OBBBA Wagering Losses
OBBBA changes how gambling losses are deducted—now capped at 90% and limited to winnings. See how this impacts AGI, Social Security, hea...
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The Tax Professionals Blog · 446 articles
Highlights of Internal Revenue Bulletin 2025-35 – 8/25/2025
IRS Bulletin 2025-35 is out! Highlights include updates on employment tax fringe benefits and 2025 estate tax rates.
Read moreOBBBA Child Tax Credit
The OBBBA permanently boosts the Child Tax Credit to $2,200 per child starting in 2025, adds inflation indexing, and keeps key rules for...
Read moreHighlights of Internal Revenue Bulletin 2025-34 – 8/18/2025
IRS Bulletin 2025-34 announces revised CAMT guidance for partnerships and adds 21 chemical substances to the excise tax list under §4672.
Read moreOBBBA No Tax on Overtime
The OBBBA allows eligible taxpayers to deduct qualified overtime pay from 2025–2028. Learn the limits, MAGI phaseouts, and rules to maxi...
Read moreHighlights of Internal Revenue Bulletin 2025-33 – 8/11/2025
IRS Bulletin 2025-33 updates employer shared responsibility payment amounts under IRC section 4980H. See the new indexed figures and how...
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