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…
2026 Illinois budget bill changes On June 16, 2025, Illinois signed into law the 2026 Illinois Budget bill that made significant changes to income and sales taxes, as well as income tax credits. The changes were effective June 16, 2025, unless stated otherwise. One of the significant big changes from the 2026 Illinois Budget bill…
The Dirty Dozen A list of 12 scams and schemes that threaten taxpayers Compiled annually, the Dirty Dozen lists a variety of common scams that taxpayers can encounter anytime. “Scammers are relentless, and they use the guise of tax season to try tricking taxpayers into falling into a variety of traps. These red flags can…
Efile Form 8300 Historically, businesses that must file Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business) would be able to paper file the Form under any circumstance. The Internal Revenue Service announced on August 30, 2023, that businesses that are required to file at least 10 information returns other…
IRA Withdrawal due to Federally Declared Disaster There are many different natural disasters that occur throughout the United States each year. They can put a strong mental toll on families because of all the safety precautions that must be made and the personal items that can be destroyed. On top of this, areas with more…
House Caucus Created for SALT Tax Overhaul In 2017, the Tax Cuts and Jobs Act was passed, which brought about several tax benefits for the working class. However, it also resulted in raised taxes in certain areas. One of the changes implemented was a cap of $10,000 on the amount of state and local tax…
529 Plan Penalty-Free Rollover Internal Revenue Code Section 529 Plans (529 Plans) are some of the best ways to save money for future college expenses. Because investment income earned from the plan is not taxed as long as it is used for college expenses, individuals can save large amounts of investment income taxes if the…
Foreign Bank Account Reporting Requirements Many individuals and businesses headquartered in the United States have various levels of foreign operations. These operations can be large in that entire segments of the business can be located overseas or small enough that the business is only shipping goods out of the country. Most businesses know that they…
Research and Development Credit Changes To get businesses to expand their research and development costs domestically, Congress passed a law to allow them to take a tax credit on their return for the amount of research and development expenses that are paid during the year in the United States. Starting in tax year 2022, though,…
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