July 2025

Sean R. Conners, CPA

Tax Partner

Featured Article From Our Experts

How the ‘One Big Beautiful Bill’ Will Affect Your Tax Returns This Year

When President Trump began his second term, he identified comprehensive tax reform as one of his top priorities. That vision is now becoming a reality with the introduction of the One Big Beautiful Bill, and both individuals and businesses stand to benefit. In this article, we break down the bill's key provisions and highlight the deductions and credits you won't want to miss.

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The name “nanny tax” can be misleading. It’s a tax that applies to the wages of various types of household workers, such as nannies, gardeners or housekeepers. Unless the worker is identified as an independent contractor, taxpayers who hire household help may be liable for federal payroll tax and other taxes (including state tax obligations).

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Is Your Business Closing? Here Are Your Final Tax Responsibilities

When a business closes, there are tax responsibilities to meet. Of course, a final income tax return must be filed, but there are other steps you must complete as well. Here’s a rundown of the basic requirements.

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Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to later discover that something was left out, figures were misreported or another error was made. Accuracy is essential, though an amendment may not always be required depending on the nature of the mistake. This article explains when an amended return is necessary, when it’s not and what deadlines apply.  

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Battering Is a Taxable Transaction Even if No Cash Is Exchanged

When cash is tight, many businesses barter for goods and services instead of paying dollars for them. Companies involved in such transactions need to remember that the fair market value of goods they receive is taxable income. And if a business exchanges services with another business, the transaction results in taxable income for both parties.

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About Dannible & McKee, LLP

Dannible & McKee, LLP is a leading CPA firm that has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Known for our technical expertise and deep industry experience, we are committed to delivering high-quality service tailored to our clients' needs. Our firm is guided by core values that prioritize our clients' best interests, ensuring they receive the strategic insights and support needed to navigate financial complexities with confidence. In a profession built on precision and trust, our greatest reward comes from the simplicity of helping good people prosper. By providing clarity in every financial decision, we contribute to their long-term success. That's the key to Delivering Confidence!

Learn more about Dannible & McKee at: www.dmcpas.com.

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