Tax breaks

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

President Donald Trump outlined his tax priorities in a meeting with Republican lawmakers, including expanding the state and local tax deduction.

As we enter the beginning of 2025, bonus depreciation continues to leverage down as more portions of the Tax Cuts and Jobs Act expire.

The incoming GOP majorities in the House and Senate mean Trump can enact a tax bill without making concessions to Democrats.

The Internal Revenue Service issued its annual inflation adjustments for tax year 2025, including changes in the standard deduction, marginal rates, tax credits and more.

Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

The president's 2025 budget proposal aims to deliver more services, middle-class tax breaks and price controls funded through higher taxes on the wealthy and corporations.

The measure now heads to the Senate where lackluster Republican support threatens to sink it.

Businesses eager to see Congress revive expired research and investment tax breaks have reason for optimism that a deal could come together as soon as this month.

There may be a silver lining for crypto investors selling at huge losses during the recent market turmoil.

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break.

Qualified small business stock may lose a lot of its value if congressional proposals go through.

For accountants and tax professionals working with clients age 50 and older, there are certain tax perks to recommend that could help boost savings for the future.

With the passage of so much tax legislation over the past several years, there is tremendous opportunity for savings and planning.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

Last month's COVID-19 relief bill has accountants recommending some deductions to clients, and wondering about the applicability of others.

Here are some obvious and not-so-obvious year-end tax tips to consider as we prepare ourselves and our clients for the new year.

The agency announced changes to more than 60 tax provisions.

The final regulation includes guidance on the requirements needed for properties to qualify for the deduction.

While the Trump administration has called for a delay to the April 15 deadline, they have yet to issue formal guidance on when paperwork is due.