Tax Tips

This semiannual update surveys key federal individual tax developments for the six months ending October 2025, as compiled by the AICPA Individual and Self-Employed Tax Technical Resource Panel. It highlights statutory changes under the One Big Beautiful Bill Act (OBBBA), P.L. 119-21 (enacted July 4, 2025), alongside notable Tax Court decisions and judicial rulings arranged […]

The Internal Revenue Service has announced a major administrative shift that will automatically waive three common penalties, failure to file, failure to pay, and failure to deposit for taxpayers maintaining a consistent record of timely compliance. This newly established mechanism, designated as Automatic Exemption from Penalty (AEP), will replace the longstanding First-Time Abatement (FTA) framework,

A newly released one-page document reveals that the U.S. Justice Department has permanently blocked the IRS from auditing past tax claims filed by President Donald Trump, his family, and his business entities. Signed by acting Attorney General Todd Blanche, the sweeping order dictates that the government cannot audit any Trump tax returns filed prior to

Following the conclusion of the most recent tax filing season, the IRS has introduced the Tax Debt Help tool. Now available on the official IRS website, this digital resource is designed to assist both individuals and business owners in navigating tax liabilities and exploring viable payment solutions.   Streamlined Debt Navigation The tool utilizes a

The One Big Beautiful Bill Act (OBBBA) marks a significant shift in U.S. tax policy by prioritizing “expensing” a method that allows businesses to deduct the full cost of investments immediately rather than stretching those deductions over decades. While the OBBBA has already fueled growth, its current limitations suggest that more comprehensive reform could unlock

Executive Summary The 2026 tax filing season is projected to yield significantly higher average refunds compared to 2024 and 2025. This shift is primarily driven by the legislative changes introduced in the One Big Beautiful Bill Act (OBBBA). Current data as of the sixth week of reporting shows total refunds reaching $182.6 billion—a nearly $20

As retirement planning grows increasingly complex, sophisticated investors and their financial advisors are seeking advanced strategies to maximize capital preservation and minimize tax liabilities. One of the most potent, yet frequently underutilized, tools in the financial planning arsenal is the Health Savings Account (HSA). While typically viewed as a vehicle for medical expenses, the HSA