Jones & Fry CPA

05/29/2026

Hiring can be expensive, time-consuming and uncertain. That’s why employers should strive to identify and develop their organization’s high-potential employees. To help guard against bias, create an objective, data-based process. Look for traits such as initiative, resilience, engagement, adaptability and natural leadership. Skills tests and validated assessments may be beneficial if used fairly and consistently. Once you identify high-potential employees, tailor development plans to their strengths, interests and growth needs through formal and on-the-job training, rotations, and mentorships. Contact us for help evaluating the financial and operational impact of workforce development.

05/28/2026

In 2024 and 2025, the IRS prevented $7 billion in fraudulent tax refunds and used identity theft filters to flag about 7.5 million tax returns for additional review, according to a May 13 audit report from the Treasury Inspector General for Tax Administration (TIGTA). Advanced filters and manual reviews help identify suspicious tax filings while minimizing disruptions to legitimate returns. TIGTA recommended moving up the March 31 filing deadline for certain information returns, such as many 1099 forms and Form W-2G, “Certain Gambling Winnings.” The IRS agreed, estimating that an earlier deadline could help protect an additional $944 million in revenue for fiscal years 2025 through 2034.

05/26/2026

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Contact us to talk taxes before or after a home renovation.

05/25/2026

05/22/2026

Is your business paying for insurance coverage you don’t need — or missing protection where risk may be significant? You may have many options to choose from, depending on your organization’s operations and risks. General liability is the most basic policy, and it’s often paired with product liability, professional liability and property coverage. Other products include employment practices liability, business interruption, key person and cyberinsurance policies. Work with an independent broker to learn more about each type. We can also help you evaluate potential coverage gaps and manage business risk cost-effectively.

05/21/2026

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice specifically instructs you to do so, but keep a copy for your records. If you need to call the IRS, use the number in the upper right corner of the notice and have the letter and a copy of your tax return on hand. If you have questions, contact us. We can help you understand the notice and determine whether any action is needed. For more information from the IRS: https://bit.ly/4nv6ZQJ

05/20/2026

Does your organization have a formal policy addressing va**ng? As e-cigarettes become more common, employers may need to set clear expectations for their use in the workplace. The need for a policy usually arises from an outcry from one side or the other. Proponents of va**ng tend to view it as less disruptive and harmful than smoking. Opponents often raise concerns about odors, distractions, and workplace health and safety risks. If you decide to adopt a formal policy, it should cover whether and where va**ng is allowed, as well as breaks, disposal, complaints and enforcement. Contact us for help evaluating the risks and financial impact of this or any other workplace policy.

05/19/2026

The IRS is offering a limited-time settlement opportunity for eligible taxpayers involved in conservation easement disputes. A conservation easement generally restricts the use of property to preserve land or meet other conservation goals and may qualify for a charitable tax deduction based on the easement’s value. However, the IRS continues to challenge abusive transactions involving inflated valuations and deductions that far exceed the actual amount invested. Taxpayers who participate in abusive easement arrangements may incur penalties and must pay back taxes and interest. For details on the settlement relief: https://bit.ly/4wCoB1x

05/18/2026

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications.

For example, some states don’t have a personal income tax, and some that do have one offer tax breaks for pension payments, retirement plan distributions and Social Security payments. Also be aware that a state with no personal income tax may impose high property, sales or estate taxes.

Before making a move, contact us to review the potential income, property, sales and estate tax implications. We can help you minimize potential negative tax consequences and make the most of any tax advantages offered by the new state.