS is phasing out most paper refund checks after Sept. 30, 2025, as part of a broader transition to electronic transactions. The change applies to 2025 tax returns filed in 2026. Taxpayers who do not provide direct deposit information may experience refund delays and receive an IRS request to update banking details within 30 days. Fourth quarter estimated payments are due Jan. 15, 2026. Taxpayers can choose from several electronic payment options, including IRS Direct Pay, IRS Online Account payments, EFTPS and electronic funds withdrawal when filing electronically. Debit card, credit card and digital wallet payments are also available, though fees may apply. Although electronic payments are strongly encouraged, the IRS will still accept paper checks.

01/08/2026

H.R. 1491 Becomes Law to Update Disaster-Related Filing Deadlines

The Disaster-Related Extension of Deadlines Act is now law, giving taxpayers affected by federally declared disasters clearer protection when claiming refunds and credits. H.R. 1491 requires the IRS to treat a disaster-related postponement of the federal filing deadline as an extension when calculating the three-year lookback period for refund claims. Under current rules, postponed deadlines do not always extend the lookback window, which can reduce or eliminate refunds for taxpayers who made payments earlier than the standard period allows.

The new law also updates IRS collection timing rules. It clarifies that when the IRS must send a notice and demand for payment after an assessment, the “due date” includes any postponement granted because of a federally declared disaster or certain other events.

01/08/2026

Car Loan Interest Deduction Guidelines Proposed

The Treasury and the IRS issued proposed regulations that would allow an individual to deduct interest paid on certain qualifying passenger vehicle loans used to purchase a new made-in-America vehicle for personal use. While the deduction itself is enacted by law, the proposed regulations explain how it would be applied. The deduction would be available for tax years beginning after Dec. 31, 2024, and before Jan. 1, 2029, and would apply whether the taxpayer itemizes or takes the standard deduction.

01/08/2026

IRS Announces Start to Tax Season

The start of the 2026 filing season is almost here!

The IRS will begin accepting individual tax returns on Jan. 26, 2026. The agency is expecting more than 164 million returns to be filed electronically this year. Taxpayers can file their returns and pay any tax due until April 15, 2026, without incurring penalties.

Beginning Jan. 13, 2026, at 9 a.m. Eastern Time, the IRS will begin accepting business returns through the Modernized e-File system (MeF).

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