Tax deductions

We have an impressive new list of these deductions available to taxpayers, whether or not they itemize.

The institute sent a letter to officials at the Treasury and the IRS asking for immediate guidance on a provision of the One Big Beautiful Bill Act for deducting R&D costs.

Whether clients are investing in commercial buildings, launching new ventures or improving existing properties, they have fresh opportunities for accelerated deductions.

Many of the provisions of the OBBBA benefit businesses, but colleges and universities will take a hit, as will companies in renewable energy.

CPAs play a crucial role in helping property owners maximize their profits through advanced tax strategies.

The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.

Tax clients are already starting to ask their accountants about the many changes in the massive One Big Beautiful Bill Act passed by Congress last week.

A look at the key tax provisions of the semi-final version of the Trump administration's One Big Beautiful Bill Act.

President Trump expressed optimism that lawmakers could reach a compromise on the state and local tax deduction, a sticking point in his "One Big Beautiful Bill."

The bill text will represent a major breakthrough for the GOP as it seeks to continue to advance the centerpiece of Trump's economic agenda.

A $30,000 cap on the state and local tax deduction would be a compromise between current law and the more generous limit in the House's version of the bill.

House Speaker Mike Johnson said he's pressuring Senate Republicans to refrain from changing a deal to increase the state and local tax deduction cap to $40,000.

President Trump told Senate Republicans he is open to a state and local tax deduction cap lower than the $40,000 in the House-passed version of his tax bill.

The deal that led the House to increase the maximum deduction for state and local taxes to $40,000 is not set in stone in the Senate.

The $40,000 SALT limit will phase out for annual incomes greater than $500,000, and the income phaseout threshold would grow 1% a year over a decade.

In a private meeting, Trump singled out the lawmakers from New York, New Jersey and California who have rejected the $30,000 deduction limit.

The U.S. Government Accountability Office created a list of questions for policymakers' oversight of the energy tax expenditures in the 2022 Inflation Reduction Act.

The American Institute of CPAs is asking accountants to call on congressional representatives to stop "unfair targeting" of pass-throughs like CPA firms.

Rep. Nicole Malliotakis said there's an "opportunity" to grow the $30,000 state and local tax deduction cap offered by House GOP leaders in negotiations.

Rep. Jason Smith said lawmakers from high-tax states should support the $30,000 limit his committee put on the state and local tax deduction.