🖨 Print⏱ 2 min read Part 2 In this second part of our two-part series on the One Big Beautiful Bill Act (OBBBA), we examine the legislation’s impact on businesses, trusts, and estates. In addition, we will look at its overall economic impact. Estate Tax Changes The federal estate tax exemption receives a significant boost … Continue reading “One Big Beautiful Bill Act: Part 2 – What the New Tax Law Means for Your Business”
🖨 Print⏱ 3 min readThe Trump Administration announced it will no longer apply the beneficial ownership information (BOI) requirements of the Corporate Transparency Act (CTA) to domestic companies. This declaration came first via social media, marking a significant shift in policy. Under this new directive, U.S. businesses are exempt from the BOI reporting requirements of … Continue reading “Treasury Declares New Beneficial Ownership Reporting Law Will Apply Only to Foreign Companies”
🖨 Print⏱ 3 min readThe Social Security Fairness Act of 2023, formally known as H.R. 82, aimed at ending two provisions in the Social Security system that affect public sector employees who have earned pensions from jobs not covered by Social Security. These provisions are the Windfall Elimination Provision and the Government Pension Offset, both … Continue reading “The Social Security Fairness Act of 2023: More Retirement Income for Teachers, Police, Firefighters & Gov. Workers”
🖨 Print⏱ 3 min readThe coming shakeup of the executive branch, along with Republican control of both houses of Congress, means tax changes are highly likely in 2025 and beyond. Positioning for new and amended tax provisions is already off to the races. Regardless of the political landscape, on rare occasions, some measures have broad … Continue reading “Energy Tax Credit Changes For 2025”
🖨 Print⏱ 3 min readEvery year, the IRS announces annual inflation adjustments related to tax rate schedules, deductions, cost-of-living adjustments, etc. What many taxpayers do not realize is that they also adjust the cost of fines and penalties as well. This means that the penalties for late filings and missing tax forms are getting more … Continue reading “Updated IRS 2024 Penalties for Late Filing and Missed Tax Forms”
🖨 Print⏱ 3 min readThe IRS recently issued an important ruling on the taxability of cryptocurrency staking rewards, determining that staking rewards are essentially “income” and, therefore, taxable upon receipt and not deferrable until sale or swapping. Below, we will look at the ruling in more detail and what it means for taxpayers. But first, … Continue reading “IRS Ruling: Crypto Currency Staking Rewards Are Taxable When Received”
🖨 Print⏱ 6 min readThis article is not for those of you who prepare your own tax returns. Let us face it, when you prepare your own return, you are responsible for what is or is not included on the forms. What if you have a CPA or other tax practitioner prepare your annual state … Continue reading “Your Tax Return “Whose Responsibility Is It?” Reboot”
🖨 Print⏱ 3 min readThe US tax system is progressive, meaning that the more you earn the more you pay. For the years 2020-2022 there are seven different brackets for each year. Which bracket you are in depends on your taxable income; however, your bracket does not equal your tax rate. Tax brackets work so … Continue reading “2020 Vs 2021 Vs 2022 Federal Income Tax Brackets”
🖨 Print⏱ 3 min readSales and trading of nonfungible tokens (NFTs) are soaring recently. With the emergence of major marketplace platforms such as Opensea, NFTs are no longer an obscure segment of the blockchain technology world. Even old guard auction houses such as Sotheby’s are getting in on the action. In early September, the auction … Continue reading “Why the IRS Should Love NFTs”
🖨 Print⏱ 2 min readSenate rules and procedures have a major impact on how tax laws are drafted and amended, especially when it comes to those related to the budget reconciliation process. Budget reconciliation is a separate Senate procedure established by the Congressional Budget Act (CBA) of 1974. The main differentiator is that the reconciliation … Continue reading “How Senate’s Rules Shape Tax Laws”
