The OBBBA, enacted in July 2025, has introduced some new deductions for those 65 and over, those who report tip income, and overtime-eligible employees.
These changes will expire after 2028.
As is the case with most deductions, there are income-based phaseouts that limit the benefits of these deductions.
After the months-long roller-coaster ride that started in December 2024, the Department of the Treasury's Financial Crimes Enforcement Network has decided not to require a Beneficial Owners Information Report for entities that have only U.S. owners.
For others, there is a requirement to prepare a report.
Check the FinCEN website for details.
Starting a business or need guidance?
We're here to help, with the expertise you need.
Lots of accountants know their stuff. But do you feel heard? We make the time to talk to every client and address their concerns.
Even during tax season!
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.