Runyon Kersteen Ouellette

04/07/2026

Have you heard about the latest savings accounts for Children? The One Big Beautiful Bill Act created Section 530A accounts (also known as “Trump accounts”). These can be used as a manner to help create a savings account for children to be used when they are older. For more information on these Section 530A accounts (or “Trump accounts”), check out this article put out by the Journal of Accountancy.
https://lnkd.in/eefK8tfn

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03/04/2026

There is always a constant flow of updates being made to the accounting standards. Are you unsure of what is coming up for changes for fiscal year ending in 2025 or 2026? The Journal of Accountancy has put together a short summary of some of the items to expect.
Some of these include updates to:
-Tax basis accounting
-Cryptocurrency
-Business Combinations
-Credit Losses
Check out the article here - https://lnkd.in/eXqJxhC7

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01/07/2026

12/21/2025

f you are an employee that receives tips, don’t forget about the tip and overtime deductions that are starting with your 2025 tax return. This was implemented as part of “One Big Beautiful Bill Act” that was approved in 2025.

Under the provisions of this bill, “for tipped workers, the maximum annual deduction is $25,000, which phases out for taxpayers with modified adjusted gross income (AGI) over $150,000 ($300,000 for joint filers).

For those who receive qualified overtime, the maximum annual deduction is $12,500 ($25,000 for joint filers). The deduction phases out for taxpayers with modified AGI over $150,000 ($300,000 for joint filers).”

For greater details, check out this article on the Journal of Accountancy - https://lnkd.in/euWVJRTe

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11/03/2025

If your organization has derivative and hedging, then be aware of a new ASU 2025-07 released by FASB. Per the ASU, this update addresses “stakeholders’ concerns about (1) the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and (2) the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services.”

This ASU affects all entities with non-exchange-traded contracts that have underlyings based on operations or activities specific to one of the parties.

ASU 2025-07 is effective for reporting periods beginning after December 15, 2026. Early adoption is permitted.

The full ASU can be found here-
https://lnkd.in/getJr6tu
updates

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10/13/2025

Tax Year 2026 brackets and updates have been announced. The tax rates will be as follows:
· 37% single income over $640,600 ($768,700 for married filing jointly “MFJ”).
· 35% single over $256,225 ($512,450 for MFJ).
· 32% single over $201,775 ($403,550 for MFJ).
· 24% single over $105,700 ($211,400 for MFJ).
· 22% single over $50,400 ($100,800 for MFJ
· 12% single over $12,400 ($24,800 for MFJ).
· 10% single $12,400 or less ($24,800 or less for MFJ).
Increases were also noted in the AMT levels and Earned Income Tax Credits.

09/26/2025

Upcoming Changes To Internal-Use Software Costs

The FASB has recently changed its guidance on how to account for any internal-use software costs. This Accounting Standard Update (ASU) will become effective for annual reporting periods beginning after December 15, 2027.

According to an article from the Journal of Accountancy, “the amendments require that an entity capitalize software costs when both:
-Management has authorized and committed to funding the software project;
and
-It is probable that the project will be completed and the software will be used to perform the function intended (referred to as the 'probable-to-complete recognition threshold'). When evaluating the probable-to-complete recognition threshold, an entity is required to consider whether there is significant uncertainty associated with the software’s development activities.”

Check out the full article here - https://lnkd.in/gq7q-dWQ
costs

https://www.journalofaccountancy.com/news/2025/sep/accounting-for-software-fasb-issues-improved-guidance/?trk=feed-detail_main-feed-card_feed-article-content

The Accounting Standards Update aims to simplify the reporting of internal-use software costs.

09/24/2025

08/04/2025

As we gear up for our next busy season, we took some time today to relax and hang out as a team. Thanks to everyone for their hard work so far this year!

06/07/2025

Are you ready for the updates under ASU 2023-08 which affects how crypto assets will be presented? This ASU is effective for fiscal years beginning after December 31, 2024.

Under this ASU:
· Crypto assets must be presented separately on the balance sheet.
· Certain crypto assets should be measured at fair value.
· Gains and losses from changes in fair value are to be shown separately in net income.