5 Tax Planning Moves to Make Due to the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA), signed in July 2025, reshapes 2026 tax planning by making lower individual rates permanent, boosting the state and local tax (SALT) deduction cap to $40,000, and adding temporary deductions for tips, overtime, seniors, and auto‑loan interest. The Illinois CPA Society urges taxpayers to review 2025 returns, adjust W‑4 withholdings, monitor non‑employee income, and reassess investment allocations to capture these benefits. With the 1099‑K threshold restored to $20,000 and new deduction limits expiring after 2028, proactive steps now can reduce next year’s bill or refund.
Your Client Is Buying a Business. Have They Considered Cost Segregation?
When acquiring businesses with real‑estate components, depreciation can outweigh purchase price in after‑tax cash flow. Cost segregation—an engineering analysis that reclassifies building elements to five‑, seven‑ or 15‑year lives—now often yields an immediate 100% bonus depreciation under Section 168(k) for assets...
The $40,000 Tax Move That Comes After Your 401(k) Hits Its Limit
Affluent investors who have maxed out 401(k) and mega backdoor Roth contributions can still shave taxes by switching a taxable S&P 500 ETF to a direct‑indexed separately managed account. On a $1.2 million sleeve, the strategy typically harvests $30‑$50 k of losses, translating...
The NUA Strategy Retiring Executives Use to Cut Taxes on $500,000 of Company Stock in Their 401(k)
A 62‑year‑old Apple executive can avoid a $38,000‑$78,000 tax hit by using the Net Unrealized Appreciation (NUA) rule instead of rolling $500,000 of company stock into an IRA. NUA treats the $80,000 cost basis as ordinary income while the $420,000...
Ask an Advisor: We Earn $350K+ and Can't Contribute to a Roth IRA. Can We Still Do Roth Conversions Now?
High‑income earners over the Roth IRA contribution limit can still benefit from Roth conversions. There is no income ceiling on moving funds from traditional IRAs or 401(k)s into a Roth, but the converted amount is taxed as ordinary income in...
TaxPlanIQ Presents Weekly Tax Strategy Hour for Tax Pros
TaxPlanIQ, a tax‑planning platform for advisory‑focused accounting firms, launched a free weekly virtual series called Strategy Hour. The sessions run Wednesdays from noon to 1 p.m. ET starting May 20 and each provides one CPE credit. Each week a specialist presents a...
Internal Revenue Service Publishes Final Rule for “No Tax on Tips” Deduction
The IRS issued its Final Rule for the One Big Beautiful Bill Act’s “no‑tax‑on‑tips” deduction, confirming the list of qualifying occupations and making modest updates. Three new occupations—visual artists, floral designers and gas‑pump attendants—were added, and three existing categories were...
Timber Framing First in Line as Budget Carves Out Negative Gearing
The 2026‑27 Australian federal budget restricts negative‑gearing tax concessions to newly‑built homes, directing investor capital toward the timber frame and truss sector. Existing investors retain current benefits, while the carve‑out targets roughly $12.3 billion (≈$8.1 bn) in annual tax expenditure. The change...
Double Tax Relief for Startups in the 2026 Budget
The 2026 Australian budget revives loss‑carry‑back for companies with less than $1 billion AUD turnover (≈$660 million USD), letting them offset losses against tax paid up to two years earlier, a move projected to reduce revenue by about $2.3 billion AUD (≈$1.5 billion USD)...
How to Unlock the Value of Your Employee Stock Options (and Help Avoid Taking a Financial Hit)
Employee stock options give private‑company executives the right to buy shares at a fixed strike price, turning compensation into a potential wealth‑building asset. Timing the exercise—favoring low‑strike, near‑expiry grants—can protect against downside while preserving upside. Tax treatment varies dramatically: Incentive...
In Liberty Global, the Tenth Circuit Leaves Taxpayers with an Opinion with Unresolved Questions
On April 21, 2026 the Tenth Circuit affirmed that the economic substance doctrine is relevant and applied it to deny Liberty Global, Inc. a $2.4 billion deduction tied to the “Project Soy” transaction, imposing a 40 % penalty. The court rejected the taxpayer’s claim that...
Why Chalmers's Budget Will Rein in the Property Free-for-All
The Albanese government’s upcoming budget will curb negative gearing and overhaul the 50 percent capital gains tax (CGT) discount. The reforms target the tax advantages that disproportionately benefit high‑income earners, with the Parliamentary Budget Office noting 80 percent of CGT benefits flow...
AICPA Asks IRS for Guidance on Excise Tax at Nonprofits
The American Institute of CPAs (AICPA) has formally asked the IRS and Treasury for guidance on the new excise tax introduced by the One Big Beautiful Bill Act (OBBBA). The tax, up to 21% on executive compensation exceeding $1 million, now covers all employees of...
The Most Common Tax Traps in Retirement — and How to Avoid Them
Retirees are increasingly worried about taxes, with 70% of surveyed Americans fearing higher bills as they shift from wages to portfolio withdrawals. Misunderstanding Social Security taxation can turn a sizable benefit into a hefty liability, as up to 85% of...
HMRC Under Pressure over Pension IHT Guidance Delays
HMRC announced that from 6 April 2027 unused defined‑contribution pension pots will be subject to inheritance tax. The agency’s technical note outlines that personal representatives must calculate IHT using a new online tool and that schemes could be required to withhold up...