Tax

The IRS has released Notice 2026-11, clarifying how 100% bonus depreciation works under the One Big Beautiful Bill Act (OBBBA). The interim guidance outlines the timing rules, available elections, and the types of property that qualify now that the full deduction is back in place. These issues are particularly important for any business investing in equipment, upgrading facilities, or managing multi-year projects. This guidance will ensure businesses can take full advantage of this compelling tax savings tool.

Atlanta small-business owners are operating in a demanding environment. Costs are unpredictable, hiring is competitive, and many industries are working with tighter margins than just a few years ago. In that context, the CPA relationship often goes beyond filing and compliance. Business leaders rely on clear answers, timely turnaround, and guidance that supports better decisions throughout the year.

The Treasury Department and the IRS have released proposed regulations that explain how a new federal income tax deduction for car loan interest will work and how lenders will be expected to report that interest. The proposal would allow eligible taxpayers to deduct up to $10,000 of qualified passenger vehicle loan interest each year and would create information reporting rules for businesses that receive at least $600 of interest in a calendar year on specified passenger vehicle loans from individuals.

Year-end planning looks different for 2025. The One Big Beautiful Bill Act (OBBBA), which passed earlier this year, expanded several deductions and introduced new tax breaks for workers, families, and seniors. It also extended rules that were expected to change. With so many updates in place, a review of personal finances before December 31 can help uncover new tax-saving opportunities for 2025.

The IRS and Treasury have issued the first round of guidance on Trump Accounts in Notice 2025-68. This offers the earliest look at how the new accounts will function when they launch in 2026. Created under the One Big Beautiful Bill Act (OBBBA), Trump Accounts are designed as long-term retirement savings vehicles for children. The program includes a highly anticipated $1,000 federal contribution for eligible children born between 2025 and 2028, provided a parent or guardian elects to open an account. The new guidance explains how those elections will be made, how contributions will be tracked, and what investment options will be allowed during a child’s early years.

Roughly 6 million U.S. workers rely on tipped income, and more than 80 million earn hourly wages, many of whom receive overtime pay. To support this large segment of the workforce as new tax rules take effect in 2025, the Treasury Department and IRS have released Notice 2025-69, which explains how workers can calculate the new deductions for qualified tips and overtime compensation created under the One Big Beautiful Bill Act (OBBBA).

As 2025 winds down, many businesses are taking time to review year-end tax strategies. Recent changes from the One Big Beautiful Bill Act (OBBBA) restored several tax breaks and adjusted rules that will apply for the first time in the upcoming filing season. Companies should look closely at these updates to determine if they qualify to take advantage of these tax saving opportunities. For many there will be an opportunity to reduce taxes before year end.

The Treasury Department and IRS are giving employers extra time to comply with new payroll reporting rules created under the One Big Beautiful Bill Act (OBBBA). In Notice 2025-62, issued November 2025, the agencies announced penalty relief for tax year 2025, acknowledging that most payroll systems aren’t yet equipped to capture separate data on employee tips and overtime. The move gives businesses some breathing room to adapt, but it also means many workers may not receive the information they need to claim the new deductions.

The IRS has clarified how Form 1099-K reporting will work moving forward. In new guidance released October 23, 2025 (IR-2025-107 and FS-2025-08), the agency confirmed that under the One Big Beautiful Bill Act (OBBBA), third-party settlement organizations (TPSOs) such as PayPal, Venmo, and Etsy will once again use the $20,000 and 200-transaction threshold for reporting. The update reverses the lower $600 limit introduced by earlier law and applies retroactively to tax years beginning after December 31, 2021.

It’s been several weeks since the federal government shut down on October 1, 2025. Since then, many agencies have closed or are operating with only partial staff. Economists estimate that each week of the shutdown could trim about 0.1 percentage point from quarterly GDP growth, roughly $6-7 billion in lost activity across the economy.