For years, estate planners worked against a ticking clock: a scheduled sunset that would have roughly halved the federal estate, gift, and generation-skipping transfer (GST) tax exemption. That cliff is gone. Recent legislation made the higher unified exemption permanent and reset it beginning in 2026 — a significant shift in how families and their advisers…
Signed into law on July 4, 2025, the One Big Beautiful Bill Act made the 2017 tax cuts permanent and added a slate of new deductions. Here is what tax professionals need to know.
The Employee Retention Credit (ERC) was one of the most-claimed — and most-abused — pandemic relief provisions. Recent legislation and IRS enforcement have effectively closed the door on new and late claims, and preparers need to know where things stand. What changed ERC claims filed after a cutoff date (on or after January 31, 2024)…
Few compliance topics have caused more confusion for small businesses and their advisers than beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA). The requirement has been enacted, enjoined, reinstated, and narrowed — so here is a plain-English summary of where BOI reporting stands and what it means for CPAs and their clients….
You may have seen headlines about a new 15% corporate minimum tax. It’s real — but it’s narrow. Here’s who the Corporate Alternative Minimum Tax (CAMT) actually affects, and, just as importantly, who it doesn’t. What CAMT is The CAMT imposes a 15% minimum tax on the adjusted financial statement income (AFSI) — essentially book…
A rule that used to apply mostly to large filers now reaches a huge number of small businesses: the electronic-filing threshold for information returns dropped dramatically. If a business files just 10 or more information returns in a year, paper is generally no longer an option. What changed Under IRS final regulations, the threshold for…
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