FS-2025-03, July 14, 2025Below 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…
A qualified personal residence trust (QPRT) is a type of irrevocable trust that allows its creator to remove a personal home from their estate in order to lower the amount of gift tax they must pay when they transfer assets to a beneficiary. A QPRT allows the…
Understanding Charitable Contributions: IRS Rules and Guidelines As an accounting firm, we often receive questions from clients regarding charitable contributions and the tax benefits associated with them. Charitable giving can provide significant tax advantages, but the Internal Revenue Service (IRS)…
Taxpayers in Los Angeles County will be granted a postponement to Oct. 15, 2025, to file California tax returns on 2024 income and make any tax payments that would have been due Jan. 7, 2025–Oct. 15, 2025. This aligns with…
Starting with 2021 tax returns, Form 7203 replaces an unfiled worksheet for figuring a shareholder’s stock and debt basis. Form 7203’s purpose is to figure potential limitations on what an individual taxpayer may deduct on their tax return from their…
The 2017 Federal Tax Cuts and Jobs Act limited an individual's annual federal itemized deduction for state and local taxes (“SALT”) to $10,000 per year.