IRS issues FAQs on Modernizing Payments In Executive Order 14247: Modernizing Payment to and From America’s Bank Account (Executive Order), President Donald Trump required the U.S. Department of Treasury (in collaboration with the Internal Revenue Service (IRS) and other federal agencies) to receive and make payments to and from the federal government using electronic methods…
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…
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…
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