Kort Redick, CPA
Alaska Labor Law Updates
Alaska implements changes to minimum wage and paid time off effective July 1, 2025.
Phone: 907-272-2041
Fax: 907-272-6241
Articles
CPA Insight
Information courtesy of Thomson Reuters
Kort Redick, CPA & Leanne Tarleton
Reporting Personal Use of a Company Vehicle
Many companies have vehicles that are used by employees for personal purposes. It is generally a taxable fringe benefit and must be reported on the employee’s W2. Since this amount is subject to income and employment taxes, it's important to know what constitutes personal use and how to calculate the taxable benefits.
Kort Redick, CPA
Scam Phone Calls
Phone calls demanding payment are scams. Please do not pay over the phone. This goes for scammers claiming to be the IRS as well as law enforcement.
Kort Redick, CPA & Leanne Tarleton
Independent Contractor or Employee
It can be difficult for employers to determine if their workers are independent contractors or employees. Although classifying a worker as an independent contractor may seem beneficial to the employer, misclassifying a worker can have very costly consequences.
Kortney Redick, CPA & Abby Spurlock
Partner Audit Regime
Since 2018, partnerships have had to contend with new rules introduced in the Bipartisan Budget Act of 2015. These rules were intended to simplify the auditing process of partnerships by creating tax liabilities at the partnership level in the case of increased income due to audit adjustments.
Kort Redick, CPA
Federal Auto Loan Interest Deduction Begins in 2025 Under OBBBA
From 2025 to 2028, individuals can deduct up to $10,000/year in interest on loans for new, U.S.-assembled personal vehicles—even without itemizing. The deduction phases out above $100,000 MAGI ($200,000 joint). VIN reporting is required.
Excludes leases, salvage, fleet, commercial, and related-party loans.
Ends after 2028. Business vehicle interest rules stay the same.
Kort Redick, CPA & Leanne Tarleton
Home Office Deductions
Since the start of the Covid-19 pandemic, many individuals have shifted from working in a public office to working from home. Some individuals may receive a home office deduction if they meet the IRS requirements.
Kort Redick, CPA
Gambling OBBBA Beginning December 321dt, 2025
Starting in 2026, the One Big Beautiful Bill Act (H.R. 1) limits the federal tax deduction for gambling losses to 90% of losses, and only up to the amount of gambling winnings. This applies to all taxpayers, including professional gamblers. For example, if you have $100,000 in winnings and $100,000 in losses, you can only deduct $90,000—leaving $10,000 taxable. The change is expected to raise $1.1 billion over eight years and has been criticized by the gambling industry for effectively taxing gross winnings instead of net income.
Kort Redick, CPA & Leanne Tarleton
Taxing Businesses
The IRS taxes each business entity differently. It is important for business owners, shareholders, and partners to understand how their businesses are taxed and how it affects their individual taxes.
Kort Redick, CPA & Leanne Tarleton
Ordinary and Necessry Business Expenses
Business expenses must be considered ordinary and necessary to be tax-deductible. Expenses outside of a business’s trade are considered personal expenses and are not deductible for the business.
Kort Redick, CPA & Leanne Tarleton
Inheriting a Retirement Plan
Inheriting a retirement plan can be overwhelming. Many decisions need to be made when someone inherits a retirement plan, and a wrong decision can result in expensive consequences.