Focus: Increase In Unified Credit (Estate & Gift Tax) On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). The OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the […]
Treasury Secretary Bessent Taps Frank Bisignano As “IRS CEO” To Head The Agency On October 6, 2025,U.S. Secretary of the Treasury and Acting Commissioner of the Internal Revenue Service Scott Bessent announced that Commissioner of the Social Security Administration Frank Bisignano will serve as Chief Executive Officer (CEO) of the IRS. In this newly created […]
At midnight on October 1, 2025, funding for Federal government agencies lapsed triggering a partial shutdown of the federal government. The date when funding will be restored by Congress has not been established but under plans established by each Federal agency, as the lapse in funding continues more Federal government functions will be shutdown. The […]
Due dates for eligible returns and payments postponed to September 30, 2026. On September 30, 2025 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by the ongoing conflict in the State of Israel. These taxpayers now have until September 30, 2026, to file various federal returns, make tax payments and […]
The U.S. Tax Court’s recent decision in Ayla A. Savage v. Commissioner (165 T.C. No. 5, September 11, 2025) delivers a setback to cannabis businesses, by shutting them out of tax benefits available to other industries. The Tax Court’s ruling demonstrates how Section 280E’s restrictions limits cannabis operators’ access to newer tax advantages. Internal Revenue Code Section […]
The California Department Of Tax And Fee Administration (CDTFA) which oversees the reporting and collection of taxes for the California cannabis, in consultation with the Department Of Finance, is required by law to adjust the cannabis excise tax rate for the 2025-26 fiscal year and every two years thereafter. The rate change reflects an additional […]
Focus: Deduction For Tips From Income Tax On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. […]
On August 27, 2025 the Treasury Inspector General for Tax Administration issued a report that looked at a lesser-known pandemic relief provision that allowed employers and self-employed individuals to defer Social Security tax payments during the pandemic. That report stated that nearly 1.1 million employers opted to use the deferment which amounted to approximately $133 […]
With all the resignations and firings in IRS earlier this year that resulted in 26,000 employees leaving the IRS (26% of its workforce), officials at the IRS are now recognizing that this cut was too deep and the agency is having problems in carrying out its duties. Another complication is the need for the IRS […]
Focus: Charitable Contribution Deductions On July 4, 2025 President Donald J. Trump signed into law H.R.1 – One Big Beautiful Bill Act (“OBBBA”). OBBBA contains hundreds of provisions including permanently extending the individual tax rates Trump signed into law in 2017, which were originally set to expire at the end of 2025. The passing […]
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