The House just passed a bill much more restrictive in IRS funding that Trump's administration proposal back in June 2025. Based on different sources, the bill allocates just $9.5 billion to the IRS—a 23% reduction from current funding levels. By comparison, even the Trump administration’s June proposal had suggested a $9.8 billion budget—already a 20%
Despite some expected changes like the planned shutdown of the Direct File pilot program, the IRS has currently some free options available and it is requesting feedback (see links at the bottom of this blog). Free File program This program is a public-private partnership between the IRS and several tax software companies that provide their
Since April 2025, there is ongoing uncertainty surrounding the agreement between ICE (Immigration and Customs Enforcement) and the IRS to share taxpayer information, particularly that of individuals filing with an ITIN. Under this new agreement, the ICE can request taxpayer information—including names, addresses, and tax years—from the IRS under the narrow confidentiality exception in Section 6103(i)(2).
There are many tax strategies that are overlooked levers for improving investment outcomes. Reviewing a client’s tax return isn't just a compliance exercise—it’s an opportunity to identify meaningful, actionable ways to reduce tax drag and improve long-term financial outcomes. When integrated with a thoughtful investment plan, tax planning becomes a powerful tool to grow and
In the last few weeks, we have spent many hours spent reading parts of the the new bill, examining articles, posts and summaries, attending several tax webinars, and discussing these changes internally and with different colleagues. From our initial analysis, these are the main items that impact individuals: Tax rates from TCJA (Tax Cuts and
Renouncing U.S. citizenship or giving up long-term residency is not only a personal milestone—it’s a complex financial event with major tax consequences. The U.S. exit tax, under IRC Sec. 877A, treats covered expatriates as if they’ve sold all their worldwide assets the day before expatriation, taxing unrealized gains. The rules apply to individuals who meet
In the IR-2025-71, the IRS shared the mid year report to Congress and provided a summary of items. These items below indicate the areas of focus and improvement for the future: Status on the 2024 filing season The IRS received around 141 million return (processed 138 million - the difference might be bounced returns due
Over the weekend, I came across an image of a ladder illustrating the stages of wealth, and it really made me reflect. Achieving financial wealth today feels more challenging than ever — with persistent inflation, rising living costs, global instability, and market volatility all playing a role. Still, it’s possible to make steady progress. You
If your child earns income from investments—like dividends, interest, or capital gains—you may need to consider how the kiddie tax could impact your family’s tax situation. Designed to prevent income shifting between generations, this rule applies when a child’s unearned income exceeds $2,600 for the 2025 tax year. While the first $1,300 is tax-free and
The tax landscape may be on the verge of a major transformation. The House of Representatives has passed the proposed budget reconciliation legislation—dubbed the “One Big Beautiful Bill”—which spans nearly 400 pages of sweeping tax reforms. While the bill has yet to become law, it signals strong bipartisan momentum to extend expiring Tax Cuts and
