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Treasury, IRS issue final regulations on new Roth catch-up rule

WASHINGTON —The Department of the Treasury and the Internal Revenue Service today issued final regulations addressing several SECURE 2.0 Act provisions relating to catch-up contributions. (Catch-up contributions are additional contributions…
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Sales Tax on Commercial Rentals Repealed Effective October 1, 2025

Effective October 1, 2025, the state sales tax imposed on rent or license fees for the use of real property (commercial rentals) under section 212.031, Florida Statutes (F.S.), is repealed. This means no state sales tax or discretionary sales…
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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…
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IRS issues interim guidance to improve Large Business process

WASHINGTON — The Internal Revenue Service today issued a memorandum highlighting changes aimed at reducing case cycle times for corporate taxpayers, making examinations more customer-driven, consistent and efficient. The Interim Guidance…
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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…
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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…
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$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…