📈 IRS Cracks Down on High Earners & Partnerships — But Will It Last? 💼🔍

A new Treasury Inspector General for Tax Administration (TIGTA) report says that IRS audits of high-income taxpayers and partnerships increased from fiscal years 2020 through 2023. Although audits of large corporations fell during the period, “examination starts” for partnerships rose by 63%. Audit rates of individuals with incomes over $400,000 rose from 5.2% in 2020 […]

🚗💰 New Tax Break Alert: Deduct Up to $10K on Your Next Car!

One of the lesser-known provisions of the One, Big, Beautiful Bill Act is a new deduction for certain vehicle interest. This provision allows taxpayers to deduct up to $10,000 in interest on loans to buy new cars, minivans, vans, SUVs, pickup trucks and motorcycles. Vehicles must be purchased for personal (not business) use and final […]

Bill makes changes to premium tax credits

If you receive Premium Tax Credits (PTCs) under the Affordable Care Act, be aware that the One, Big, Beautiful Bill Act makes some significant changes to the requirements. Beginning in 2028, eligible individuals must annually verify household income, immigration status and place of residence. Previously, many insured individuals were allowed to automatically re-enroll annually. And […]

Bill makes changes to student loan debt

The One, Big, Beautiful Bill Act (OBBBA) makes changes to two types of student loan debt. Forgiven student loan debt generally is treated as taxable income, but tax-free treatment is available for student loan debt forgiven after Dec. 31, 2020, and before Jan. 1, 2026. Under the OBBBA and beginning in 2026, only student loan […]

⏳ Extended Tax Filing Deadline Is Oct. 15 — Don’t Wait to File

If you requested an extension to file your tax return after the April 15, 2025, due date, the extended deadline is Wednesday, Oct. 15. If you have the information you need, you may want to file now. There’s no advantage to waiting, and last-minute filing may lead to worry. If you’re concerned about paying any […]

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 […]