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

Trump’s “one big, beautiful bill”

House Republicans continue to hash out the details of President Trump’s “one big, beautiful bill.” The bill Republicans hope to pass by Memorial Day would extend many provisions in the Tax Cuts and Jobs Act. It would also contain border, energy and defense policies and create new tax breaks promised by Trump on the campaign […]

A Breakthrough is US-China tariff dispute

There’s been a breakthrough in the U.S.-China tariff dispute. The two countries have announced a temporary, substantial reduction of reciprocal tariffs. The new measure will be in effect for 90 days. Specifically, the U.S. will cut tariffs on Chinese imports from 145% to 30% and China will ease tariffs on U.S. imports from 125% to […]

EPA plans to sunset Energy Star Program

After 33 years, the U.S. Environmental Protection Agency (EPA) plans to sunset the Energy Star program. This public/private partnership certifies energy-efficient appliances and other products that meet certain federal government standards. The popular program has provided tax breaks, including federal tax credits, to eligible taxpayers and helped lower consumers’ utility bills. According to nonpartisan analysts, […]

Understanding the “step-up in basis” when inheriting assets

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. […]

Who is audited and why are they audited part of questions to Treasury Secretary

In a recent U.S. House Appropriations Financial Services and General Government Subcommittee hearing, Treasury Secretary Scott Bessent discussed several topics, including how the IRS would ensure the equitable distribution of enforcement actions. Bessent said the agency was reviewing current processes, including “who is audited and why they are audited.” Committee members, including some Republicans, expressed […]