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Questions about the One, Big, Beautiful Bill

WASHINGTON — Taxpayers may be able to take advantage of new deductions that could reduce taxable income and increase refunds due to the One, Big, Beautiful Bill, passed by Congress in July 2025. Provisions from the new law can have a significant…
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IRS opens 2026 filing season

WASHINGTON — The Internal Revenue Service today opened the 2026 tax filing season and began accepting and processing federal individual income tax returns for tax year 2025. The IRS expects about 164 million individual tax returns for tax…
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IRS provide penalty relief for tax year 2025

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and…
WXC Corporation Doral Miami
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401(k) and IRA limit increases

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS today also issued technical guidance regarding…
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Form 1099-K threshold limit reverts to $20,000

WASHINGTON — The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08 PDF regarding the dollar threshold for filing Form 1099-K under the One, Big, Beautiful Bill. The OBBB retroactively reinstated the…
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One Big Beautiful Bill: No Tax on Car Loan Interest

New deduction: Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do…
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No changes to individual information returns or withholding tables

The Internal Revenue Service today announced that, as part of its phased implementation of the One, Big, Beautiful Bill Act, there will be no changes to certain information returns or withholding tables for Tax Year 2025 related to the new law. Key…
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Interest rates remain the same for the fourth quarter of 2025

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here…
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Out-of-pocket classroom costs could be offset with Educator Expense Deduction

It’s back to school season, and with that comes potential out-of-pockets costs for educators. The Educator Expense Deduction lets eligible teachers and administrators deduct certain expenses from their taxes. Eligible educators The taxpayer…