Explore the latest IRS tax code updates and discover strategies to reduce excessive taxation. Get expert insights on optimizing your financial future.
One Big Beautiful Bill Act: Full Breakdown of the 2025 House Tax Proposal
Introduction On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the House Bill), which extends or makes permanent
Understanding the Supreme Court’s Ruling in Connelly v. United States: What It Means for Business Owners
In June 2024, the U.S. Supreme Court issued a unanimous decision in Connelly v. United States, a case with far-reaching consequences for business owners—especially those
Backdoor Roth IRA Strategy: A Smart Tax Move for High-Income Earners in 2025
Backdoor Roth IRA: A Strategic Retirement Planning Tool for High-Income Individuals A Backdoor Roth IRA is a legal and effective strategy that allows high-income earners,
IRS Introduces Form 7217 for Reporting Partner Basis in Distributed Property
The IRS has released a draft version of Form 7217, Partner’s Report of Property Distributed by a Partnership, which partners must use starting with the
Treasury Department Halts Enforcement of Corporate Transparency Act for U.S. Citizens and Businesses
The Treasury Department announced today that it will not enforce any penalties or fines related to the Corporate Transparency Act’s beneficial ownership reporting rule, both
Is Your CPA Retiring? Find a Trusted New CPA for 2024/2025 Tax Season!
Looking for a New CPA? We’re Here to Help! If your CPA has recently retired, you might be wondering who will handle your tax filings,
The 2/7 Rule for Wages and Maximizing QBI Deduction
The Qualified Business Income (QBI) deduction offers owners of pass-through entities a significant tax advantage by allowing a deduction of up to 20% of their
Evaluating Fee-for-Service Activities: Ensuring Substantial Alignment with Exempt Purposes.
Sec. 501(c)(3) organizations engaging in fee-for-service activities must determine whether these activities advance or are “substantially related” to their exempt purpose. This distinction is critical
A Professional Guide to Like-Kind Exchanges of Real Estate: Basics, Updates, and Examples
The ability to defer taxes through like-kind exchanges has long been a cornerstone of U.S. tax policy, tracing its origins to the Revenue Act of
IRS Announces New Tax Brackets and Increased Standard Deduction for 2025
The Internal Revenue Service (IRS) has released its annual inflation adjustments for tax brackets and standard deductions for the 2025 tax year. These updates aim
Social Security Wage Base Set for 2025
In 2025, individual taxable earnings up to $176,100 will be subject to Social Security tax, according to an announcement by the Social Security Administration (SSA)
How Tax Reforms Can Strengthen Americans’ Diminishing Savings
As savings from the pandemic era dwindle and financial stress becomes the leading concern for most Americans, it is evident that the U.S. needs policies