Thinking of Donating to Charity? 2025 Is the Year to Do It

The last quarter of 2025 is nearly here. It’s a time when many people determine their year-end charitable donation strategy. In light of changes under the new tax law, it might be smart to rethink your 2025 giving. Beginning in 2026, you can deduct donations only to the extent they exceed 0.5% of your adjusted […]

New IRS Rule Lets Tip Earners Deduct Up to $25K—Find Out If You Qualify

IRS guidance is now available for the new tax deduction for workers who earn tips. The proposed regulations identify eight categories of jobs that qualify for the tip deduction. They include food service and hospitality workers, gambling dealers, home maintenance workers, golf caddies, and many others. “Qualified tips” are tips paid in cash or a […]

Yes, You Can File a Complaint About the IRS—Here’s How

Most IRS employees you might come in contact with are professionals committed to problem-solving and fair outcomes. However, there may be some bad apples. What should you do if you have a complaint about an IRS employee or the way an issue is being handled? The IRS instructs taxpayers to contact the Treasury Inspector General […]

Seniors, Tip Earners, Car Loan Payers — This Tax Update’s for You

Certain taxpayers will claim deductions made available by the One Big Beautiful Bill Act on a new tax form. These include new deductions for seniors, those who earn tips or overtime, and taxpayers who pay eligible interest on car loans. The IRS has released a draft of the new Schedule 1-A, Additional Deductions (https://bit.ly/4nkYaZ1). It’s […]

Fed Lowers Benchmark Rate Amid Cooling Labor Market

For the first time this year, the Federal Reserve has approved an interest rate cut. The Fed opted for a quarter-point reduction to the central bank’s benchmark rate. The rate range is now set at 4% to 4.25%. According to Fed Chair Jerome Powell, one reason for the reduction is that “the labor market is […]

Crunch Time on Capitol Hill: PTCs Hold Up Government Funding Deal

A Sept. 30 deadline to fund the government for fiscal year 2026 is approaching. Republican lawmakers introduced a continuing resolution (CR) to fund the government until Nov. 21, 2025. A sticking point is that many Democrats and some Republicans want to extend an enhancement to the Affordable Care Act’s Premium Tax Credits (PTCs). Beginning in […]

Avoid This 401(k) Rollover Tax Trap

If you’re leaving a job soon and you have a 401(k), you may want to roll it over into an IRA. However, beware of a potentially costly tax trap before you act. To keep your savings growing tax-deferred, the safest move is to arrange a direct trustee-to-trustee transfer from the 401(k) to your IRA. If […]

FinCEN Reviewing Corporate Transparency Act Rules After Suspension

Recently, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki updated a U.S. House Financial Services subcommittee on Corporate Transparency Act requirements. In March 2025, FinCEN suspended a mandate for U.S. companies and individuals to submit beneficial ownership information to the government. (Foreign companies and individuals must continue to comply.) However, many U.S. entities had already […]

EV Tax Credits Expire Soon – Act Before Sept. 30, 2025!

The clock is ticking on the availability of federal tax credits for buying an electric vehicle (EV) or other eligible clean vehicle. Credits of up to $7,500 for a new EV and $4,000 for a previously owned EV are scheduled to expire after Sept. 30, 2025. Recent data shows that car buyers have been rushing […]

CBO Lowers 2025 Economic Growth Forecast

The Congressional Budget Office (CBO) has published an update to its economic forecast. According to the CBO, President Trump’s tariffs, the tax provisions of the One Big Beautiful Bill Act (OBBBA) and lower net immigration are likely to have competing effects on the economy. For 2025, the growth of real gross domestic product is 0.5 […]