Tax deductions

Notice 2025-57 explains how businesses should report interest to car purchasers so they can deduct it under the OBBBA.

The American Institute of CPAs is asking for more flexibility for taxpayers who wish to claim tax deductions for overtime and tip income under the OBBA.

The Trump administration's tax bill has created the opportunity to deduct domestic R&E expenses

The Internal Revenue Service is taking steps to make sure taxpayers and tax preparers can reflect OBBBA changes in 2025 tax returns.

Notice 2025-54, announces the special per diem rates for the special transportation industry rate, the rate for the incidental expenses-only deduction, and the rates and list of high-cost localities.

Congress did not simply extend the Tax Cuts and Jobs Act provisions starting in 2026 with the One Big Beautiful Bill Act; it also modified some of those provisions effective in 2025.

The One Big Beautiful Bill Act contains several provisions that could affect the future of nonprofit organizations.

SMBs represent a vital segment of the U.S. economy, and every dollar saved in taxes can be the decisive factor for survival, competitiveness and growth.

Lawmakers introduced two pieces of legislation to completely eliminate taxes on Social Security benefits and extend the premium tax credits for health insurance for one year

The list of jobs that are eligible for tax exemptions on tips includes bartenders, food servers, entertainers, performers and digital content creators.

The state and local tax deduction has always been a political flashpoint, but its impact goes far beyond politics.

What tips qualify, which don't, how to file and more.

We have an impressive new list of these deductions available to taxpayers, whether or not they itemize.

The institute sent a letter to officials at the Treasury and the IRS asking for immediate guidance on a provision of the One Big Beautiful Bill Act for deducting R&D costs.

Whether clients are investing in commercial buildings, launching new ventures or improving existing properties, they have fresh opportunities for accelerated deductions.

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

CPAs play a crucial role in helping property owners maximize their profits through advanced tax strategies.

The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.

Tax clients are already starting to ask their accountants about the many changes in the massive One Big Beautiful Bill Act passed by Congress last week.

A look at the key tax provisions of the semi-final version of the Trump administration's One Big Beautiful Bill Act.