Four federal tax developments landed in the last stretch of this session of Congress that owners of small and mid-sized businesses should be aware of. Here is what moved, who it affects, and what to do. What changed this week Development Who it affects Senate passes the Taxpayer Assistance and Service Act (H.R. 5349) Any…
How are the new OBBBA tax deductions performing in the 2026 filing season? More than 60 million taxpayers have claimed at least one OBBBA deduction — 34M for the senior deduction, 28M for overtime, and 7M for tipped income — even as the House Appropriations Committee advances a $10.2B FY2027 IRS budget that would cut…
Trump’s Tax Plan 2025: A Deep Dive into the New ‘Build Back Better’ Proposals The 2025 tax landscape is shaping up to be a topic of intense discussion, and a significant new set of proposals under the ‘Build Back Better’ banner, associated with Donald Trump’s platform, is drawing considerable attention. These proposals suggest some…
The IRS audit risk is a growing concern for many taxpayers, especially with the significant funding boost from the Inflation Reduction Act. The IRS is now enhancing its enforcement capabilities, and a key part of this strategy involves leveraging artificial intelligence to identify non-compliance. This means the audit risk for certain groups is expected to…
The Internal Revenue Service (IRS) is heading into 2025 on a contradictory path. On one hand, it’s empowered by significant funding from the Inflation Reduction Act (IRA) to enhance services and enforcement. On the other, it faces potential budget cuts, workforce reductions, and shifting priorities due to political pressures. For U.S. taxpayers and businesses, this…
