NY Lawmaker Aims for SALT Expansion
Republican Rep. Nick LaLota of New York is pushing to extend the temporary $40,000 SALT deduction cap beyond its five‑year sunset. He seeks to embed additional SALT benefits in the upcoming GOP spending bill, which could also include tax provisions. The move follows concerns that the cap will revert to $10,000 after 2029, a change that could hurt high‑tax states. Lawmakers from other SALT‑heavy states have voiced similar worries, but most Republicans remain skeptical of further relief.
We’re in Our 70s with No Heirs. I Like Donating $30,000 From Our $700,000 IRA to Charity — My Husband...
A couple in their late 70s with $700,000 in IRAs and $30,000 annual required minimum distributions (RMDs) are using qualified charitable distributions (QCDs) to donate the full RMD tax‑free to scholarships. Their other income sources cover all living expenses, and...
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Applicable Federal Rate (AFR): Definition and Usage Guide
The IRS publishes a monthly Applicable Federal Rate (AFR) to set a minimum interest benchmark for private loans, categorizing rates by short‑term, mid‑term, and long‑term durations. The AFR is derived from Treasury yields and is used to prevent below‑market loans...
25+ OBBBA Income Tax Strategies Still Hiding in Every 2025 Return on Your Desk
The 2025 tax season brings the new OBBBA provisions, which add roughly $4,000 in average tax cuts per filer when both individual and business benefits are combined. While software automatically captures standard deductions and the Child Tax Credit, it misses...
Trump Administration Releases Guidance on Clean Energy Tax Credit Restrictions
The Treasury and IRS issued Notice 2026‑15 to clarify how clean‑energy tax credits under sections 45Y, 48E and 45X are limited for projects tied to Prohibited Foreign Entities (PFEs) under the One, Big, Beautiful Bill Act. The guidance defines "effective...
How Millennial and Gen Z Entrepreneurs Are Maximizing 2025 Tax Savings
Millennial and Gen Z entrepreneurs are turning tax planning into a proactive growth tool, using AI-driven loss harvesting and real‑time accounting to cut liabilities before year‑end. They favor S‑corporations or LLCs taxed as S‑corps to lower self‑employment taxes and gain pass‑through...
Three Fiscal Landmines Faced by Family Offices
The One Big Beautiful Bill Act (OBBBA) cemented a $15 million estate‑gift exemption but introduced a 35 % cap on itemized deductions and a 0.5 % AGI floor that erodes charitable benefits for high‑income families. A pending California billionaire tax would levy a one‑time 5 % charge on...
Fidelity Flags the Roth IRA Loophole High Earners Need
Fidelity outlines a backdoor Roth IRA conversion that lets high‑income earners bypass the IRS’s contribution limits. For 2025, direct Roth contributions phase out above $150,000 (single) and $236,000 (joint), but the two‑step process—nondeductible traditional IRA contribution followed by a swift...
Almost a Fifth of Employers Won’t Adjust Salary Sacrifice Post-2029
Research from Everywhen shows that 48% of UK employers currently offer salary‑sacrifice pension schemes, but 18% have no plans to adjust these arrangements when the government caps the National Insurance exemption at £2,000 a year from April 2029. The cap aims...
The OBBBA Improved the Treatment of Investment—But There’s Still Work to Do
The One Big Beautiful Bill Act (OBBBA) makes key expensing provisions permanent, allowing companies to immediately write off equipment, machinery, and domestic R&D costs. It also expands Section 179 for small businesses and adds a temporary expensing rule for new manufacturing...
Britain’s Innovators Backed with Around £100m of New Investment
The UK government has launched a £100 million (≈ $127 million) annual investment boost by expanding the Enterprise Management Incentives (EMI) scheme and doubling limits for the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT). The reforms quadruple EMI’s asset ceiling to...
Roberts & Holland's Ezra Dyckman on REIT JV Compliance Complexities
At Nareit’s REITwise 2026 conference, Roberts & Holland partner Ezra Dyckman warned REITs about hidden tax pitfalls in operating‑partnership transactions. He explained that “disguised sale” rules can turn OP‑paid costs into taxable cash, creating unexpected tax bills and debt‑capacity issues. Dyckman...
The “Mandated” New York S Corporation Election – Does Investment Income Include Gain From the Sale of Goodwill?
New York’s tax code mandates that a federal S corporation be deemed a New York S corporation when more than 50% of its federal gross income is classified as investment income. In a recent case, the Department of Taxation and...
Extensions Can Be a Tax-Planning Tool: Here’s How
Tax extensions, often misunderstood as procrastination, actually grant a six‑month filing window that can be leveraged for strategic tax planning. They give clients extra time to make retirement contributions, finalize K‑1s, and elect favorable depreciation or cost‑segregation treatments. By easing...
Tax Season’s Not Over: Retroactive Tax Regs, Real-Time Decisions
The CPA Trendlines Academy is hosting a CPE webinar on April 2 to dissect a wave of retroactive and prospective tax regulations affecting 2025 returns and 2026 planning. New legislation, including the OBBBA reforms and expanded R&D and ERC provisions, creates...
Basis Substantiation Audits for Partnerships and S Corporations
Basis substantiation audits focus on a taxpayer’s outside basis in partnerships and stock or debt basis in S corporations. The IRS examines how partners compute outside basis, especially liability allocations, while S‑corp shareholders must complete Form 7203 to prove loan documentation...