Estate and Gift Tax Highlights of the One Big Beautiful Bill
OBBB increased the exemption amount for gift, estate, and generation-skipping transfer tax to $15 million for an individual and $30 million for married couples. The law also indexes these exemption amounts annually for inflation.
Nonprofit Tax Highlights of the One Big Beautiful Bill
This article highlights some of the tax provisions contained in the OBBB which will affect nonprofit organizations.
No Changes to Information Returns for 2025 Despite OBBB Changes
Form W-2, Forms 1099, and Form 941 and other payroll return forms won’t change for tax year 2025. Further, federal income tax withholding tables will not be updated for OBBB provisions during tax year 2025. The IRS has instructed employers and payroll providers to continue using current procedures for reporting and withholding.
Business Tax Highlights of the One Big Beautiful Bill
This article will highlights some of the tax provisions contained in the OBBB which will affect many business taxpayers.
IRS Staff Cuts at the Height of Tax Season
Senate Democrats have expressed concerns to the Department of the Treasury and the Internal Revenue Service leadership about the potential “catastrophic impact” of IRS staff cuts and hiring freezes. The timing is especially critical, falling right at the peak of the annual filing season.