IRS Details New Deductions for Tips, Overtime, Car Loans, and Seniors.
The IRS has outlined key provisions of the One Big Beautiful Bill Act (P.L. 119-21), signed into law on July 4, 2025, that introduce new deductions beginning in tax year 2025. The deductions apply through 2028 and cover qualified tips, overtime pay, car loan interest, and a special allowance for seniors.
Tax Provisions of Interest in the Enacted 2025-26 New York Budget Bill
It’s hard for New York tax issues to get any bandwidth with the federal government turning on tariffs, turning off tariffs, arguing about SALT deduction caps, proposing to take away pass-through entity taxes for certain businesses, etc.
AICPA urges IRS to meet needs of taxpayers, preparers during filing season From staff reports February 16, 2025
AICPA leaders said Sunday the IRS should consider the needs of taxpayers and preparers as officials make plans to carry out President Donald Trump’s direction to cut the federal workforce.
Free File program now open; Direct File available starting Jan. 27 for taxpayers in 25 states
WASHINGTON — The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.
NY lawmakers are looking to change the SALT cap
The State and Local Tax Deduction (SALT) allows taxpayers who itemize expenses when filing their federal taxes to deduct certain taxes paid to state and local governments.
Fire Drill Update: FinCEN BOI Report Date Now January 13
Yesterday, we reported that the Fifth Circuit Court of Appeals immediately reinstated FinCEN BOI filing requirements. But there’s good news—later yesterday, the Treasury Department extended key deadlines to allow more time for compliance.
Nationwide Injunction Halts Corporate Transparency Act Enforcement
A U.S. District Judge issued a nationwide preliminary injunction prohibiting FinCEN from enforcing the Corporate Transparency Act (CTA) and the final rule implementing it (Reporting Rule) on Dec. 3 in the case Texas Top Cop Shop, Inc. v. Garland (E.D. Tex.).
2022-2023 Tax Brackets Changing
Home About Us Services Individual Services Business Services Farm Services IRS/Tax Issues Racing Services FAQ’s News Contact Us Call Us 2022-2023 Tax Brackets Changing America’s income tax rates are staying the same for the current tax season and next year’s. But the tax brackets—the buckets of income that are charged at progressively higher rates—have undergone […]
$80 Billion to the IRS: What It Means for You
For the business owner and tax practitioner, the most important part of the Inflation Reduction Act of 2022 was not the tax credit for flashy new electric cars.
Do you use Venmo, Pay Pal, Cash App or other platforms? You will want to read this…
A new law that requires cash apps and online marketplaces, including Venmo and eBay, to send tax documents to millions of Americans is ensnaring a surprising demographic: the wealthy.