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Around the Tax World- September 24, 2026
In The HeadlinesFederal interest rates are rising for the first time since 2023.
What's New In The Tax World?Will the current tax laws help or hurt Republicans going into the midterm elections?
State-By-State-UpdatesCalifornians are split over the proposed “billionaires tax.”
Tax Planning TipsClean energy tax credits have become a buyer’s market
READ MOREAround the Tax World- April 23, 2026
In The HeadlinesJust how bad is the energy crisis? Experts assess the impact of the ongoing war in Iran.
What's New In The Tax World?Despite the OBBBA tax cuts, polls show that most Americans think they are overpaying on taxes—a sentiment that could impact midterm elections
State-By-State-UpdatesHawaii’s climate cruise tax is blocked by an appeals court—what’s next?
Tax Planning TipsAs annuity sales reach record growth levels, what does this mean for tax planning?
Around the Tax World- April 9, 2026
In The HeadlinesPresident Trump projects an end to the war in Iran in April, causing stocks to rally.
What's New In The Tax World?Did you know tax assessments have an expiration date? Here’s what to know.
State-By-State-UpdatesAlaska struggles with lost revenue from properties erroneously claiming a tax exemption.
Tax Planning TipsAre your investments tax-advantaged—and if not, what needs to change?
Around the Tax World- march 25, 2026
In The HeadlinesThe Federal Reserve keeps interest rates as-is but alludes to a future cut.
What's New In The Tax World?The National Taxpayer Advocate anticipates 2026 challenges due to staffing reductions and retroactive changes to tax law
State-By-State-UpdatesCalifornia adds animated and competition TV shows to its Film & Television Tax Credit Program.
Tax Planning TipsHow do the OBBBA tax policies impact retirement planning?
Around the Tax World- march 10, 2026
In The HeadlinesThe Trump administration takes a 10% stake in Intel.
What's New In The Tax World?The IRS has released a new OBBBA schedule: Taxpayers can now claim a tax exemption on tips, overtime, and car loan interest
State-By-State-UpdatesCalifornia lawmakers are torn over a new gas tax study.
Tax Planning TipsHow could A.I. impact the way taxpayers approach filing season?
Around the Tax World- February 24, 2026
In The HeadlinesTariffs and A.I. top the “Global Risks Report” for 2026.
What's New In The Tax World?Why are tax refunds being issued more slowly this year—and how might this impact the economy?
State-By-State-UpdatesGeorgians could see an extra $500 through the surplus tax refund program.
Tax Planning TipsHeirs are waiting for more than a year to receive tax refunds after a loved one’s death
Around the Tax World- February 10, 2026
In The HeadlinesA.I. is headed to outer space: Elon Musk closes a record-setting deal as SpaceX acquires startup xAI.
What's New In The Tax World?What’s new with the clean fuel tax credit?
State-By-State-UpdatesCalifornia’s proposed mileage tax won’t make it onto the highway just yet.
Tax Planning TipsThese are the scams to watch out for this tax season
Around the Tax World- January 27
In The HeadlinesHow will the “sell America” trade impact U.S.-centric investments?
What's New In The Tax World?Has your state resolved to lower individual income taxes in 2026?
State-By-State-UpdatesAlabama cities filed a lawsuit against the internet sales tax—now the legislature is pushing back.
Tax Planning Tips2026 could be the year you reap maximum benefits from homeowner tax deductions
Around the Tax World- January 8
In The Headlines2026 kicks off with labor market concerns and a slowly rebounding stock market.
What's New In The Tax World?The long-debated ACA health subsidies have expired—what’s next?
State-By-State-UpdatesCalifornia asks an important question: is a tax on billionaires worth losing a few?
Tax Planning TipsElon Musk donates $100 million Tesla shares to charity before the year-end.
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CURRENT EDITION
D&A Planning After the One Big Beautiful Bill Act
After 2021, whether an expenditure was deducted currently or recovered through depreciation often affected timing, but it typically did not create a meaningful advantage from a Section 163(j) perspective. The restoration of depreciation, amortization, and depletion addbacks in the computation of adjusted taxable income (“ATI”) has changed that analysis and created a new opportunity for taxpayers with actual or anticipated interest limitation exposure. As a result, taxpayers should reconsider whether certain expenditures that historically may have been deducted immediately can instead be capitalized into depreciable or amortizable property in order to improve their Section 163(j) profile.
What To Watch Out For With Family Limited Partnerships
The story of Anne Milner Fields is one of the reasons family limited partnership (FLP) opinions appeal to me so much. Born in 1925, she grew up in a small town in Texas and then moved to Dallas where she got a job as a secretary and met prominent oil man Bert Fields Sr. They married, and she lived the life of a socialite until he died in 1963. She consciously turned herself into a businesswoman, going so far as to take accounting courses. Having no children or grandchildren, she took her grandnephew, Bryan Milner, under her wing, paying for his education and mentoring him. In 2010, the year she turned 85, she made him executor of her estate and gave him a general power of attorney. He was also set to inherit the residue of her estate after some specific bequests. I really think we have the elements of a novel or a TV miniseries here, but we are tax people, so we are going to focus on how Anne’s estate tax was handled after she passed. It didn’t go well.
Tax Research in an AI World
It has never been harder to do quality tax research than at any time in my 43-year career in tax accounting. In the 1980s, when I was part-time in the industry, there was no internet. Since I was part-time, I ordered Publications 1132, 17, and 334. The rest I found at the library. A few hearty souls might even remember when the post office had stacks of tax forms for the public. Once I went full-time for the 1989 tax season I needed more resources. CCH was my tool of choice. I still used IRS publications and the library. My handy reference guide of choice was, and still is, the QuickFinder. I never used TaxBook much, but it is another good resource for general answers. Then came the internet. The promise was that we would have the world at our fingertips. And for the large part we did, only we forgot some things we would rather keep at an arm’s length. The internet slowly allowed us to replace rooms in our office filled with tax guides and forms with online resources. Law offices and accounting firms often wrote tax articles on narrow tax subjects. Research was easier than ever.
Then came AI.
