Author Archives: Melisa Romero

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 […]

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 […]

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 […]

When it comes to tax laws, do-overs are uncommon. However, when the IRS offers taxpayers an opportunity to reverse decisions and actions from prior years, they should take the time to consider their options. This is the case with the IRS’s recently issued Rev. Proc. 2026-17, which allows certain real estate businesses to withdraw previously […]

Despite a challenging global economy, the U.S. remains a top destination for foreign investment in commercial real estate. While there have been shifts in the countries from which those investment dollars are coming and the sectors in which foreign investors allocate those funds, the fact remains that the U.S. offers foreign buyers unique opportunities and […]

On June 18, 2026, the IRS issued guidance on the pending tax deferral deadline for the original Qualified Opportunity Zone (QOZ 1.0) program under the Tax Cuts and Jobs Act (TCJA) and the program changes introduced in 2025 by the One Big Beautiful Bill (OBBBA), which is commonly referred to as QOZ 2.0. Taxpayers, including […]

MIAMI, August 3, 2026 – Baker Tilly x Berkowitz Pollack Brant today announced the promotion of 54 firm members in recognition of their outstanding leadership, professional achievements and dedication to delivering exceptional client service. The promotions include five new managing directors: Patrick Duynstee has more than 25 years of experience advising private equity firms, business […]

Private foundations help high-net-worth families create lasting, multi-generational philanthropic legacies that reflect their unique values and goals and deliver unique income and estate tax advantages. While they provide a legal structure for family members to control their giving and maximize the impact of those gifts, they also come with a long list of rules, restrictions […]

Over the past few years, many high-net-worth family matriarchs and patriarchs rightfully accelerated their gift-giving strategies to reduce the value of their taxable estates in anticipation of a scheduled halving of the estate tax exemption at the end of 2025. However, with the enactment of the One Big Beautiful Bill Act (OBBBA) in July 2025 […]

Businesses generally lose two valuable tax deductions for the costs of meals they provide to their employees after Dec. 31, 2025. This includes the costs of most meals provided at an employer’s convenience and meals provided at company-operated dining facilities, unless a specific exception applies. Background The Tax Cuts and Jobs Act (TCJA) of 2017 […]