Legislative & Regulatory Updates
OBBB Restores 100 Percent Bonus Depreciation and Expands Section 179
When it comes to managing your business’s tax burden, the timing and method of depreciating property can make a significant difference. Cash flow is an integral part of every business and, for a business owner, taxes are one of the biggest expenses they will have. The One Big Beautiful Bill Act (OBBB), signed into law […]
New Law Makes QBI Deduction Permanent for Qualified Business Owners
Tax Planning is one of the most important components of operating a successful business, and maximizing the Qualified Business Income (QBI) deduction is a key element in that planning. The QBI deduction enables eligible business owners to reduce their taxable income by up to 20 percent of their qualified business income, providing a valuable opportunity […]
OBBB Creates More Deduction Room for Middle-Income Filers
For years, the state and local tax deduction has been an important consideration for taxpayers in high-tax states. In 2017, The Tax Cuts and Jobs Act set a $10,000 cap, which limited the ability of many individuals and pass-through entity shareholders to reduce federal taxable income. The One Big Beautiful Bill (OBBB) Act, signed into […]
OBBB State & Local Tax Deduction Increase May Enhance Itemized Benefits
The One Big Beautiful Bill Act, signed into law July 4, 2025, raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for households with modified adjusted gross income (MAGI) under $500,000. For many, this brings a renewed incentive to itemize, putting mortgage interest, charitable contributions, and property taxes back into play. […]
Interest Deduction Limits Loosened, Restoring Favorable Treatment for U.S. Businesses
Businesses financing growth may see renewed opportunities to recover interest costs more quickly under the One Big Beautiful Bill Act (OBBBA) due to a change that restores depreciation and amortization addbacks in calculating the limit on deductible interest. This adjustment to Internal Revenue Code Section 163(j) marks a return to the more generous standard in […]
Megabill Provisions Raise Tax Exposure for Multinationals
The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, introduces broad changes to international tax rules. These adjustments will affect U.S. corporations with foreign subsidiaries, especially those that benefit from favorable tax treatment on foreign income. While some provisions align with expectations tied to the scheduled end of the Tax Cuts and Jobs […]
Congress Passes Sweeping Tax and Spending Law with Broad Implications for Individuals and Businesses
Congress has passed a sweeping new law that permanently extends and expands key tax provisions, reshapes health and social program eligibility, and revises spending across defense, energy, and federal benefits programs. While many provisions take effect immediately, others will phase in or expire over time. AAFCPAs is analyzing the full scope of the law to […]
Court Upholds Massachusetts Tax on Business Gain After Owner Relocates
In this article: The Massachusetts Appeals Court recently ruled that a tech founder’s $4.7 million stock sale could be subject to state income tax, despite his move out of state. Craig Welch, who co-founded AcadiaSoft, Inc. in 2003, initially held a 50-50 ownership split with one partner, though his interest was diluted over time as […]
New HHS Grant Terms May Affect DEI and Foreign Boycott Policies
AAFCPAs would like to make clients aware of new conditions in the Department of Health and Human Services (HHS) Grants Policy Statement (GPS), which was updated for the first time since 2007. The revised guidance, published on April 16, 2025, outlines new restrictions tied to Diversity, Equity, and Inclusion (DEI) activities and foreign boycotts that […]