gamblers won’t like a coming rule change

The One, Big, Beautiful Bill Act (OBBA) includes a tax rule change that professional gamblers will detest. Previously, gamblers were allowed to deduct 100% of their losses, up to the amount of their gambling winnings. Under the OBBBA, beginning in 2026, gamblers can deduct from their winnings only 90% of their losses for a tax […]

Tariffs are back in the news

President Trump has announced a new round of steep tariffs on 14 countries beginning August 1, 2025. He sent signed form letters to the leaders of the 14 countries with these tariff rates: 40% on imports from Laos and Myanmar; 36% for Cambodia and Thailand; 35% for Bangladesh and Serbia; 32% for Indonesia; 30% for […]

⚠️ Deepfake Scams Are Rising — Don’t Be the Next Victim

You may have heard the term “deepfake” in the news. In a recent blog, the Association of Certified Fraud Examiners (ACFE) calls this “synthetic identity.” It’s not new, but it’s growing fast. Using AI and other tools, fraudsters blend real and fake data to create convincing identities. Some pose as IRS agents, law enforcement or […]

Trump Bill makes many deductions permanent

After months of debate, the law known as the One Big Beautiful Bill Act was enacted on July 4. It includes favorable changes that will affect individuals and businesses. It makes permanent and expands many tax provisions that were scheduled to expire at the end of the year. For example, the 2025 standard deduction is […]

Your IRA can help with more than retirement

If you have a traditional or Roth IRA account, you’re likely familiar with its retirement-saving benefits. What you may not know is that funds in your IRA can be used to purchase your first home or fund your child’s higher education expenses. Indeed, exceptions for IRA withdrawals allow you to take a penalty-free distribution of […]

Trump Accounts

The One, Big, Beautiful Bill includes a new, tax-friendly provision that would benefit babies born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens. The so-called Trump Accounts are government-funded with $1,000 when parents open them. A maximum of $5,000 can be contributed to a Trump Account during any given year. The […]

The U.S. Senate passes its version of President Trump’s tax bill

The U.S. Senate passed its version of The One, Big, Beautiful Bill (OBBB) by a vote of 51 to 50 on July 1. (Vice President J.D. Vance provided the tiebreaking vote.) At its core, the massive bill is similar to the bill passed by the U.S. House of Representatives last May. It includes extensions of many […]

Deficit will increase with passage of Trump’s Tax Bill

In a 51-50 vote (with Vice President Vance as the tie breaker), the U.S. Senate passed President Trump’s tax bill on July 1. The bill will add at least $3.3 trillion to the federal deficit, $800 billion more than the U.S. House’s bill, according to the nonpartisan Congressional Budget Office. As expected, the Senate’s bill […]

Dispute with the IRS?

Taxpayers in a dispute with the IRS may want to explore mediation. Often referred to as “alternative dispute resolution,” mediation offers a faster, more streamlined, less stressful path to resolution. It’s a voluntary, nonbinding process, meaning both parties retain full control and aren’t required to accept the outcome. Mediation can help avoid lengthy appeals and […]

The House passes The One, Big, Beautiful Bill Act: An overview of its tax provisions

The U.S. House of Representatives passed its sweeping tax and spending bill, dubbed The One, Big, Beautiful Bill Act (OBBBA), by a vote of 215 to 214. The bill includes extensions of many provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on December 31. It also includes some new and […]