Integrity Taxes & Accounting

We’re thankful for many things this year…
✅ Our amazing clients
✅ Supportive community
✅ And that tax season only comes once a year 😄

From all of us at Integrity Tax & Accounting, Happy Thanksgiving! 🦃🍂

Important Tennessee Department of Revenue Deadlines and trainings!

The has announced the 2026 annual contribution limits have increased to $24,500 for 401(k) plans and $7,500 for IRAs. Learn more about the rise in pension limits at https://ow.ly/usIS50Xr80z.

The One Big Beautiful Bill made the adoption tax credit partially refundable up to $5,000. During #NationalAdoptionMonth learn more from the #IRS at: www.irs.gov/obbb

Tax Tip Tuesday--

✅ FOR SMALL BUSINESS

Keep your receipts—even digital ones.
The IRS allows digital copies, so take photos of receipts and store them in a cloud folder. Good record-keeping protects you in an audit and ensures you never miss a deductible expense.

The IRS has announced that interest rates will remain unchanged for the calendar quarter beginning January 1, 2026.

For individuals, the rate for overpayments (yes, IRS has to pay you interest sometimes) and underpayments will be 7% per year, compounded daily.

The rate is 6% for corporate overpayments (4.5% for the portion exceeding $10,000) and 7% for corporate underpayments (9% for large corporate underpayments).

The interest rate is set quarterly—the most recent rates are based on the federal short-term rate determined in October 2025.

You can find the details in Rev Ruling 2025-22, which will appear in IRB 2025-48, dated November 24, 2025. (Remember that you can find all of the IRB links in my free weekly tax newsletter.)

PTIN requirements for tax return preparers | Internal Revenue Service Apply for or renew your preparer tax identification number (PTIN). All paid tax return preparers must have a PTIN.

💼 November Tax Tip:
Don’t wait until December to review your books!
Make sure income, expenses, and estimated payments are up to date — and consider year-end purchases that could lower your tax bill.

Smart planning now = less stress later.

Trial Balance Adjustments The Key to Accurate Financial Reporting

A Trial Balance may balance perfectly... yet still not tell the full story.

That's where Trial Balance Adjustments come in the crucial step between bookkeeping and financial statement preparation.

Adjustments help correct errors and account for transactions that haven't been recorded yet ensuring that your financial statements reflect the true financial position of the business.

*Common examples include:

*Accrued expenses and revenues

*Depreciation adjustments

*Prepaid expenses

*Provision for doubtful debts

*Inventory adjustments

Each of these entries ensures that income and expenses are recorded in the right period, following the accrual concept and matching principle of accounting.

So next time you prepare a trial balance, remember adjustments are not just corrections they are refinements that transform numbers into reliable insights.

Treasury and the recently issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation under the One, Big, Beautiful Bill. https://ow.ly/PQLk50XnlqK

Nationwide Tax Forum Online launches with new continuing education content | Internal Revenue Service IR-2025-109, Nov. 4, 2025 — The Internal Revenue Service today announced the launch of the 2025 Nationwide Tax Forum Online, providing tax professionals access to seminars recorded at this year's IRS Nationwide Tax Forum.

How OBBBA alters charitable deduction strategies for 2025 and 2026 New rules could shrink an individual’s tax benefit from charitable contributions starting next year, prompting many to accelerate donations into this year. Here's what donors and advisers need to know.