New Federal Overtime Pay Deduction: How the 2025–2028 Rules Lower Taxable Income for Millions of Workers
A new federal deduction allows workers to exclude up to $12,500 ($25,000 for MFJ) of qualified overtime pay from taxable income for tax years 2025–2028. Learn how eligibility, phase-outs, and IRS reporting rules apply.
New 2025–2028 Tip Income Deduction: What Taxpayers Need to Know
A new federal tax deduction lets eligible workers deduct up to $25,000 of tip income from 2025–2028. With fresh IRS guidance now available, taxpayers can see how to calculate qualified tips, determine eligibility, and understand phase-out rules for higher-income filers.
IRS E-File Production Shutdown, Obtaining New EFIN/PTINs, and Change in IRS Paper Refund Process
The IRS has announced several important updates that tax professionals should be aware of regarding e-file operations, the issuance of EFINs and PTINs, and changes to how paper check refunds will be processed during the upcoming filing season.
2025 State Tax Law Changes
This is summary of tax provisions taking effect in 2025 across various states.
2025 IRS Security Summit Awareness Campaign: Protect Your Clients; Protect Yourself
The 2025 “Protect Your Clients; Protect Yourself” summer campaign highlights the most pressing security concerns and provides practical steps tax professionals can take to safeguard their clients’ personal and financial data—as well as their own. Here are the the key areas of emphasis in 2025:
Reminder About Form 1099-DA: Digital Asset Proceeds from Broker Transactions
Beginning in early 2026, individuals who engage in digital asset transactions (including cryptocurrency) during 2025 will begin receiving Form 1099-DA.
One Big Beautiful Bill Act Explained: Major Tax Updates for 2025 and 2026
The One Big Beautiful Bill Act (HR 1), signed into law on July 4, 2025, includes a wide range of tax provisions that affect both individuals and families. Below is a summary of the most impactful provisions that take effect beginning in 2025 and 2026, along with details on provisions that have been extended or made permanent.
Digital Assets (Cryptocurrency, NFTs, Asset-Backed Tokens, etc.) and How They Are Taxed
While cryptocurrency is the most commonly discussed digital asset, many others are increasingly being adopted and traded. The IRS has broadened its focus to include all digital asset transactions—not just crypto.
2024 Tax Deadline for Individual, C Corporations and Estate/Trust Returns
The federal filing deadline for 2024 individual tax returns is Tuesday, April 15, 2024. It is also the filing deadline for calendar year C Corporations (1120) and Estate/Trust (1041) returns.
Update on Beneficial Ownership Information (BOI) Reporting Requirement
On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled that the reporting requirements under the Corporate Transparency Act are back in effect. However, the Department of Treasury recognizes that reporting companies may need additional time to comply.