Sales Tax Holidays by State

Sales Tax Holidays by State, 2025 | Sales Tax Free Weekends https://bit.ly/4mdORJv

💸 New 1% Tax on International Money Transfers Starts in 2026

Do you send money to someone in another country? If so, because of a lesser-known provision of the One, Big, Beautiful Bill Act, the money you send may be subject to a tax, beginning in 2026. The 1% excise tax applies to transfers of cash or cash equivalents from a sender in the United States […]

🚨 Paper Tax Refund Checks Being Phased Out — AICPA Raises Concerns

In March 2025, President Trump issued an executive order to phase out paper-based Treasury checks, including those for tax refunds, by Sept. 30, 2025. On May 30, 2025, Treasury requested public comments on the plan and received 250 replies, mostly from tax professionals. The American Institute of CPAs (AICPA) expressed concern about the speed of […]

$25K Tip Deduction? Yes, It’s Real — But Not for Everyone

The IRS has provided information on how certain provisions in the new law, including no tax on tips, should be executed. Employees and self-employed workers in certain professions (for example, food servers and bartenders) may deduct up to $25,000 in cash or credit card tips paid voluntarily by their customers. Tip income should be reported […]

Separation of Church and State Just Got Blurry

The IRS is clearing the way for churches to endorse or oppose political candidates without the fear of losing their tax-exempt status. This reverses decades of legal precedent. A recent court filing (https://bit.ly/4nLd23r ) essentially revokes the enforcement of the 1954 Johnson Amendment. That amendment prohibited nonprofits from endorsing or opposing candidates in order to […]

Executive Order issued to terminate credits on Wind and Solar Facilities

President Trump signed an executive order (EO) instructing the Treasury Dept. to “strictly enforce the termination of the clean electricity production and investment tax credits” for wind and solar facilities. These are the credits revised or eliminated by the One, Big, Beautiful Bill Act (OBBBA). The EO also requires stricter rules concerning foreign-controlled companies involved […]

A new deduction in the One, Big, Beautiful Bill

Now that the One, Big, Beautiful Bill Act is law, certain older taxpayers can enjoy a new tax break. For 2025 through 2028, those age 65 and up can claim a senior deduction of up to $6,000. For married couples filing jointly, if both spouses are at least 65, they can deduct $12,000. The deduction […]

QBI becomes permanent in Tax Bill

Some business owners got welcome news with the One, Big, Beautiful Bill Act (OBBBA). The new law makes the qualified business income (QBI) deduction permanent and enhances it. (The 20% deduction was set to expire after 2025.) Certain limits reduce or eliminate the deduction based on taxpayer income. For 2025, the ranges over which these […]

Texas Disaster area declarations

As expected, President Trump has declared areas of Texas, including Kerr County, federal disaster areas. Individuals and businesses affected by storms that began July 2, 2025, now have until Feb. 2, 2026, to file returns and make tax payments that would have been due on or after July 2. This includes returns with valid extensions […]

Don’t Get Scammed: How to Spot Fake IRS Emails & Messages

How do you know if an email or text message purportedly from the IRS is real? Criminals are increasing their misuse of electronic messages, social media and even U.S. mail to trick taxpayers into giving up sensitive information or making payments. The IRS is warning that it never contacts taxpayers via digital channels without prior […]