On August 27, 2025 the Treasury Inspector General for Tax Administration issued a report that looked at a lesser-known pandemic relief provision that allowed employers and self-employed individuals to defer Social Security tax payments during the pandemic. That report...
With all the resignations and firings in IRS earlier this year that resulted in 26,000 employees leaving the IRS (26% of its workforce), officials at the IRS are now recognizing that this cut was too deep and the agency is having problems in carrying out its duties....
Focus: Charitable Contribution Deductions On July 4, 2025 President Donald J. Trump signed into law H.R.1 - One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law...
The prime benefits of reclassifying cannabis from a Schedule I substance to a Schedule III substance is that the Federal government would recognize medical benefits of cannabis, make Section 280E inapplicable to licensed cannabis operators, and open up financial and...
On June 12, 2025, the Senate confirmed President Donald Trump's nomination of former U.S. Rep. Billy Long of Missouri to be Internal Revenue Service commissioner, clearing the path for him to begin a term that will end in November 2027; but that service ended on...
Focus: Casualty and Business Losses Deduction On July 4, 2025 President Donald J. Trump signed into law H.R.1 - One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into...
Focus: Interest on Car Loans Deduction On July 4, 2025 President Donald J. Trump signed into law H.R.1 - One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in...
Focus: Gambling Losses On July 4, 2025 President Donald J. Trump signed into law H.R.1 - One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were...
Focus: Taxability Of Social Security Benefits and Tax Deduction For Seniors On July 4, 2025 President Donald J. Trump signed into law H.R.1 - One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual...
Focus: Deduction For Tips and Overtime Earnings From Income Tax On July 4, 2025 President Donald J. Trump signed into law H.R.1 - One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates...
