Washington News for Professional Advisors Read about the latest tax and legal developments relevant to charitable giving. Last Month For EV Credit August 29, 2025The tax credit for electric vehicles (EVs) will be available until September 30, 2025. The One Big Beautiful Bill Act (OBBBA) repeals the EV credit after that date. The credit for new EVs is up to $7,500, while the credit for a used EV is limited to a maximum of... Public Survey on Free Filing August 22, 2025On August 21, the Internal Revenue Service (IRS) launched a public survey about free filing options. The IRS is asking taxpayers to provide input on the options available for online filing, exploring interest in options involving a commercial company or a program sponsored by the IRS... How To Protect Yourself From Identity Thieves August 15, 2025The Internal Revenue Service (IRS) and Security Summit partners published a guide this week on protection from identity theft. The IRS and Security Summit recommends multifactor authentication, Identity Protection PINs, an IRS Online Account and a Tax Pro account for tax professionals... No Tax on Employer Student Loan Payments August 8, 2025On August 6, 2025, the Internal Revenue Service (IRS) reminded employers that student loan payments can be included as part of their educational assistance programs... Increased State and Local Tax Deduction August 1, 2025For many years, state and local income and property taxes (SALT) have been deductible by taxpayers who itemize. However, the SALT deduction limit was set at $10,000 by the 2017 Tax Cuts and Jobs Act (TCJA). This limit was a concern for members of Congress from states with substantial income... No Tax on Overtime July 25, 2025In the recent Presidential election, both candidates supported the concept of removing taxes on overtime. The One Big Beautiful Bill Act signed on July 4, 2025, created an overtime exclusion of up to $12,500 for years 2025 to 2028... No Tax on Tips July 18, 2025During the recent Presidential election, both candidates supported the concept of removing taxes on tips. The One Big Beautiful Bill Act signed on July 4, 2025, created a tax deduction for up to $25,000 in tips for years 2025 to 2028. To qualify, the tips must be received as part... Tax Savings For Seniors July 11, 2025While there had been discussion of eliminating tax on Social Security, a compromise in Congress was to provide individuals over age 65 with a $6,000 Senior Deduction added to the standard deduction. This added deduction is available for 2025 through 2028. The $6,000 Senior Deduction phases out at a rate... Charitable Planning in July July 4, 2025July is a great month to consider plans for charitable gifts in 2025. These gifts could include an IRA charitable rollover, a gift of cash or a gift of appreciated stock or land... National Taxpayer Advocate Calls the Tax Season a Measured Success June 27, 2025Each year, the National Taxpayer Advocate (NTA) reviews the tax filing season and publishes a report with findings and objectives for the next year... Energy Credits Available for 2025 June 20, 2025The House and Senate are working on a major tax bill. Both the House and Senate propose allowing energy credits for 2025. However, the Senate bill proposes eliminating some energy credits within 180 days after the tax bill is enacted... Guard Against Phishing Emails June 13, 2025As part of its ongoing awareness campaign, the Internal Revenue Service (IRS) Security Summit warns taxpayers and professional advisors to be aware of the latest email phishing scams. Because both tax advisors and individuals are active users of email, there is frequent opportunity for identity thieves to trick individuals into... Protect Yourself from Summer Scams June 6, 2025During the summer season, the Internal Revenue Service (IRS) reminds consumers to protect themselves from potential identity thieves... IRS Collects $5.1 Trillion in 2024 May 30, 2025On May 29, 2025, the Internal Revenue Service (IRS) issued the Data Book for fiscal 2024. The Data Book is an annual report on tax revenue and IRS activities for the prior year... Showing 41 - 54 of 54Previous123