The IRS has released early details for a brand-new tax-advantaged savings vehicle designed exclusively for children under age 18 with a valid Social Security number: the Trump Account. The program is similar in concept to a traditional IRA—except it is built specifically to help U.S. children accumulate long-term, market-based savings from birth through adulthood. While
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
President Trump has publicly supported a Federal tax increase to 39.6% (currently, 37%) on the wealthiest Americans. The proposal is to increase the Federal tax bracket by 2.6% of individuals making more than $2.5 million (married couples more than $5 million). This change is intended to generate roughly $60 billion over 10 years, which could
Last month, the U.S Department of Education released a press release to indicate how they would target the borrowers in default and one of the options of repayment is the wage garnishment. The press released pointed to "... More than 5 million borrowers have not made a monthly payment in over 360 days and sit
We have numerous blog posts on the difference between a) employees and b) independent contractors based on the IRS, Department of Labor (DoL) and State authorities at the time the post was released. However, in January 2024, the DoL released new rules (or go back to the previous rules pre-Trump) on "... how to analyze
