On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. New Threshold For Issuance Of 1099’s Effective […]
On November 10, 2025 the Treasury Department issued new guidance allowing crypto exchange-traded products (ETPs) to stake digital assets and share staking rewards with retail investors. This applies to crypto ETPs that hold or track major digital assets such as Ethereum (ETH), Cardano (ADA), Solana (SOL) – or any other token that can be staked and […]
If you receive a math error notice from the IRS, it means the agency found a discrepancy on your tax return and automatically corrected it but do not assume that the IRS computers are right. Instead, you should review the notice carefully and respond within 60 days if you disagree. Common Types of “Math Errors” […]
Focus: Bonus Depreciation On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. Prior law Before the […]
At midnight on October 1, 2025, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as the lapse in funding continues more Federal government functions will be shutdown. The […]
Focus: Increase In Unified Credit (Estate & Gift Tax) On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the […]
Treasury Secretary Bessent Taps Frank Bisignano As “IRS CEO” To Head The Agency On October 6, 2025,U.S. Secretary of the Treasury and Acting Commissioner of the Internal Revenue Service Scott Bessent announced that Commissioner of the Social Security Administration Frank Bisignano will serve as Chief Executive Officer (CEO) of the IRS. In this newly created […]
At midnight on October 1, 2025, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as the lapse in funding continues more Federal government functions will be shutdown. The […]
Due dates for eligible returns and payments postponed to September 30, 2026. On September 30, 2025 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by the ongoing conflict in the State of Israel. These taxpayers now have until September 30, 2026, to file various federal returns, make tax payments and […]
The U.S. Tax Court’s recent decision in Ayla A. Savage v. Commissioner (165 T.C. No. 5, September 11, 2025) delivers a setback to cannabis businesses, by shutting them out of tax benefits available to other industries. The Tax Court’s ruling demonstrates how Section 280E’s restrictions limits cannabis operators’ access to newer tax advantages. Internal Revenue Code Section […]
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