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In today's Tax Thursday in Three, Bergin Fisniku gives an update on the federal government shutdown and what taxpayers can expect with delays in processing returns.
In spite of the shutdown, the IRS is moving forward with implementing the provisions of the One Big Beautiful Bill Act (OBBBA), bringing significant opportunities for tax planning. Bergin discusses the key changes to review, including 100% bonus depreciation, changes to interest deductibility under Section 163J, and immediate expensing for domestic R&D. Each of these provisions can offer different benefits for taxpayers depending on individual circumstances. Now is the time to consult with your advisor to optimize your strategy in light of these updates.
Watch the full video below.
The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.
The FFIEC has updated its IT examination guidelines, expanding the Development, Acquisition, and Maintenance (DA&M) booklet and retiring the Cybersecurity Assessment Tool (CAT) by August 31, 2025. Financial institutions must now enhance IT risk management and adopt alternative cybersecurity frameworks like NIST 2.0 and CISA Cybersecurity Performance Goals to stay compliant.
The IRS has extended tax deadlines to May 1, 2025, for individuals and businesses in areas affected by Hurricane Helene, including Alabama, Georgia, North Carolina, South Carolina, and parts of Florida, Tennessee, and Virginia. This relief provides significant benefits for real estate investors completing Section 1031 exchanges, offering extended deadlines for identifying and purchasing replacement properties.
