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IRS Creates a New Form, Schedule 1-A, To Claim New Tax Deductions under the One Big Beautiful Bill Act (OBBBA)
Hoping to claim the new $6,000 additional deduction for seniors, or the new deductions for tip income, overtime income, or car loan interest? You can now see how these deductions will appear on your tax return. When the One Big Beautiful Bill [...]
Do You Meet the Income Requirements To Claim the New Tax Benefits in the One Big Beautiful Bill Act?
Not sure what “modified adjusted gross income (MAGI)” is or how to determine whether yours qualifies you for newly available tax deductions and credits? Many of the new OBBBA tax benefits that are available beginning in 2025 or 2026 use MAGI to [...]
What is “Modified Adjusted Gross Income (MAGI),” and Why Should You Care?
When the One Big Beautiful Bill Act (OBBBA) was passed in July 2025, it introduced many new deductions and credits, contingent on your income meeting certain thresholds. When defining those thresholds, OBBBA uses the term “modified adjusted gross income (MAGI).” The problem [...]
The Best Way To Obtain an Individual Taxpayer Identification Number (ITIN)
For years, individuals who don’t qualify for a US social security number and need an ITIN have faced a long, challenging process. If you have applied for an ITIN before, you know that the process is more involved than just filling out [...]
Tax Planning: Will You Get More Benefit from Making Charitable Contributions in 2025 or 2026?
Due to tax law changes passed in 2025, the timing of your charitable contributions may make a big difference in your tax bill. Some taxpayers will receive a much better benefit from accelerating their contributions and making them before the end of [...]
New Executive Order Lays Groundwork for “Gold Card” for US Residency
On September 19, 2025, President Trump signed an executive order formalizing the Gold Card as a new immigration path to residency in the United States. Per the order: To qualify for a Gold Card, a foreign individual must make an unrestricted gift [...]
Take Advantage of Energy Tax Credits Before It’s Too Late
If you are planning to make energy-efficient home improvements or purchase an electric vehicle, you will want to act quickly. A number of energy tax credits that are currently available will be eliminated in 2025, some as early as September 30, 2025. [...]
The IRS Will Stop Issuing Refunds via Paper Check in September 2025
If you typically receive your tax refunds—or any other type of US government payments—via paper check, you will need to start considering digital alternatives. What happened? On March 25, 2025, President Trump issued an executive order, called “Modernizing Payments To and From [...]
Exit Tax Form 8854 Changes and Common Procedural Errors
In Part 1 of our series on the final Exit Tax regulations issued by the IRS on January 14, 2025, we looked at §2801 tax implications for US individuals who receive certain gifts or bequests (either directly or indirectly) from someone who [...]
Risk and Recordkeeping Requirements for Form 708 Filing To Report Receipt of a Covered Gift or Bequest
In Part 1 of our series on the final Exit Tax regulations issued by the IRS on January 14, 2025, we looked at §2801 tax implications for US individuals who receive certain gifts or bequests (either directly or indirectly) from someone who [...]
