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Around the Tax World- July 10, 2025
In The HeadlinesU.S.-Canada trade talks continue as Canada opts to drop its digital services tax.
What's New In The Tax World?Trump’s megabill continues to prove controversial—including forceful pushback from Elon Musk
State-By-State-UpdatesIllinois sees a slew of mid-year changes to its taxes and other laws.
Tax Planning TipsHow might the new tax and spending bill change your income tax bracket?
READ MOREAround the Tax World- December 9, 2022
World NEWS - Prosecutors in the Trump Organization trial claim that the former president sanctioned tax fraud...
U.S. NEWS - Taxpayers may see a much smaller tax refund from their 2022 returns...
STATE NEWS - Texas’ tax relief plans may negatively impact public schools…
TAX PLANNING - E-Commerce platforms petition to increase the business transaction threshold under the new tax reporting rules...
Around the Tax World- November 29, 2022
World NEWS - The Supreme Court approved the disclosure of Trump’s tax records to Congress...
U.S. NEWS - Congress receives renewed pressure to revive the expanded child tax credit...
STATE NEWS - The governor of Virginia announces plans to pursue tax cuts in the 2023 budget…
TAX PLANNING - Special tax rules will apply in 2023 for income received through third-party payment platforms...
Around the Tax World- November 10, 2022
World NEWS - Donald Trump files an emergency request to stop his personal tax returns from being disclosed...
U.S. NEWS - President Biden threatens to introduce a windfall tax on oil companies as profits surge...
STATE NEWS - Arkansas brings in unexpectedly high tax revenue…
TAX PLANNING - Tax experts estimate that 40% of American households will not pay federal income tax for 2022...
Around the Tax World- October 26, 2022
World NEWS - Jury selection begins for the Trump Organization’s tax fraud trial in New York...
U.S. NEWS - IRS inflation adjustments for 2023 may result in less taxation and more income for taxpayers...
STATE NEWS - A Chicago tax loophole has caused suburban communities to lose $280 million…
TAX PLANNING - President Biden’s elimination of tax credits for electric vehicles assembled overseas sees increased pushback...
Around the Tax World- October 10, 2022
World NEWS - The UK abandons a plan to cut taxes for the nation’s highest income earners…
U.S. NEWS - Two-thirds of US states have implemented tax cuts this year as a result of booming state revenue...
STATE NEWS - Seeking to compensate for declining gas taxes, Virginia launched a pay-by-mile program…
TAX PLANNING - Taxpayers rushing to make the 2022 tax extension deadline on October 17th should watch out for three common mistakes...
Around the Tax World- September 27, 2022
World NEWS - Tesla aims for U.S. tax breaks by looking into battery cell production stateside…
U.S. NEWS - The Inflation Reduction Act’s biggest tax changes impact homeowners and business owners...
STATE NEWS - The Illinois Family Relief Plan features income and property tax rebates...
TAX PLANNING - Which home upgrades could qualify for the new Inflation Reduction Act tax rebates...
Around the Tax World- September 7, 2022
World NEWS - The IRS accidentally made private data publicly accessible for about 120,000 taxpayers...
U.S. NEWS - President Biden’s student loan relief could be taxed in certain states...
STATE NEWS - Idaho approves one-time tax rebates and introduces a new flat tax rate...
TAX PLANNING - Eco-conscious consumers could qualify for over $10,000 in tax credits and rebates under the Inflation Reduction Act...
Around the Tax World- August 25, 2022
World NEWS - The CFO of the Trump Organization confesses to unlawfully taking over $1.7 million in untaxed benefits...
U.S. NEWS - President Biden signs the $430 billion Inflation Reduction Act along with its provision for a corporate minimum tax...
STATE NEWS - Indiana residents are anticipating Automatic Taxpayer Refund checks...
TAX PLANNING - Taxpayers who earn more than $10 in interest from a savings account are required to pay income tax—with a few exceptions...
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CURRENT EDITION
OBBBA Rundown: Provisions Affecting Individuals for 2025
Enacted into law on July 4, 2025, the One Big Beautiful Bill Act is the biggest set of tax law changes since the 2017 Tax Cuts and Jobs Act (TCJA). The provisions discussed in this article impact individual taxpayers for tax year 2025 and must be considered immediately for proactive tax planning purposes, future tax withholding, and estimated tax payment calculations. Clients have questions, and we can generally give them the answers they seek; however, some will require future IRS guidance for complete clarity.
OBBBA Rundown: Provisions Affecting Businesses for 2025
Enacted into law on July 4, 2025, the One Big Beautiful Bill Act is the biggest set of tax law changes since the 2017 Tax Cuts and Jobs Act (TCJA). The provisions discussed in this article impact business taxpayers for tax year 2025 and must be considered immediately for proactive tax planning purposes, future tax withholding, and estimated tax payment calculations. Clients have questions, and we can generally give them the answers they seek; however, some will require future IRS guidance for complete clarity.
Big, Beautiful, and Oh So Salty: SALT and the OBBBA
The SALT cap has been one of the most argued pieces of the One Big Beautiful Bill Act as it has been making its way toward passage. Actually, tax professionals and politicians have been talking about the SALT cap (and looking for ways around it) since it was enacted as part of the Tax Cuts and Jobs Act. As most of you are aware, most TCJA provisions were set to expire at the end of 2025, including the SALT cap. We take a look at where they stand now.