Monthly Archives: September 2026

Planning Strategies to Maximize Higher Caps on State and Local Tax Deductions By Luke Lucas, CPA

Posted on September 21, 2026 by Luke Lucas

The One Big Beautiful Bill Act (OBBBA) expanded the deduction cap on state and local tax (SALT) payments for tax years 2025 through 2029, providing some relief for taxpayers in high-income tax states. However, like most tax laws, the provision comes with limitations and phaseout rules based on taxpayers’ income. The OBBBA temporarily increased the […]

IRS Introduces New, Automated Process for Qualifying Taxpayers to Receive Penalty Relief by Angie Adames, CPA

Posted on September 14, 2026 by Angie Adames

The IRS recognizes that mistakes happen and has long offered qualifying taxpayers relief from certain penalties through its First-Time Abatement (FTA) administrative Relief program. Historically, however, many taxpayers did not receive this relief because they did not know it existed or they failed to reach the IRS to request it. This changes immediately with the […]

Tax Law Changes in OBBBA May Require New Planning Strategies for Non-Grantor Trusts, Estates and Their Beneficiaries By Patricia Giarratano, CPA

Posted on September 01, 2026 by Patricia Giarratano

Included in the Joint Committee on Taxation’s (JCT’s) recently released Blue Book report, lawmakers clarify a provision in the One Big Beautiful Bill Act (OBBBA) that introduces new limits on itemized deductions claimed by taxpayers in the top tax bracket and extends them to non-grantor trusts and estates for the first time. The result could […]

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