Executive Order 14247, “Modernizing Payments To and From America’s Bank Account,” is ushering in a new era of digital payments for federal taxes. Starting after September 30, 2025, the IRS…
Tax Deductions on Qualified Overtime Wages: Implications for Employees
The One Big Beautiful Bill Act (OBBBA) introduces several significant changes for taxpayers, including new federal income tax deductions for qualified overtime wages, effective for tax years 2025 through 2028. Some…
Tax Deductions for Qualified Tips: Implications for Employees
The One Big Beautiful Bill Act (OBBBA) introduces several significant changes for taxpayers, including new federal income tax deductions for qualified tips, effective for tax years 2025 through 2028. Some of…
Auto Loan Interest Deductibility
Beginning in tax year 2025 and expiring December 31, 2028, you can deduct up to $10,000 of auto loan interest per year, subject to income phaseouts and other limitations. Before…
1099-K and 1099-MISC/NEC Reporting Changes
The One Big Beautiful Bill Act (OBBBA) changes reporting thresholds for Forms 1099-K, 1099-MISC and 1099-NEC. These changes will reduce the number of forms required, lowering the amount of administrative…
