Let’s start by reviewing how gambling losses have traditionally been handled. Under prior tax law, gambling losses could...
Understanding Gambling Loss Deductions Under the One Big Beautiful Bill Act
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One Big Beautiful Bill: Trump Accounts
The One Big Beautiful Bill Act (OBBBA) has allowed for the creation of a new tax-deferred savings account for individuals...
The One Big Beautiful Bill: Permanent Renewal of Qualified Business Income Deduction
A huge sigh of relief for small business owners—the Qualified Business Income (QBI) deduction has been made permanent by...
Changes to Research & Development Costs under the OBBBA
The One Big Beautiful Bill Act (OBBBA) has introduced a new Section 174A, which alters the tax treatment of Research and...
“No Tax on Overtime” – Too good to be true?
You have likely heard the buzz about a potential provision for “No Tax on Overtime” in the One Big Beautiful Bill, passed...
The One Big Beautiful Bill: Tax Implications for Individuals Claiming Dependents
With the OBBBA becoming finalized on Independence Day 2025, there are several changes for individual taxpayers that may...
$6,000 Additional Senior Deduction
With the passing of the One Big Beautiful Bill (OBBB), everyone is asking themselves, “How will these changes impact me?”...
Extension and Enhancement of Reduced Tax Rates Under the One Big Beautiful Bill Act: What It Means for Taxpayers
Introduction: The recently signed One Big Beautiful Bill Act includes several notable updates to the tax code, with one of...
From TCJA to OBBB: The New Rules for Standard Deductions and Exemptions
Recent IRS data has suggested that roughly 90% of taxpayers claim the standard deduction on their individual tax return as...
The One Big Beautiful Bill: Tax Implications Now That It Has Been Signed Into Law
The One Big Beautiful Bill Act (OBBBA), a sweeping tax and policy reform package, has officially passed both the House and...
ACA Reporting Requirements Revised for 2025
Thanks to the recently enacted Employer Reporting Improvement Act and Paperwork Burden Reduction Act, two key changes will...
IRS Announces 2025 Retirement Plan Contribution Limits
The IRS has released the updated contribution limits for retirement plans in 2025. These changes apply to 401(k), IRA,...