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%
After our previous post for taxpayers and how the One Big Beautiful Bill impacts individuals, we are covering today how it affects business owners: Firstly, this bill makes permanent or extend some of the Tax Cuts and Jobs Act (TCJA) benefits that were to sunset in 2026. Bonus depreciation - 1st year 100% depreciation if
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
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
You need to be extremely careful on how you get in business with. You might end up being liable for ghost income, funds stolen from your partners and many other issues. In the Maggard v. Commissioner, (TC Memo 2024-77), James Maggard co-founded an engineering consulting partnership, the initial co-partner left buying him out, and then,
As part of the IRS Tax Tip 2021-112, the IRS reminded the taxpayers their Bill of Rights. We highly recommend reaching out to a tax professional once you get a notice from any tax authority to ensure it is address on a professional and timely matter. We noted that some of the notices received by
The Small Business Majority https://smallbusinessmajority.org/, through their Policy Agenda, support "Pass legislation that would ensure business insurance companies cover COVID-19 revenue losses." Note that the business interruption insurance (BII) does not cover COVID-related expenses. The Small Business Majority endorsed two pieces of legislation nationally that would allow insurance companies to cover those expenses that small businesses have
