I’m going to start with something you absolutely already know: payroll is the most important expense for any business. I’m sure you and your team absolutely adore your work, but I somehow doubt they would do it for free. I somehow doubt you’d do it for free, in fact.
In a sweeping modernization move, The Department of the Treasury plans to end or sharply limit paper checks for most federal payments by September 30, 2025, transitioning to electronic methods to the extent permitted by law. This stems from the Executive Order titled Modernizing Payments to and From America’s Bank Account, signed on March 25, 2025.
What Individuals, Business Owners, and Investors Need to Know Now.
Accountants don’t love change… unless it saves us time.The new QuickBooks platform might look different, but it’s what’s under the hood that really counts. Think AI agents that flag anomalies, build cash flow forecasts, and even suggest work you didn’t know needed doing. Yes, this is the future—and it’s here to make your life easier.
A Clearer Look at the Competing House and Senate Tax Proposals
Annually, businesses (“holders”) should review their records and, if they hold property that is presumed abandoned (“unclaimed property”), as of March 1st, are required to file a report with the Texas Comptroller of Public Accounts. The report is due by July 1st. What is unclaimed property? Unclaimed property is any financial asset or tangible property that has been abandoned by the owner. Abandonment is based on loss of contact and is determined by: 1) the date of last contact; and 2) the property type. The second point, property type, is important as it dictates the length of the abandonment period for reporting purposes. Contact: There are two elements of owner contact that determine whether the property held becomes unclaimed: 1) method of contact; and 2) date of last contact (“DLC”). These two elements are intertwined, as only a valid method of contact can prove when a last contact took place. For abandoned and unclaimed property purposes, the states use the DLC as the date the statutory dormancy period begins. The DLC is considered to be the last time an owner showed interest in the property. As of 2018, the holder may prove an owner’s knowledge of the property through several methods of contact: U.S. mail, phone, email, and face-to-face. Phone and face-to-face contact must be documented in writing with the date and time of the conversation. For U.S. mail documentation, it should be noted that mail not returned by the post office does not, by itself, qualify as contact with that owner or activity on the account. Property Type: Discussed below in the five basic steps of reporting. FIVE STEPS FOR REPORTING UNCLAIMED PROPERTY 1. Determine Dormancy – Dormancy is the amount of time from the last contact between the holder and the property owner. Dormancy periods range from one to fifteen years depending on the property type. We will cover the two most common types, refunds and payroll. Refund checks have a dormancy of three years. For example, a refund check not claimed as of March 1, 2025, would have a dormancy period starting on March 2, 2021, and ending on March 1, 2022, the annual report cut-off date. Wages and payroll checks have a dormancy period of one year. This type of property unclaimed as of March 1, 2025, would be included on the annual report with a cut-off date of March 1, 2024. Refer to the Relevant Dates section for a table that shows the reporting date based on the dormancy period. 2. Notifying Property Owners – By May 1st, due diligence notices are due. These notices alert owners that their unclaimed property will be reported. Who gets included in the due diligence notice? Holders should review records by March 1st of each year to determine if contact was made with owners after the abandonment period. Owners with abandoned property valued at more than $250 should receive a notice. A sample letter can be found here. The notice must include the following language: You (the holder) are holding the property; and You (the holder) may be required to deliver the property to the Comptroller’s office on or before July 1st if the property is not claimed. It should be noted that: If mail has been returned by the post office as a result of a previous mailing, a second notice to the last known address is not required. No notice is required if the holder does not have record of an address. 3. Preparing Your Report (due July 1st) – All property not previously reported to the Comptroller’s office, and unclaimed for the applicable period of abandonment or longer, should be included in your report. Holders are required to report all available owner information including: The last contact date; Relationship code; Social Security number; Last known address; and Property descriptions. This information is important for verifying ownership during the claims process. If you do not include the last contact date, property and relationship code, your report will be rejected. Property and Relationship codes can be found on pages 37 – 44 of the “Unclaimed Property Reporting Instructions” here. For example, a patient refund check would have a property code of MS05 and in most cases the relationship code of SO for “Sole Owner.” Submitting as much information as possible with your report reduces the need for the State Comptroller’s office contacting you, the holder, for additional information. 4. Submit Report & Payment – If the property owner is not found after due diligence, the property must be included on the report filed with the Comptroller (due July 1st). The report must be submitted electronically via one of the approved online submission methods below: National Association of Unclaimed Property Administrators Manual Online Reporting (MOR) Information must comply with data entry standards. Reports on CDs, spreadsheet or other physical media are not permitted and will not be accepted. After the transmission is complete, you will receive two notifications. The first is the Holder Summary which is displayed on your screen immediately after submission. You will receive the second notification in an email containing your confirmation/report ID number shortly after submission. The confirmation number must be included with your payment. Acceptable payment methods include check, wire or ACH debit/credit through the State of Texas Financial Network, TEXNET. Enrollment in the TEXNET Program, specific for unclaimed property, is required prior to sending ACH payments. Texas enrollment information can be found here. Checks should be made payable to: Texas Comptroller of Public Accounts Unclaimed Property Remittances should be mailed to: Texas Comptroller of Public Accounts Unclaimed Property Division P.O. Box 12019 Austin, Texas 78711-2019 5. Archive Data – Holders are required to keep information relating to reported unclaimed property for ten years after reporting it to the Comptroller’s office. RELEVANT DATES: All property (except life insurance) – Report year is March 2, 2024 through March 1, 2025 Due diligence due by May 1, 2025 (refer to step 2) Report and payment due by July 1, 2025 (refer to steps 3 and…
Beaird Harris Recognized in Worth’s list of “Top RIA Firms” for 2025 Beaird Harris is proud to announce our inclusion in Worth’s prestigious list of “Top Registered Investment Advisor (RIA) Firms” for 2025, as featured in the May issue. This national recognition reflects our ongoing commitment to delivering comprehensive, fiduciary wealth management services to high-net-worth individuals and families. Worth’s Leading Advisor program seeks to identify the most respected RIA firms in the country through a rigorous selection process. To qualify, firms must manage more than $500 million in assets, serve a high-net-worth clientele, and offer fiduciary advice. Beaird Harris is honored to be recognized. “We are proud to provide the depth of services and technical expertise necessary to address the complex financial challenges our clients face, while maintaining close, personalized relationships,” said Chase Perry, Partner at Beaird Harris. Beaird Harris works with individuals and families seeking highly personalized, long-term financial guidance. Our integrated wealth management solutions include financial planning, investment management, risk management, and estate planning—each tailored to the client’s specific goals and life circumstances. Beyond wealth management, our clients benefit from in-house tax, accounting, and business advisory services through our public accounting affiliate, Beaird Harris, PLLC, ensuring a fully coordinated and strategic approach to their financial well-being. “At Beaird Harris, we are proud of our accomplishments and national recognition,” added Pat Beaird, Managing Partner of Beaird Harris Wealth Management. “However, we never forget that the true measure of our success is the peace of mind our clients enjoy as we help enhance the quality of their lives and fulfill their personal and financial goals.” If you’re ready to experience what sets Beaird Harris apart, contact us today to schedule a consultation.
At Beaird Harris, we understand that selling a medical or dental practice isn’t just a financial decision—it’s a deeply personal one. After years of serving patients and building a successful business, stepping away requires more than a handshake. It calls for thoughtful planning and the right team to guide you through it.
Now that another tax season is in the rearview mirror, what lessons can you take from this year’s filing experience to strengthen your financial future?
Proper classification of meal expenses can help businesses maximize deductions while staying compliant with IRS regulations. Here’s what business owners need to know: 1. 50% Deductible Meals In general, 50% of business-related meal expenses can be deducted unless an exception applies (see 100% deductible, 80% deductible, and non-deductible meals below). To qualify, the meals must be provided to a current or potential business customer, client, consultant, or similar business contact. Common examples include: Business-related meals with clients or prospective clients. Meals while traveling for work. Meals at seminars or conferences. Food or beverages available to employees in a pantry, break room, or copy room. Employee meals consumed at a restaurant where less than half of the employees are present. 2. 100% Deductible Meals Some business-related meals are fully deductible. Below are common exceptions where meals can be 100% deductible: Food or beverages provided for a recreational, social, or similar activity primarily for the benefit of employees (e.g., office holiday parties, company picnics). Food or beverages made available to the general public free of charge (e.g., promotional events, goodwill gestures). Food or beverages provided to employees when treated as compensation (see below). Expenses for the food a restaurant sells to its customers. 3. 80% Deductible Meals Certain professions have an increased meal deduction threshold. Air transportation workers, interstate truck operators, bus drivers, railroad employees, and merchant mariners may be able to deduct 80% of their meal expenses while traveling away from their tax home. For details, refer to IRS Publication 463. 4. Non-Deductible Meals Some meals will not qualify for a deduction, including: Expenses that are not ordinary (common in the industry) or not necessary (helpful and appropriate for the business). Meals that are lavish or extravagant under the circumstances. Meals where the taxpayer (or an employee) is not present. Meals purchased in conjunction with entertainment, where the cost of meals is not separately stated from the entertainment cost. Meals that have no business purpose. When Do Meals Need to Be Added to Employee Compensation? Meals are 100% deductible when the cost of the meal is included in an employee’s compensation. Generally, meals provided to employees must be included in their compensation unless an exclusion applies. Please refer to this publication for more details, scenarios and exceptions. Exclusions (Meals Not Added to Employee Compensation, Deductible at 50%) De minimis meals: If the meals are of minimal value and provided infrequently, making accounting for them unreasonable or administratively impracticable. Meals at an employer-operated eating facility: If the facility’s annual revenue equals or exceeds direct operating costs. Meals furnished on business premises: If meals are provided for the employer’s convenience. Additional Resources For more information, refer to the following IRS and tax resources: Publication 15-B (2025), Employer’s Tax Guide to Fringe Benefits IRS Publication 463 – Travel, Gift, and Car Expenses CCH AnswerConnect Navigating meal deductions correctly can help businesses optimize their tax filings and minimize unnecessary tax liability. If you have any questions or need assistance, feel free to reach out to Beaird Harris for guidance!
President Trump signed legislation repealing IRS reporting rules for decentralized finance (DeFi) platforms, easing compliance burdens but leaving individual taxpayers responsible for accurate crypto reporting.
Certain non-traditional investments held in an IRA — like active business interests or leveraged real estate — can trigger Unrelated Business Income Tax (UBIT), potentially requiring the IRA to file a separate tax return and pay taxes from IRA assets. Understanding the rules upfront can help investors avoid surprises and make more informed decisions.
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