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Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. “No Tax on Tips” New deduction: Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received in occupations that are listed […]
On Friday, July 4, President Trump signed into law the One Big Beautiful Bill Act (H.R. 1) (“Big Beautiful Bill”) after narrow approval from both houses of Congress. The legislation extends the Tax Cuts and Jobs Act and enacts significant policy changes to healthcare, energy, and border security. Notably, the Big Beautiful Bill also introduces […]
resident Donald Trump’s new Big Beautiful Bill aims to set children up for financial success by offering a new savings account called the “Trump Account.” The federal government will provide a $1,000 bonus for every U.S. citizen born in 2025 and through 2028. So, What Exactly Is This $1,000 Bonus? It’s a one-time payment from […]
The IRS wants to ensure all taxpayers have access to vital tax information, which is why information is provided in a variety of formats and languages. The IRS Alternative Media Center offers accessible products to help people who use assistive technology such as screen reading software, refreshable Braille displays, screen magnifying software and voice recognition […]
The Internal Revenue Service today highlighted several resources to help taxpayers who missed the April 2025 federal income tax return filing deadline and owe taxes, interest and penalties. Taxpayers who owe taxes should file their tax return and pay as soon as they can. Interest and penalties will continue to accrue on the owed taxes […]
The Internal Revenue Service today announced improvements to its Pre-Filing Agreement (PFA) program to provide greater tax certainty for large business and international taxpayers. These improvements mark a renewed commitment by the IRS to expand access to cooperative tax compliance strategies that prevent disputes before they arise. The PFA program allows taxpayers under the Large […]
The U.S. Department of the Treasury and the Internal Revenue Service today issued Notice 2025-33 PDF extending and modifying the transition relief provided in Notice 2024-56 for brokers who are required to file Form 1099-DA, Digital Asset Proceeds From Broker Transactions PDF to report certain digital asset sale and exchange transactions by customers. Transition relief […]
The Internal Revenue Service Electronic Tax Administration Advisory Committee (ETAAC) released its 2025 annual report today with 14 recommendations – four to Congress and 10 to the IRS. The committee recommended to the IRS to update tax return forms to enhance security and combat fraud and identity theft, review and update the current list of […]
The taxation of aliens involves certain essential concepts as follows. Resident aliens A resident alien’s income is generally subject to tax in the same manner as a U.S. citizen. If you are a resident alien, you must report all interest, dividends, wages, or other compensation for services, income from rental property or royalties, and other […]
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