New Tax Deduction for Qualified Overtime Compensation The One, Big, Beautiful Bill Act created a new tax deduction for qualified overtime compensation. Recently, the IRS issued a list of frequently asked questions regarding this tax deduction. A few important questions and answers are summarized below; a more detailed list can be found here. These changes…
IRS Provides Relief on Reporting Qualified Tips and Overtime The One Big Beautiful Bill Act (OBBBA) added many tax deductions for individuals, two of these being deductions for qualified tips (in general, cash tips received by individuals in an occupation that customarily and regularly received tips on or before December 31, 2024) and qualified overtime…
IRS Provides Guidance on Trump Accounts The One Big Beautiful Bill Act (OBBBA) added many tax changes, one of these being the creation of Trump accounts. The IRS recently issued Notice 2025-68, giving additional guidance on these accounts and how they operate. Trump accounts are a specific type of traditional IRA account that can be…
IRS Provides Guidance on Car Loan Interest The One Big Beautiful Act added many tax deductions for individuals, including interest on a qualified vehicle purchased with a loan incurred after December 31, 2024. If the taxpayer’s modified adjusted gross income is $100,000 or less ($200,000 for joint filers), they can deduct up to $10,000 of…
One Big Beautiful Bill The Big Beautiful Bill (Bill) was signed into legislation by President Donald J. Trump on July 4, 2025. The Bill both extended many previous tax laws and created new tax laws for Taxpayers to follow. Business Tax Changes Domestic Research and Development costs were one of the most debated topics with…
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