The Tax Professionals Blog
OBBBA Pease Limitation
Posted by Lee Reams Sr., BSME, EA on
The OBBBA permanently ends the Pease limitation and replaces it with a new overall cap on itemized deductions, effective in 2026, for taxpayers in the highest income bracket.
Highlights of Internal Revenue Bulletin 2025-36 – 9/2/2025
Posted by Lee Reams Sr., BSME, EA on
IRS Bulletin 2025-36 is out: key updates on partnership reporting, employment tax rates, exempt org revocations, and renewable energy credits under OBBBA. Read the highlights now.
OBBBA Wagering Losses
Posted by Lee Reams Sr., BSME, EA on
OBBBA changes how gambling losses are deducted—now capped at 90% and limited to winnings. See how this impacts AGI, Social Security, healthcare subsidies, and more.
Highlights of Internal Revenue Bulletin 2025-35 – 8/25/2025
Posted by Lee Reams Sr., BSME, EA on
IRS Bulletin 2025-35 is out! Highlights include updates on employment tax fringe benefits and 2025 estate tax rates.
OBBBA Child Tax Credit
Posted by Lee Reams Sr., BSME, EA on
The OBBBA permanently boosts the Child Tax Credit to $2,200 per child starting in 2025, adds inflation indexing, and keeps key rules for dependents, refunds, and SSN requirements. Learn what’s changed.