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Congress passes act allowing tax relief when a state declares disaster

A bill supported by the AICPA is “a major win for taxpayers and tax practitioners,” according to a statement by President and CEO Mark Koziel. The bill, which now heads to President Donald Trump for his signature, is intended to speed up the granting of tax deadline extensions after a disaster.

Tax provisions in the One Big Beautiful Bill Act

The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.

Line items

IRS can make it easier to leave assets to younger generations, AICPA says … Pandemic-era ERC started with good intentions, ending with frustration … AICPA recommends prop. regs. changes for some retirement savings plans … Bills dealing with tax administration, disaster victims pass House

Modernizing your tax workflow

Jorge Olavarrieta. vice president and general manager, ProTax Group, Intuit, discusses how technology can help high-volume tax firms with their biggest operational challenges.

FROM THIS MONTH'S ISSUE

Tax Court allows cattle ranch deductions

The Tax Court held that a Texas rancher operated with a profit motive, despite “troublingly large” losses more than 77 times his gross receipts from farming and ranching. Learn more in this Tax Matters article.