Unraveling the 2025 Tax Overhaul: How New Laws Could Impact You

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Article Highlights Standard Deductions Increased New Senior Deduction Qualified Sound Recording Production Expenses Required Minimum Distributions (RMD) No Tax on Tips No Tax on Qualified Overtime New Vehicle Loan Interest…

How the One Big Beautiful Bill Act Transforms R&E Tax Strategies for Businesses

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Article Highlights: One Big Beautiful Bill Act What Constitutes R&E Expenses R&E Expensing– A Short History R&E Expensing After the OBBBA Domestic vs. Foreign Differentiation Options to Accelerate Expenses…

IRS Shifts to Paperless Refunds: What This Might Mean for You

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Article Highlights: Executive Order The Impetus Behind the Transition Challenges Facing Unbanked Taxpayers Proposed Solutions and Alternatives In a move set to redefine the refund process, the Internal Revenue Service (IRS),…

The IRS Just Got Leaner—But Not Softer on Enforcement

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The IRS is going through what you might call an identity crisis. Thousands of employees have been laid off right in the middle of tax season, including auditors, tech staff, and even customer service reps. Throw in yet another commissioner swap…

Occupations Qualified for Tip Deduction Released

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Article Highlights: Draft List of Occupations: Beverage & Food Service Entertainment and Events Hospitality and Guest Services Home Services Personal Services Personal Appearance and Wellness Recreation and…

Last Chance: The One Big Beautiful Bill Countdown on Key Energy Tax Credits

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In recent years, as the conversation about climate change has intensified, the federal government sought to encourage homeowners and consumers towards sustainable energy solutions by providing tax credits for various green initiatives. The installation…

Got an IRS Notice? Here’s How to Handle It Without Losing Sleep

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Few things can rattle a business owner faster than seeing “Internal Revenue Service” on an envelope. The instinct is to panic. But the truth? An IRS notice doesn’t automatically mean you’ve done something wrong. In 2025, notices are…

Understanding the New Deduction for Overtime Under the OBBBA: A Comprehensive Guide

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The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction…

Flat Tax Fever? States Ramp Up 2025 Income Tax Overhauls

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Many U.S. states are considering or implementing flat income tax systems. These policies apply a single tax rate to all taxpayers regardless of income. While supporters say these reforms simplify tax codes and spur economic growth, critics argue…

Tax Bill Clears the House: What It Means for Americans and What’s Next

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On May 22, the U.S. House of Representatives passed a sweeping tax package, advancing a bill that could significantly reshape the federal tax landscape heading into the 2025 filing season. Dubbed by supporters as “The One Big Beautiful Bill,”…