Here’s a summary  of key provisions in the One Big Beautiful Bill Act (also known as OBBB/OBBBA), signed into law July 4, 2025. ✅ Major Tax & Business Changes Makes permanent many of the individual tax cuts from the Tax Cuts and Jobs Act (TCJA) — e.g., the current brackets and higher standard deduction. Raises standard deductions for 2025 and 2026: for married filing jointly e.g., $31,500 in 2025 and $32,200 in 2026. Expands the state and local tax (SALT) deduction cap: up to

The IRS on Monday announced a new program, the Taxpayer Relief Initiative, to help taxpayers who are unable to pay their taxes because ...

Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified...

With that tax filing deadline looming, the pandemic continues to disrupt people’s lives. Many tax practitioners are trying to manage ...

IRS. Sec. 274(a)(1)(A) generally disallows a deduction for any activity of a type generally considered entertainment, amusement, or...