What are the Highlights of the OBBBA? Taxpayers who worried about the expiration of several tax cuts from the Tax Cuts and Jobs Act of 2017 can now breathe easier. The One Big Beautiful Bill Act made most of...
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A New $6,000 Tax Break for Seniors The One Big Beautiful Bill Act, signed in July, creates a special deduction for Americans age 65 and older. It provides a deduction worth up to $6,000 a year in tax years...
Employer Guidance: 2025 Overtime-Premium Reporting & IRS Relief As tax year 2025 marks a transition for the overtime premium deduction under the One Big Beautiful Bill Act (OBBBA), please be aware of the following updates and feel free to...
Bonus Depreciation Under the OBBBA Depreciation is the tax process of spreading the cost of an asset over the years it is expected to be useful. Bonus depreciation is different: It is a tax incentive that allows businesses to...
OBBBA and Pass-Through Entities Signed into law on July 4, the One Big Beautiful Bill Act significantly impacts how pass-through entities are taxed at the federal level. S corporations, partnerships, limited liability companies and sole proprietorships are the most...
OBBBA: Learning the Deduction Details The OBBBA law is long, but the IRS has summarized some of the most significant provisions: No tax on tips Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received...
The OBBBA: An Overview of Major Provisions The One Big Beautiful Bill Act became law on July 4, 2025. The new law, which is generally regarded as pro-business, contains significant tax changes for businesses and individual taxpayers alike. Here...