Tax

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.

The GENIUS Act, signed into law in July 2025, is the first federal law to regulate the payment of stablecoins. A payment stablecoin is a digital asset designed to keep a steady value, usually tied to the U.S. dollar and backed by cash or short-term Treasury securities. These assets are already widely used in payments, cross-border transfers, and cryptocurrency markets. The law defines who is allowed to issue stable coins, sets rules for reserves and reporting, and places oversight with federal and state regulators.

Earlier this month, the Georgia Department of Revenue (DOR), issued an update to the sales & use tax exemption for computer equipment. Rule § 560-12-2-.107, Computer Equipment, outlines the computer and digital technology equipment exempt from certain state taxes. Originally issued in 2001, the purpose was to attract high tech companies to the state. However, with the growing popularity of data centers, the state created a new targeted exemption specifically for these businesses in 2018. Last year, the state passed a temporary suspension of the exemption which was ultimately vetoed. Acknowledging the concerns of lawmakers, the DOR made several adjustments

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.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) became law, changing several areas of the federal tax code. One of those changes affects Section 1202, which has offered tax benefits for small business investors for more than thirty years. The provision allows qualifying gains from the sale of certain stock to be excluded from federal income tax. It has been adjusted several times since it was introduced, and this latest revision adds new ways for taxpayers to benefit.

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.

The One Big Beautiful Bill Act, which was signed into law in early July, calls for several significant changes to various business, individual, estate tax, and energy tax provisions. In many cases, the changes implemented served as extensions of expiring provisions initially called for in the Tax Cuts and Jobs Act (TCJA) Of 2017. However, others are completely new incentives that benefit individuals and families. This includes an extension of the individual tax brackets, the standard deduction, new tip income deduction, and the senior tax deduction.