Tax News

As 2025 comes to an end, it is the beginning of the 2025 Income Tax filing season.  We are in the office completing the required IRS training requirements, to keep up on the ever-changing tax codes.  The Trump Big Beautiful Bill of 2025 made 87 changes to the IRS tax codes and added dozens of NEW tax forms. The software companies are working on making all the changes to the software, and we are in the process of updating all our forms and restocking our supplies for another v

FS-2025-03, July 14, 2025 Note: This Fact Sheet has been updated July 25 by adding to the section on "No Tax on Car Loan Interest" new language describing the requirement for "Final assembly in the United States." Below are descriptions of new provisions from the One, Big, Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. No Tax on Tips New deduction: Effective for 2025 through 2028, employees and self-employed individual

The federal government has been busy during the last months of 2022. The Inflation Reduction Act of 2022 and the Secure Act of 2022 both...

2022 was the year the White House embraced the idea of mass student-loan forgiveness, but 2023 will likely be the year when borrowers...

Signed into law on December 2022, is a continuation of the Setting Every Community Up for Retirement Enhancement Act of 2019. The new law...