Federal Tax Updates

Timely analysis of federal tax law changes, guidance, and developments affecting practitioners.

One Big Beautiful Bill Implements Significant Tax Package

Explore key provisions of the newly signed “One Big Beautiful Bill,” including permanent tax rate extensions, expanded SALT deductions, new “Trump Accounts,” and more. A must-read for tax professionals navigating 2025 changes.

BOI Reporting Updates

3/21/25 Update: FinCEN announced March 21 that, in line with the Treasury Department’s March 2, 2025, update, they’re issuing an interim final rule that removes the requirement for U.S. companies…

IRS Clarifies Form 1099-K Filing Requirements Starting in 2024

Last week, the IRS issued News Release 2024-299, providing certain relief for 2024 Form 1099-K reporting. As part of the release, the IRS reiterated that taxpayers must be issued a…

New 2025 Tax Rates and Thresholds

With the 2024 tax filing season around the corner, practitioners should also keep in mind 2025 tax numbers and rates that will impact their clients for the coming year. The…

Applying the Updated WISP Requirements

The requirement for tax preparation firms to have a written information security plan, or WISP, is not new. The requirement arose from the Graham-Leach-Bliley Act (GLBA), enacted 25 years ago….

Unpacking the §45Z Clean Fuel Production Credit

Because of tax credits created by the Inflation Reduction Act (IRA) for clean fuel production, some farmers may in the near future receive a higher price for selling crops to renewable fuel…