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Purdy Powers & Company

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Purdy Powers & Company

Purdy Powers & Company: accounting and management consulting services for business. We think like business partners first. Then we get into the accounting stuff.

When you work with us you’ll have confidence in knowing your business is managed by accounting professionals who see the big picture impact of even the seemingly most insignificant move. It’s that type of careful consideration—attention to minute detail—that makes our team your go-to team of on-call business partners. Our approach to working with clients is really a team sport. Your account will b

e managed by a senior member of the Firm with the support of a seasoned group of professionals. When you call, we’ll be there with an answer. We’ll give your business the attention it deserves to make absolutely certain day-to-day financial operations run like a well-oiled machine. Which of course makes our year-end work that much easier. We provide a complete suite of services to help your business prosper. Get to know us. Then give us a call.

01/16/2026

The Internal Revenue Service is not thrilled....

"After years of inadequate funding that resulted in an IRS constrained by budget issues, unable to reliably answer telephone calls, process tax returns in a timely fashion, update technology, or even open their mail, in 2022 Congress passed the Inflation Reduction Act (IRA, P.L. 117-169), providing an $80 billion infusion of funding to bring the IRS' technology and processes into the 21st Century," said the report, but then citing the roughly $42 billion in funding that has been rescinded since 2023.

In total, more than half of the Inflation Reduction Act funding has been rescinded, including nearly all funding for enforcement," the report continued. "The cumulative effect of these rescissions has significantly impacted the IRS' ability to conduct many of the improvements that were outlined in the Strategic Operating Plan (SOP) developed to guide the use of the $80 billion funding infusion from the IRA. The SOP, which has been paused in the face of funding rescissions and workforce reductions, targeted investments to the highest-priority areas for transformational change for taxpayers."

https://www.accountingtoday.com/news/irs-advisory-council-blasts-defunding-of-agency

The Internal Revenue Service Advisory Council issued its annual report after a turbulent year at the agency, criticizing the repeated funding and staffing cuts.

01/14/2026

Did any of your clients purchase an car in #2025? If so, they may qualify for a tax credit. BUT before they get their hopes up, they must clear a few investigation hurdles.

"Taxpayers who bought a new car in 2025 may qualify for a new tax break in the upcoming filing season — so long as that vehicle was made in the U.S., the Internal Revenue Service said.

Taxpayers should check the vehicle information label, or VIN, to figure out whether a car they purchased this year qualifies for President Donald Trump's new tax deduction for car loan interest, the IRS said in guidance about the tax break published on Wednesday."

The tax deduction applies to new cars assembled in the U.S. purchased from 2025 through the end of 2028.

01/13/2026

How ready are we for season? While we here at Purdy Powers are feeling as ready as we can be, many in our profession feel otherwise and that challenges lie ahead. We do remain optimistic but at the same time, are preparing for a few bumps along the way.

"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 technology and new leadership could chart a path forward.

Major Tax Season Challenges Expected

The upcoming filing season is expected to be particularly challenging, according to the panel. Moderator Fred Goldberg, also a former IRS Commissioner, noted the IRS processes over 160 million individual returns annually."

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 technology and new leadership could chart a path forward.

01/12/2026

If we had a crystal ball we'd look into it and wonder what the year ahead looks like. But since such things don't exist (not that we're aware of), we did come across these predictions for #2026 and wanted to share, we'll see how they track.

"Like the year before it, 2026 will be a year of great change as the accounting profession continues its digital transformation journey. Accounting Today reached out to roughly 150 practitioners, vendors, consultants and advocates who provided us their predictions on how all that change will unfold."

Experts shared the tools, trends and technologies they think will shape the next 12 months in accounting.

01/09/2026

THE TO OPEN SEASON 1/26.

We didn't meant to shout but we wanted to get that out of the way to present this week's installment of "What Were They Thinking?"

Today we bring your attention to the Truck Driver cm who thought "making claims for refunds of false COVID-19 related employment tax credits" was a good idea.

It wasn't.

Scheme over, good buddy; what a load of bullion; and other highlights of recent tax cases.

01/08/2026

In news:

"The U.S. and more than 100 other countries finalized an agreement that would exempt American companies from some foreign taxes, the culmination of a months-long effort to create a carve-out from a corporate global minimum levy.

The deal excludes U.S.-based multinational corporations from the 15% global minimum tax negotiated through the Organization for Economic Cooperation & Development, or OECD. President Donald Trump last year pulled the U.S. out of a framework to implement that levy negotiated during President Joe Biden's administration.

Under the agreement, other countries would be effectively blocked from imposing additional taxes on foreign subsidiaries of U.S. multinationals to compensate for profits that are under-taxed in other jurisdictions."

The U.S. and more than 100 other countries finalized an agreement that would exempt American companies from some foreign taxes.

01/07/2026

Could this become a new standard for bolstering state revenue as more "traditional" sources of funding continue to be cut? While it could be a solid step forward it's also not without its pitfalls. This new development in Rhode Island is certainly one to watch.

"Rhode Island Governor Dan McKee is warming to the idea of a tax on the wealthy as one way to bolster the state's resources after a particularly turbulent year for its economy.

A proposal for a 3% surtax on incomes of more than $640,000, or the top 1% of earners, is getting a closer look from lawmakers because of the budget hole created by federal cuts to Medicaid, food-assistance and other programs. McKee in an interview said he's open to the surtax if it's paired with tax cuts for businesses, seniors and other groups, a contrast to comments last spring that it wasn't time for such a step."

Rhode Island Governor Dan McKee is warming to the idea of a tax on the wealthy as one way to bolster the state's resources after a particularly turbulent year for its economy.

01/06/2026

Oh for the love of .

Yes it has been studied and the here and now thinking as that artificial intelligence won't soon replace , it will just alleviate the need for us to continue to do mundane tasks that can be easily managed with technology. This of course frees up time and gives the opportunity to work more closely with as advisors. Technology is an asset the should be embraced and leveraged to build stronger relationships and more engaged team members.

"The technology today simply is not up to the task to wholesale replace a human accountant. "

We've heard it many times over the last few years: machines will not—cannot—replace human accountants. Today's technology is not sufficient to create the apocalypse scenario many dread, but what about tomorrow's?

01/02/2026

On this the first "official" work day of the new year we feel it appropriate to share with you Accounting Today's picks for the biggest stories from 2025.

"From the decline of the 150-hour rule to staff cuts at the IRS and the ongoing impact of private equity, the last 12 months have been very busy for the profession."

#2026

From the decline of the 150-hour rule to staff cuts at the IRS and the ongoing impact of PE, the last 12 months have been very busy for the profession.

12/31/2025

On this the last post of the year we could go on about with a roundup but does anyone really need another one of those? Instead, we share a list 8 of some of the most over-the-top parties we've seen.

A New Year's Eve bash generally involves some excess — too much food, too much drink, and too much money. Sometimes, way, way too much money.

12/30/2025

Not all wear capes.

"( ) Agents with the Internal Revenue Service's Criminal Investigation unit reportedly helped track down the shooter who terrorized Brown University in Providence, Rhode Island, killing two students and wounding nine others, and killing a Massachusetts Institute of Technology professor two days later at his home."

Agents with the Internal Revenue Service's Criminal Investigation unit reportedly helped track down the shooter who terrorized Brown University and MIT.

12/29/2025

If you're reading this and are mildly aware you have most-likely seen posts featuring the year-end round ups. Who doesn't need to know how many minutes you listened to Spotify this year?

Not wanting to miss out on the trend the Internal Revenue Service recently published its top-ten list and this a good list NOT to be on.

"The IRS Criminal Investigation unit cited its top cases that led to multiyear prison sentences and multimillion-dollar financial settlements for tax crimes.

"Financial trails are criminals' downfall," said IRS-CI chief Guy Ficco in a statement. "This year's top 10 cases demonstrate how following the money exposed public corruption, complex tax and cyber schemes, and pandemic-era fraud, enabling us to hold criminals accountable for millions in illicit gains..."

The IRS Criminal Investigation unit cited its top cases that led to multiyear prison sentences and multimillion-dollar financial settlements for tax crimes.

Address

130 Middle Street Fl 2
Portland, ME
04101

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

https://www.purdypowers.com/

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