The recently signed One Big Beautiful Bill Act (OBBBA) modified the Global Intangible Low Tax Income (GILTI) to Net CFC Tested Income (NCTI). GILTI, enacted in 2017 under the Tax…
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…
Estate Planning Under the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA) significantly reshapes the estate planning landscape by permanently increasing the lifetime gift and estate tax exclusion to $15 million per individual or $30…
New Tax Deduction for Seniors
The One Big Beautiful Bill Act (OBBBA) introduces a new tax deduction for senior taxpayers. Beginning with tax year 2025, if you are 65 years old or older, you can…
Excise Taxes on Excessive Compensation for Tax-Exempt Organizations
The One Big Beautiful Bill Act (OBBBA) contains several provisions that affect tax-exempt organizations, one of which impacts the excise tax imposed on excess compensation. Excess Compensation Changes Under Section…
