The One Big Beautiful Bill Act's presence, like it or not; return of beneficial ownership information; that familiar sense of dread; and other highlights from our favorite tax bloggers.
The weakest link
- Tax Foundation (
https://taxfoundation.org/blog ): The OBBBA carved out new temporary tax breaks that further shrink the income tax base, including new deductions for certain overtime pay, tipped income and seniors. The OBBBA's senior deduction is intended to provide targeted tax relief to those aged 65 and older by lowering their taxable income. Unfortunately, this approach contradicts the neutrality principle of good tax policy, is costly, and is poorly targeted to the retirees who live on fixed or limited retirement incomes. - CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): Weighing changes in accounting methods and accelerating the harvesting of tax losses, too. - Mauled Again (
http://mauledagain.blogspot.com/ ): Halloween and the tax implications of costume-swapping. - Massey and Company (
https://masseyandcompanycpa.com/blog/ ): Comprehensive and involved summary of the tax rules for rental real estate, along with actionable tips to save on taxes. - Taxjar (
https://www.taxjar.com/resources/blog ): "Employees are often the weakest link in cybersecurity." A fair assumption, followed by six cyber-security tactics to consider before this first year-end, for all intents and purposes, under the OBBBA, include exploring timing of fixed asset purchases and reviewing entity structure.
Great potential
- The Tax Times (
https://www.thetaxtimes.com ) Risk is low (except for high earners, on which it is steadily increasing), but everybody should know these tips for defending themselves against an IRS audit. - Yeo and Yeo (
https://www.yeoandyeo.com/resources ): Predicting a company's future is largely a matter of accurately looking at its past. And CPAs and objective consultants bring a lot more of that to the crystal ball than still-overly enthusiastic business owners. - TaxConnex (
https://www.taxconnex.com/blog- ): Potential pitfalls of over-reliance on AI in sales tax mapping. - Global Taxes (
https://www.globaltaxes.com/blog.php ): Remember those cute little words like "CTA" and "BOI"? Remember the panic of some companies potentially owing thousands of dollars out of the blue? Remember beneficial ownership information? Apparently New York does, as it plows ahead with the state's latest effort to pass "The New York Transparency Act." - Taxbuzz (
https://www.taxbuzz.com/blog ): Favorite opening of the week: "Every year, countless small-business owners make the same promise to themselves: 'Next year, I'll be more organized.' The following tax season arrives, bringing with it the same missing receipts, unreconciled accounts, and that "familiar sense of dread." How proactive bookkeeping throughout the year helps you avoid a last-minute panic and save you money.
Delays, delays
- Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Long before that 100% mark of challenge, President Trump's initial tariff fight with the movies has a long way to go before anyone yells "action." - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): The decision by the Office of Tax Appeals in In the Matter of the Appeal of: J. Lunt, concerning a proposed assessment of additional tax, a late filing penalty and applicable interest for the 2018 tax year. The case provides guidance regarding the respective burdens of proof borne by the Franchise Tax Board and the taxpayer when residency and income sourcing are disputed and an initial return was never filed. - MeyersBrothersKalicka (
https://www.mbkcpa.com/insights ): What businesses should know about looming changes in government reporting.
