,

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…
,

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…
, ,

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…
WXC Corporation Miami Doral
,

One Big Beautiful Bill Act: Tax deductions for working Americans and seniors

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…
WXC Corporation Miami Doral
,

Tax Advantaged Savings Accounts for Children

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…
WXC Corporation Doral Miami
,

$1,000 Baby Bonus Explained: Who Qualifies And How To Get It

President 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…
WXC Corporation Doral Miami
,

IRS provides relief for brokers on certain digital asset sales

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…
WXC Corporation Miami Doral
,

Tax Advisory Committee includes recommendations to Congress and IRS

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…
WXC Corporation Doral Miami
,

Dirty Dozen tax scams for 2025

WASHINGTON — The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that threaten their tax and financial…