Tax Credit for Livestock Producers
April 21, 2026Under IRC Section 41 Livestock Producers Can Claim New Tax Credit Livestock producers can now claim the Internal Revenue Code (IRC) Section 41 Research & Development (R&D) tax credit for innovating to improve animal health, growth rates, feed efficiency, or breeding techniques. A recent court ruling confirms that on-farm, commercial-scale trials (such as testing feed,… Read more »
Social Security Decision to Review – Make Deductions a Couples Decision
April 20, 2026Social Security Deductions: A Couple’s Decision A single Social Security choice can have lasting effects on your spouse’s finances. The biggest Social Security mistake isn’t a paperwork error, it’s claiming too early, without your spouse in mind. When couples rely on Social Security, the higher earner’s claiming age determines how much the surviving spouse receives… Read more »
ChatGPT Is Not a CPA
April 20, 2026Survey Gives General AI a C+ in Accounting Word on the street is that people are using AI to help them file their taxes. Before you hand over your financial life to a chatbot, press pause. AI wasn’t built to file your taxes, although a survey by Adobe noted about 25% of US workers say… Read more »
How to Avoid Probate and Protect Your Family’s Privacy
April 08, 2026Many families want the same outcome when a loved one dies: a smooth transfer of property, fewer delays, lower administrative strain, and less public exposure. In many cases, that can be done. Probate is not always avoidable for every asset, but a properly funded revocable trust, up-to-date beneficiary designations, and aligned account titles can move… Read more »
Choose a Trust Over Beneficiary Designations
March 12, 2026Trust a Trust! The Advantages of Trusts Over Beneficiary Designations When it comes to naming beneficiaries on retirement accounts, consider using a trust as a beneficiary instead of a direct designation. In an effort to give you the most control over your assets, a Trust allows you to manage when and how heirs receive… Read more »
Proposed Regulations Issued for Trump Accounts
March 12, 2026Proposed Regulations for Trump Accounts The IRS and Treasury have issued proposed regulations for Trump accounts (also called 530A accounts), the new child savings accounts created by the One Big Beautiful Bill Act (OBBBA) President Donald Trump signed last July. The proposed regulations detail how to open and manage Trump accounts and explain how the… Read more »
Beware the Dirty Dozen Tax Scams
March 12, 2026IRS Announces the Dirty Dozen Tax Scams for 2026 Tax season is busy for everyone, even tax scammers. The Internal Revenue Service does its best to keep an eye on these kinds of things to spot new and returning scams. They released its updated warning list of the 2026 “Dirty Dozen” the 12 tricks fraudsters… Read more »
FinCEN kicks off Residential Real Estate Reporting
March 12, 2026FinCEN Residential Real Estate Reporting Explained New Rules for Home Transfers to Trusts As of March 1, 2026, the beneficial owners of certain residential real estate transactions must be reported to FinCEN, this is called the Residential Real Estate Reporting Rule. The Reporting Rule requires additional reporting when residential property transfers to a legal entity… Read more »
New Credit Card Processing Vendor
February 24, 2026AJM&A Switches to Clio Payments for Online Bill Pay We are upgrading our online billing/credit card service provider to Clio Payments to serve you better. While we are switching vendors, you can expect the same, if not better, high-quality experience and seamless service, effective March 1. No action is required on your part. It… Read more »
Avoiding Common IRS Audit Triggers
February 15, 2026For many taxpayers, the prospect of an IRS audit can be intimidating. Whether you manage a small business or file as an individual, an audit can lead to stress, disruption, and potential financial exposure. At Anthony J. Madonia & Associates, we help clients across Schaumburg and the greater Chicago area understand how audits work and… Read more »