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.
CrossLink Professional Tax Solutions Named Preferred Tax Software Provider of Association of Black Tax Professionals
“We are thrilled to partner with ABTP,” stated John Amaya, Chief Sales & Marketing Officer of CrossLink. “Their commitment to meeting the needs of millions of taxpayers to provide quality professional tax services goes hand in hand with CrossLink’s commitment to provide best-in-class professional tax software and solutions to help tax businesses stand out in their respective communities.”
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.
Changes to Be Aware of for the 2025 Filing Season
Here are some important changes to be aware of for the 2025 tax filing season…
Reminder: Protect Taxpayers with an Identity Protection PIN (IP PIN)
Tax preparers should encourage their clients to sign up for an Identity Protection PIN (IP PIN) to safeguard their federal tax returns. The IP PIN is available to all taxpayers who can verify their identity and provides an extra layer of protection against identity theft.