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Carey Dagenhart

The One Big Beautiful Bill Act, also known as OBBBA, introduces tax changes that could matter to many medical and physician practices. It makes permanent several provisions that encourage business investment, including bonus depreciation and higher Section 179 limits, and it allows certain research costs to be expensed right away. For some practice owners, that might mean moving ahead sooner with plans for an upgraded imaging system, an expanded records platform, or a long-postponed renovation.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, makes major changes to federal clean energy tax policy. The law accelerates the expiration of more than a dozen energy-related tax credits, many of which were previously set to remain in effect through 2032. Several credits will now expire as early as September 2025. In other cases, new restrictions may limit who qualifies or how the credit can be used.

axpayers who receive payments through providers such as PayPal, Venmo, and Etsy will be happy to learn the IRS has again delayed reporting changes. While the IRS was originally planning to require distribution of the forms for anyone who received $600 in payments or more through these third-party providers, the agency just announced another delay. This means the current payment threshold of $20,000 and 200 transactions will be in place for the current tax year. The higher reporting limits mean many will not be required to pay federal income tax on income earned through these sources.

Earlier this week, in IR-2023-230, the IRS provided additional details on the results of enhanced enforcement efforts. Specifically, there will be 20,000 letters sent to taxpayers notifying them of disallowed ERTC claims. These letters specifically address those ineligible because their entity did not exist during the pandemic, or they did not have any employees during the eligibility period. This illustrates just how pervasive aggressive marketers have become when thousands of claims do not meet the most basic criteria.

On September 8, 2023, the IRS issued  a news release (IR-2023-166) detailing enforcement priorities over the coming year. Regulators will be shifting attention to high-income earners, partnerships, large corporations, and promoters taking advantage of tax laws. Specifically, the agency will target those groups that have experienced a sharp reduction in audit rates over the past decade. In addition, the IRS will also be relying on Artificial Intelligence (AI) to help detect tax cheating, compliance issues, and to improve case selection.

Over the last few months, the IRS has issued several warnings about companies using misleading or deceptive practices to encourage businesses to apply. While past activities were focused on simply issuing warnings, the IRS recently announced a change in strategy. On July 26th, it was announced the agency will now increase scrutiny on dubious submissions while providing additional warnings and tips about aggressive marketing.

Taxpayers in 21 states, in including Georgia, may want to consider filing amended returns if certain disaster relief and general welfare payments were reported as taxable income on the 2022 federal tax return. On February 10, 2023, the IRS announced that “in the interest of sound tax administration and other factors,” those who received these payments are not required to report it as taxable income. This announcement is welcome news for Atlanta taxpayers that were unsure whether certain state tax refunds needed to be included as income.

Properly managing cash flow is essential for Atlanta contractors and construction companies. It provides the funding needed to start new projects, maintain existing ones, and pay for material, supply, labor, and other expenses. Concurrently, a strong financial position can help manage weather-changing economic conditions. With an expected decrease in new 2023 projects driven by rising interest rates, it’s essential to revisit cash flow management strategies. Implementing best practices now will permit the company to be in a strong position and prepare for the unexpected.

Failure to file a tax or information return by its due date generally results in extra fees and penalties. It also draws extra scrutiny from the IRS and can result in significant delays in having the return processed and other matters closed. Since the end of the pandemic, the IRS has been investing significant time and resources in reviewing returns originally due in 2019 and 2020. Now, for millions of taxpayers, those extra fees will be refunded or waived for certain returns.In August, the IRS announced penalty relief which is expected to impact 1.6M taxpayers and result in $1.2 in automatic refunds (assuming eligibility requirements are met). The relief is not limited just to individuals as foreign corporations, partnerships and S-corporations are also eligible.

Like Georgia, more states are cutting income taxes in what is mostly a bipartisan effort nationwide. In 2021 alone, 14 states took steps to cut income taxes. So far in 2022, dozens of states are following suit to either lower or flatten their income taxes, and several others have been looking at proposals to lower or temporarily suspend certain excise taxes. Still others have been considering temporary tax measures. By comparison, only two states have proposed raising taxes in 2022: Hawaii and Massachusetts. What’s driving the nationwide race to cut taxes?