Tag Archives: tax law changes

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 […]

Temporary Relief for Real Estate Businesses That Previously Elected Out of Business Interest Expense Deduction Limits by Angie Adames, CPA

Posted on August 24, 2026 by Angie Adames

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 […]

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