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One Big Beautiful Bill Act (Passed by House May 22, 2025)2025 Post-Filing Season Update 2024 Post-Election Tax Policy Update 2019 Year-End Tax Planning

2026 Inflation Adjustments for Health Savings Accounts Released (Rev. Proc. 2025-19)
The IRS has released the 2026 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2026, the annual limitation on deductions under Code Sec. 223(b)(2) for a...

IRS Reminds Taxpayers and Small Businesses to Stay Vigilant Against Scams Year-Round (IR-2025-57)
The IRS has marked National Small Business Week by reminding taxpayers and businesses to remain alert to scams that continue long after the April 15 tax deadline. Through its annual Dirty Dozen li...

Marginal Production Percentage Depletion Rates Announced (Notice 2025-20)
The IRS has announced the applicable percentage under Code Sec. 613A to be used in determining percentage depletion for marginal properties for the 2025 calendar year. Code Sec. 613A(c)(6)(C) defi...

Earned Income Tax Credit Marks 50th Year Aiding Working Families (IR-2025-38)
The IRS acknowledged the 50th anniversary of the Earned Income Tax Credit (EITC), which has helped lift millions of working families out of poverty since its inception. Signed into law by President ...

Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued (Rev. Rul. 2025-09)
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided aircraft in effect ...

IRS Urges Taxpayers To Review Withholding Early To Avoid Surprises Next Filing Season (IR-2025-52)
The IRS is encouraging individuals to review their tax withholding now to avoid unexpected bills or large refunds when filing their 2025 returns next year. Because income tax operates on a pay-as-you-...

IRS Whistleblower Office Unveils First Multi-Year Operating Plan To Strengthen Program Oversight (IR 2025-40)
The IRS has reminded individual taxpayers that they do not need to wait until April 15 to file their 2024 tax returns. Those who owe but cannot pay in full should still file by the deadline to avoid t...

CA - IRC conformity bill advances
The California Senate has passed a bill that would update the state's Internal Revenue Code (IRC) conformity date to January 1, 2025, for taxable years beginning on or after January 1, 2025, with spec...

CO - Achieving a better life experience deduction extended
Colorado has enacted legislation extending the Achieving a Better Life Experience state income tax deduction through tax year 2030. Previously, the deduction was set to expire after tax year 2025. The...

CT - 2025-2026 diesel fuel tax rate announced
Effective July 1, 2025, through June 30, 2026, the Connecticut motor vehicle fuels tax rate applicable to the sale or use of diesel fuel is $0.489 per gallon (formerly, $0.524). Announcement 2025(2),...

DE - Budget proposes rate cuts, new brackets, tobacco tax increase
Delaware Gov. Matt Meyer released his budget for fiscal year 2026 that includes proposals to cut personal income taxes and create 3 new tax brackets. The budget also includes a proposal to increase th...

DC - Mayor unveils economic growth agenda
The District of Columbia Mayor has presented an economic growth agenda for 2026 that proposes:no sales tax increase in FY26;reducing the Universal Paid Leave tax from 0.75% to 0.72%; andcreate a sales...

FL - Exemption for certain coin or currency revised
The Florida sales and use tax exemption for certain coin or currency is revised. A coin or currency that is legal tender of the United States, or any gold or silver coin recognized as legal tender in ...

GA - Tax rate chart for energy sold to manufacturers issued for Q3 of 2025
Georgia has released an updated chart of local sales and use tax rates for energy sold to manufacturers. The rates are effective July 1, 2025. Energy Sold to Manufacturers, Georgia Department of Reve...

HI - - IRC conformity updated
Hawaii has updated its Internal Revenue Code tie-in date for computing corporate and individual income tax liability to December 31, 2024, for tax years beginning after December 31, 2024. Previously, ...

MA - Financial institutions eligible for research tax credits
The Massachusetts Department of Revenue explains their position following the Appellate Tax Board's decision confirming that financial institutions are eligible to claim the corporate income tax resea...

MN - Dietary supplements guidance updated
Minnesota has updated its guidance on the sales tax treatment of dietary supplements. Dietary supplements are taxable food products. Any item that is required by the U.S. Food and Drug Administration ...

MT - Property tax assistance for first responders
Montana has created an Injured First Responder property tax assistance program, similar to the Montana Disabled Veterans (MDV) program. For property tax years beginning January 1, 2026, the new progra...

NJ - Guidance on taxability of lawyers' purchases updated
New Jersey updated it guidance on the taxability of purchases made by lawyers and law firms in relation to the state's Sales and Use Tax Act. The bulletin was updated to include links to the NJ Tax P...

NY - Taxability of out-of-state online retailer's purchase of order fulfillment services and storage of inventory discussed
The New York Department of Taxation and Finance issued an advisory opinion regarding whether an out-of-state online retailer’s purchase of certain order fulfillment services in New York and its stor...

NC: Type of real property interest that may be donated under the conservation tax credit is expanded
The type of real property interest that may be donated to be eligible for the conservation tax credit against North Carolina corporate and personal income taxes is expanded to match the federal defini...

PA - Realty transfer tax factors updated
The Pennsylvania Department of Revenue (DOR) has issued revised real estate valuation factors based on sales data compiled by the State Tax Equalization Board in 2023. These factors are the mathematic...

TX - Certain industrial rental businesses eligible for reduced tax rate
Texas has enacted legislation expanding the industries that may use the reduced Texas franchise tax rate for those engaged in retail or wholesale trade. Effective for franchise tax reports due on or a...

VT - Nonhomestead rate and homestead dollar equivalent yields set for fiscal Year 2026
Vermont has enacted a law setting the property and income dollar equivalent yields for homestead property tax rates and the nonhomestead property tax rate for fiscal year 2026. The law sets the proper...

VA - Overpayment credit barred by statute of limitations
The Virginia Department of Taxation properly denied the claim by the taxpayer’s estate for an income tax overpayment credit because the taxpayer’s return was filed beyond the refund period allowed...

WA - Tax rate increased for payment card processing activities
A new Washington business and occupation (B&O) tax rate of 3.1% has been established for payment card processing activities. The tax rate does not apply where the processor operates or is affiliat...

WY - Order of application of property tax exemptions provided
Wyoming has enacted legislation specifying the order in which a taxpayer should apply property tax exemptions when multiple property tax exemptions apply to the same property. The legislation states t...

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