In this episode, Senior Manager of Tax Services Matt Ginsberg, CPA, explains the changes to specific research and experimental tax credits outlined in the OBBB.
The 2025 tax law, commonly referred to as the One Big Beautiful Bill Act (OBBBA), makes a significant change to how businesses treat specific research and experimental (SRE) expenditures by permanently restoring taxpayers’ ability to fully deduct domestic research costs immediately in the year incurred. This is a considerable win for companies that were required […]
Social Security recipients, including senior citizens, widows and people with disabilities and special needs, will receive a 2.8 percent cost-of-living adjustment (COLA) to their benefits in 2026. The increase represents an additional $56 per month in payments for benefits that include Old-Age, Survivors, and Disability Insurance (OASDI) and Supplemental Security Income (SSI). The Social Security […]
Taxpayers in high-income-tax states breathed a collective sigh of relief with the July 2025 passage of the One Big Beautiful Bill (OBBB), which provides a temporary increase to the cap on the state and local tax (SALT) deduction from $10,000 to $40,000 in 2025 through 2029, subject to income limitations. While the new law preserves […]
The expansion and permanent reinstatement of 100 percent bonus depreciation under the One Big Beautiful Bill Act (OBBBA) is a welcome change for rental real estate developers and owners, who can once again write off a larger portion of their costs for qualifying business assets upfront rather than spreading them out over the property’s useful […]
The U.S. government’s One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, contains a permanent reinstatement of 100 percent bonus depreciation and other tax-savings provisions that encourage businesses to invest in new assets. These tools enable businesses, including real estate owners and developers, to write off a greater portion of their […]
Florida laws relating to the fiduciary administration of trusts, estates and life estates with succeeding beneficiaries became more attractive on Jan. 1, 2025, with the enactment of the Florida Uniform Fiduciary Income and Principal Act (FIPA). The law provides fiduciaries with more flexibility in trust administration and aims to make Florida an even more appealing […]
The IRS announced it is resuming mailing automated collections and reminder notices to taxpayers with outstanding tax liabilities from 2021 and earlier, a practice it suspended in 2022. In certain circumstances, the agency will waive failure-to-pay penalties that accrued in tax years 2020 and 2021 during the height of the COVID pandemic. It is estimated […]
For the second consecutive year, the IRS is postponing the implementation of a 2021 law requiring e-commerce companies and mobile payment platforms, such as Venmo, PayPal, Cash App and Square, to report certain business transactions to the IRS annually and issue to customers Forms 1099-K, Payment Card and Third-Party Network Transaction. Therefore, only taxpayers who […]
In this episode Associate Director of Tax Services Sarah Gaymon shares strategies for high-net-worth families to be sure they don’t miss out on sunsetting tax provisions.