House Reconciliation Bill Would Extend Tax Credits for Family and Medical...
Early this morning, the House of Representatives passed a reconciliation bill that would enact significant tax provisions and spending cuts. The House Bill (H.R. 1) now heads to the Senate, where...
View ArticleHouse Reconciliation Bill Would Expand the Employees Covered by Excess...
Early this morning, the House of Representatives passed a reconciliation bill that would enact significant tax provisions and spending cuts. The House Bill now heads to the Senate, where changes are...
View ArticleSenate Reconciliation Bill Would Retain Tax Deduction for Overtime Pay,...
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would...
View ArticleSenate Reconciliation Bill Drops Unpopular UBTI Proposal for Transportation...
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would...
View ArticleSenate Reconciliation Bill Retains No Tax on Tips Provision with Some Changes
After being passed by the House of Representatives, this year’s reconciliation bill (H.R. 1) moved to the Senate, which passed its own version of the legislation today, July 1. The Senate bill would...
View ArticleReconciliation Bill Affects Pending ERC Claims; Cracks Down on ERC Promoters
The House today passed the Senate-passed version of the One Big Beautiful Bill Act (H.R. 1) (“OBBBA”), which includes a number of major tax provisions, including a number of provisions that would...
View ArticleAuto Loan Interest Deduction Comes with New Information Reporting Requirement...
Signed into law by President Trump on July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) (H.R. 1) adds section 6050AA to the Internal Revenue Code to adopt new information reporting requirement...
View ArticleNo Tax on “Qualified” Tips: IRS Issues Proposed Regulations on Tipped Income...
On September 19, 2025, the IRS published proposed regulations to implement and provide guidance regarding new Section 224, enacted as part of the One Big Beautiful Bill Act (P.L. 119-21). The proposed...
View ArticleIRS Notices Provides Relief from Qualified Tips and Qualified Overtime...
In Notice 2025-62, released on November 5, the IRS provided temporary relief to employers and payors for failing to comply with certain reporting requirements added to the Internal Revenue Code by the...
View ArticleIRS Issues Final Regulations on Tipped Income Deduction
On April 10, the IRS released final regulations to implement and provide guidance regarding new Section 224, enacted as part of the One Big Beautiful Bill Act (P.L. 119-21). Section 224 allows single...
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