Fees on electric cars in the House Bill

The U.S. House version of The One, Big, Beautiful Bill contains a provision that may surprise electric and hybrid vehicle owners. If enacted into law, the bill would impose an annual fee on clean energy cars: initially $250 for EVs and $100 for hybrids, with yearly rates pegged to inflation. Republican lawmakers say the fees […]

Celebrating Freedom – Happy 4th of July from Van de Ven CPAs 🎆

The 4th of July is more than a celebration—it’s a moment to reflect on the courage, vision, and values that shaped our nation. It reminds us of the freedom and opportunity we’re privileged to enjoy and the responsibility we share to uphold those ideals every day. At Van de Ven CPAs, these principles inspire our […]

Missouri’s Billy Long takes the helm at the IRS

Billy Long was sworn in as the 51st commissioner of the IRS on June 16. He’ll finish out the term of his predecessor, Danny Werfel, who resigned as IRS commissioner on Jan. 20, 2025. Long served as a U.S. representative for Missouri’s 7th Congressional District from 2011 to 2023. He said he plans to develop […]

What happens to Clean Energy in the Tax Bill?

Republican lawmakers are proposing to make cuts to several clean energy initiatives created or enhanced by the Inflation Reduction Act. The U.S. House’s version of The One, Big, Beautiful Bill repeals the $7,500 credit for new clean vehicles and the $4,000 credit for used clean vehicles after Dec. 31, 2025. Clean vehicles include qualified plug-in […]

Avoid this tax trap

Have you recently changed jobs? You may want to roll over funds in your former employer’s 401(k) plan to an IRA. But there’s a tax trap for the unwary. You can avoid it by arranging for a direct trustee-to-trustee transfer from the plan to your IRA. Why a direct transfer? If you receive 401(k) funds […]

What’s happening with bonus depreciation?

Do business owners fare better under The One, Big, Beautiful Bill passed by the U.S. House or the version recently released by the U.S. Senate Finance Committee (SFC)? Both include key provisions that affect domestic businesses. Under current law, first-year bonus depreciation (now at 40%) will phase out entirely by 2027. The House bill proposes […]

The IRS’s Pre-Filing Agreement

The IRS’s Pre-Filing Agreement (PFA) program is designed to help resolve tax issues and produce greater tax certainty for large and international companies. Recently, the IRS introduced several enhancements. It launched a new landing page that offers program metrics, process overviews and dispute resolution tools. It also now provides step-by-step instructions on how to submit […]

Senate and House Bills agree on many points

There are several points of disagreement between U.S. House and Senate Republicans on the tax provisions to be included in The One, Big, Beautiful Bill. But the lawmakers appear to agree on others. For example, both the House bill and the Senate Finance Committee’s version include a tax credit for contributions to organizations that grant […]

Social Security Insolvency

The long-term solvency of Social Security has been a topic of concern for Congress and individual taxpayers for years. The Social Security Board of Trustees recently estimated that Social Security’s trust funds will be unable to pay full benefits beginning in 2034, instead of last year’s estimate of 2035. After 2034, Social Security would be […]

Some details on the Deduction for Tips in the House Bill

The One, Big, Beautiful Bill passed by the U.S. House introduces a deduction from income for amounts that eligible taxpayers receive from tips. Tipped workers wouldn’t be required to itemize deductions to claim the deduction. However, they’d need a Social Security number to claim it. The deduction would expire after 2028. The Senate Finance Committee’s […]