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 […]

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 […]

Revenge Tax was cut from Bill

The One, Big, Beautiful Bill cuts one proposal. That’s Sec. 899, a proposal to increase taxes on individuals associated with countries that impose unfair taxes on U.S. companies. Sometimes called a “revenge tax,” it focuses mainly on areas such as digital service taxes and the global minimum tax developed by the Organization for Economic Cooperation […]

St Louis receives disaster declaration

The IRS recently declared disaster-related tax relief for St. Louis, MO, and areas surrounding the city for individual and business taxpayers affected by storms that began May 16, 2025. This is only one of many U.S. regions that have received tax deadline extensions and other considerations from the IRS in 2025. If you live in […]

SALT limitation is Senate Bill

On June 28, 2025, the U.S. Senate advanced The One, Big, Beautiful Bill in a 51–49 procedural vote. After that, lawmakers began an hours-long debate process before a final vote. The bill has undergone significant changes since it passed in the U.S. House. One notable change is in the state and local tax deduction cap, […]

ETAAC releases its 2025 annual report

The IRS Electronic Tax Administration Advisory Committee (ETAAC) released its 2025 annual report with recommendations for both the tax agency and Congress. Among other things, the committee recommends that the IRS update its tax return forms to enhance security and combat fraud and identity theft. It also recommends that the tax agency build on its […]

IRS reminds newlyweds to check withholding to avoid surprises

It’s wedding season, a time that’s generally filled with celebrations, gifts and planning. Amid the excitement, taxes might be the last thing on your mind. But the IRS reminds newlyweds to take a few key steps. Next year, for 2025, you’ll be filing your first tax return as a married person. That could affect the […]

IRS Taxpayer Advocate reviews filing season challenges

The IRS National Taxpayer Advocate Erin Collins recently released a “Fiscal Year 2026 Objectives Report to Congress.” Although she described the 2025 filing season as “one of the most successful in recent memory,” she warned of potential risks the agency must prepare for in 2026. The risks stem from a 26% reduction in the IRS […]

Bill addresses deduction of R&E expenses

Before the Tax Cuts and Jobs Act limited the deductibility of research and experimentation (R&E) expenses in 2022, businesses could deduct them in the year they were incurred. Currently, R&E expenses must be capitalized and amortized over five years for domestic activities and 15 years for foreign activities. Some companies complain that the current law […]