Davis & Associates, P.A. CPA's + Advisors

03/26/2026

Did you know there’s a new federal tax deduction for vehicle loan interest?

Starting with the 2025 tax year, eligible taxpayers may be able to deduct up to $10,000 in interest paid on qualifying vehicle loans. But there are important requirements — including income limits and rules about the type of vehicle that qualifies.

Our latest blog explains how the deduction works and what taxpayers should know before claiming it.

Read more:
https://www.daviscpas.com/new-deduction-for-vehicle-loan-interest/

Guidance is available on the “no tax on car loans” provision under the One, Big, Beautiful Bill. This deduction applies to interest paid on cars purchased after Dec. 31, 2024. The new tax benefit is for both taxpayers who take the standard deduction and those who itemize deductions. Businesses t...

03/19/2026

The 2026 Tax Filing Season is heading into the final four weeks before the April 15th Due Date for calendar 2025 C Corporations, Individuals, and Fiduciary Entities (Trusts and Estates).

In our latest blog, we list 4 Key Considerations to evaluate before pushing to finalize, or extend 2025 tax return filings.

Taxpayers must be aware of various challenges in the tax preparation industry before e-filing final tax returns for 2025.

Look ahead now to avoid potential problems later.

👉 Read more: https://www.daviscpas.com/the-new-normal-for-annual-tax-compliance-4-key-considerations-about-the-timeline-for-filing-2025-tax-returns/ https://www.daviscpas.com/the-new-normal-for-annual-tax-compliance-4-key-considerations-about-the-timeline-for-filing-2025-tax-returns/

1. Tax Season Workload Compression: The new OBBBA Federal tax law required software engineers at IRS to program for significant changes to be able to launch the initial tax filing season in late January. After OBBBA was passed into Federal law, States followed with new legislation to either comply o...

03/10/2026

March 15th is close, and April 15th is not far away! Is the IRS ready for an avalanche of tax filings about to hit during this 2026 tax filing season?
A recent watchdog report raises concerns about staffing shortages, delayed hiring, and unfinished modernization initiatives that could impact taxpayer service this year.
Our latest blog breaks down what’s happening and why it matters.
Read more:
https://www.daviscpas.com/watchdog-concerned-about-irs-filing-season-readiness/

Reprinted: By Maureen Leddy, Checkpoint News, January 28, 2026 The Treasury Inspector General for Tax Administration (TIGTA) is concerned that the IRS may not be ready for the 2026 filing season, even after approvals to hire 5,700 new employees for Submission Processing and Accounts Management funct...

02/26/2026

As you move to wrap 2025 tax filings, now is the time to look ahead to 2026. Our 2026 Federal Tax Rates Quick Reference Guide puts key numbers in one easy-to-use place.
👉 Read the full post: https://www.daviscpas.com/2026-federal-tax-rates-quick-reference-guide/

For early 2026 tax planning view HERE for our annual updated guide related to business, individual, estate, and trust tax rates and deductions.

02/24/2026

The IRS is continuing efforts to modernize how payments are made to and from bank accounts. Updated FAQs outline what’s changing, why it matters, and how taxpayers may be affected going forward.
👉 Read the full post: https://www.daviscpas.com/irs-faqs-modernizing-payments-to-and-from-americas-bank-account/

IR-2026-13, Jan. 27, 2026 WASHINGTON — The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2026-02 to help taxpayers, businesses, and other stakeholders understand the changes under Executive Order 14247: Modernizing Payment To and From America’s Bank Account. “T...

02/19/2026

The IRS is encouraging both business and individual taxpayers to prepare early for the 2026 filing season, especially in light of new tax law provisions under the One, Big, Beautiful Bill.
With paper refund checks being phased out, taxpayers should take steps now to:
• Create or access an IRS Business Tax Account or Individual Online Account
• Confirm banking information for direct deposit refunds
Early preparation can help avoid delays and surprises when filing season arrives.
👉 Read the full post: https://www.daviscpas.com/online-tools-and-resources-for-2026-tax-filing-season/

The IRS reminds business and individual taxpayers of new tax law provisions of the One, Big, Beautiful Bill that could impact federal taxes, credits and deductions. Taxpayers should take steps now to prepare for filing taxes and receiving tax refunds by direct deposit, as paper checks are on the way...

02/17/2026

📣 New IRS Form Alert for Digital Assets: Form 1099-DA

If you bought, sold, or disposed of cryptocurrency, NFTs, stablecoins, or other digital assets in 2025, you should receive a new Form 1099-DA from your broker by February 17, 2026.

Here’s what you need to know:
🔹 This form reports digital asset proceeds to both you and the IRS.
🔹 Most 2025 forms will not include cost basis, meaning you’ll need to calculate your gain or loss.
🔹 You must report all digital asset income — even if you don’t receive a 1099-DA.
🔹 Every taxpayer must answer the digital asset question on their tax return — yes or no.
With increased IRS reporting requirements, accurate tracking and reporting are more important than ever.

We break down what Form 1099-DA means for you and how to stay compliant in our latest blog.

👉 Read more here: https://www.daviscpas.com/tax-reporting-for-digital-assets-form-1099-a-overview/

From IRS Tax Tip 2026-07, January 28, 2026: Taxpayers are starting to receive their 2025 tax documents, such as W-2s, Forms 1099 or other income documents. People who sold or disposed of digital assets using a broker might receive a new Form 1099-DA from those brokers. Examples of digital assets inc...

02/12/2026

While federal law allows immediate deduction of domestic R&E expenses under IRC 174A, Maryland does not conform. For Maryland tax purposes, these costs must continue to be capitalized and amortized over five years, with no amended returns allowed for full expensing.
Businesses with R&E activity should review the state impact and reporting requirements.
👉 Read more: https://www.daviscpas.com/maryland-decouples-from-irc174a-domestic-re-expenditures/

The OBBB added IRC174A, which allows an election to deduct the full amount of domestic research or experimental expenditures in the year incurred. The amendment is retroactive to tax year 2022 for certain eligible small businesses. Also, special rules apply for domestic research or experimental expe...

02/05/2026

The 2025 Tax Filing Season is here…or is it?

According to former IRS and DOJ leaders, staffing reductions and recent disruptions could make this a challenging year, even as new technology and leadership offer reasons for cautious optimism.

Hear what some past IRS leaders have to say about the readiness of the IRS.

👉 Read more here: https://www.daviscpas.com/former-irs-chiefs-gauge-tax-season-readiness/

Reprinted from an article posted by Tim Shaw, CheckPoint News on January 12, 2026 A panel of former top IRS and Justice Department officials at the D.C. Bar Tax Conference January 7 warned of a challenging filing season, citing workforce reductions and recent disruptions, but expressed optimism that...

01/20/2026

Early 2026 is the ideal time to be proactive about tax planning—not reactive.

For businesses and individuals, decisions made now can significantly impact cash flow, estimated payments, retirement contributions, and overall tax efficiency for the year ahead. Waiting until year-end often limits options.

Our team works with clients early to:
• Identify planning opportunities
• Align tax strategy with business and personal goals
• Reduce surprises and improve decision-making throughout the year

Thoughtful planning isn’t about minimizing taxes at all costs—it’s about creating clarity and confidence.

01/13/2026

Business owners don’t need more data—they need clear direction.

Our Management Advisory & Consulting Services are built to turn financial insights into action. We work alongside management teams to address challenges, improve performance, and support long-term strategy.

From KPIs and financing to succession and exit planning, our focus is helping leaders move forward with confidence.