The House has passed a sweeping tax and spending bill

On May 22, the U.S. House passed the sweeping tax and spending bill by a vote of 215 to 214. The One, Big, Beautiful Bill now goes to the U.S. Senate, which is likely to make changes. It includes extensions of many provisions set to expire Dec. 31, along with some new and enhanced tax […]

Tax on Social Security

As debate among House Republicans continues, the campaign promise to end tax on Social Security benefits isn’t included in the current version of “The One, Big, Beautiful Bill.” However, seniors haven’t been forgotten. There’s a proposed provision for an enhanced deduction of $4,000 for eligible filers age 65 or older. To be eligible, modified adjusted […]

New Energy Efficient Home (45L) Credit may be terminated

Heads up if your construction business builds homes: The tax bill working its way through Congress terminates the New Energy Efficient Home (45L) Credit. The credit is designed to incentivize builders to construct energy-efficient single- and multifamily homes. Currently, eligible contractors that build or substantially remodel homes can claim federal tax credits of up to […]

SALT tax

Even though the U.S. House Ways and Means Committee has approved a $3.8 trillion budget reconciliation bill, unresolved issues remain. Legislators who comprise the so-called SALT caucus, including Republicans from New York and California, aim to either raise or eliminate the current $10,000 cap on deducting state and local taxes. Some of these lawmakers claim […]

SALT Cap Workarounds for Some Pass-Through Entities Are Threatened

SALT Cap Workarounds for Some Pass-Through Entities Are Threatened by One, Big, Beautiful Bill https://bit.ly/43scMx3

How innocent spouse relief can help certain taxpayers

MAGA Accounts in the Trump Tax Bill

On May 14, the House Ways and Means Committee voted to advance “The One, Big, Beautiful Bill,” which contains President Trump’s tax priorities. One provision in the bill is a new savings option for children under age 8. If enacted, the tax-advantaged vehicles will be called Money Accounts for Growth and Advancement (MAGA). Eligible children […]

Did you miss it?

April 15 is tax day for most individual filers, but May 15, 2025, is the big day for not-for-profit organizations that operate on a calendar-year basis. Depending on a public charity’s income and assets, it’s generally required to file Form 990, 990-EZ or 990-N. Private foundations must file Form 990-PF. All of these are informational […]

Draft Bill released

The U.S. House tax-writing committee released a draft bill on May 12 that increases the state and local tax (SALT) cap. Currently, there’s a $10,000 limit on the SALT deduction. The proposed bill raises it to $30,000 for taxpayers with incomes of $400,000 or less. Also included in the draft bill: increasing the Child Tax […]

State Implications of the One, Big, Beautiful Bill

State Implications of the One, Big, Beautiful Bill https://bit.ly/43QDG1Z