The One Big Beautiful Bill Act (OBBBA) introduced a brand-new savings vehicle: Trump Accounts. They appear similar to traditional IRAs; however, they have special rules for beneficiaries under the age of 18. These new accounts can provide a valuable financial… Read More »Trump Savings Accounts
Executive Summary The IRS has announced that it will begin phasing out paper refund checks for individual taxpayers on September 30, 2025, and will primarily move refunds to direct deposit and other secure electronic methods. This action implements Executive Order… Read More »The IRS is Stopping Paper Refunds
(Active-duty members, reservists, veterans, and families) 1) Active-duty members: relocations, allowances, and state residency Permanent Change of Station (PCS) moves. For tax years after 2017, the moving-expense deduction is suspended for most taxpayers—but active-duty service members moving under military orders… Read More »Tax Issues & Benefits for Military Households
Filing tax forms is never fun—but it’s important to stay ahead of changes that can reduce your reporting burden. It is also important to timely file required information returns to avoid being hit with a penalty for non-compliance. If your… Read More »1099 Filing Requirements Post OBBBA
The Tax Cuts and Jobs Act (TCJA) significantly changed the rules on business meal and entertainment deductions. Most entertainment expenses became non-deductible, though the law continued to allow deductions for certain business meals and meals provided to employees. From 2018… Read More »Business Meals and Entertainment
Introduction The death of a taxpayer raises complex tax considerations for heirs, executors, and fiduciaries. Federal and state laws govern the treatment of income, deductions, and estate assets for tax purposes. Proper planning and timely compliance are essential to avoid… Read More »Tax Issues at the Time of Death
Your IRS offer amount must equal or exceed your Reasonable Collection Potential (RCP) (described below). One element of the RCP is your monthly disposable income. That is essentially your monthly gross income less allowable expenses. I periodically receive questions asking… Read More »IRS OICs and State Tax Liability
The most significant recent change to California property tax law is Proposition 19, approved by voters in November 2020 and implemented in phases beginning in February and April 2021. It was this law that enabled my family to relocate from… Read More »California’s Proposition 19
If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings. The One Big Beautiful Bill Act (OBBBA) created a new bonus tax deduction available for seniors beginning this year (2025).… Read More »New Senior Tax Deduction
If you deduct mortgage interest, the One Big Beautiful Bill Act (OBBBA) brings some important updates. First, it permanently caps the mortgage interest deduction at $750,000 of acquisition debt ($375,000 if married filing separately). That cap was established by the… Read More »OBBBA and Mortgage Interest Deduction
