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On May 9, 2025, the House Ways and Means Committee released a comprehensive draft of new tax legislation, informally dubbed the "One, Big, Beautiful Bill."  This 389-page proposal aims to extend and expand upon the Tax Cuts and Jobs Act (TCJA) of 2017, introducing significant changes to the U.S. tax code.  While it retains many elements of the TCJA, the draft also introduces new provisions that could have far-reaching implications for taxpayers, businesses, and the federal bu

In a surprise move that rippled across global markets, the United States and China have agreed to a 90-day suspension of elevated tariffs...

Connecticut is entering a high-stakes budget debate as state lawmakers consider imposing a 1.75% surcharge on capital gains  for...

Missouri is on the verge of a bold tax policy shift: becoming the first U.S. state to fully eliminate capital gains taxes  on individual income. The legislation, passed by the Republican-controlled state legislature and backed by Governor Mike Kehoe, would exempt income earned from the sale of stocks, real estate, and other investment assets. If enacted, the law could reshape Missouri’s attractiveness to high-net-worth individuals and investors, while also raising questions

The IRS has released updated data showing that the average tax refund for the 2025 filing season rose by 3.3%  compared to 2024 — up to...

As part of its FY2026 state budget, New York has approved a $2 billion inflation relief package  aimed at providing direct financial support to over 8 million residents. Announced by Governor Kathy Hochul on May 6, 2025 , this initiative also includes the most significant middle-class tax cuts the state has seen in decades — all while expanding social programs like universal school meals. Here’s what the package includes and why it matters for taxpayers, CPAs, and financial

A new tax bill has introduced a campaign promise-turned-legislation: no income tax on overtime pay  — with specific income limits to target middle-class workers. Unveiled by Senator Roger Marshall (R-Kan.) , the proposal is part of a broader Republican tax-and-spending package intended to extend elements of the Trump-era Tax Cuts and Jobs Act. But this provision in particular is gaining attention for its direct appeal to working-class Americans and W-2 employees. Here’s what’

Governor Wes Moore has unveiled a broad tax reform plan aimed at closing Maryland’s projected budget shortfall and modernizing the...

In a landmark move, Hawaii has passed Senate Bill 1396 , raising the state’s hotel and vacation rental tax from 9.25% to 11% , starting...

The Florida Legislature has officially extended its 2025 session after failing to pass a state budget by the constitutionally required...

In response to rising living costs, New York State has announced a $2 billion inflation relief package  that includes one-time payments of up to $400  for qualifying residents. The initiative is part of the state’s broader plan to counteract inflation and provide financial support to working- and middle-class households. Over 8 million New Yorkers  are expected to receive payments automatically, with no additional paperwork required. Who Qualifies for the Inflation Relief Pa

South Carolina is on track to overhaul its income tax structure after the state House advanced a new proposal introducing a two-tiered tax system . The plan is a departure from earlier flat-tax proposals and is designed to reduce the tax burden on low- and middle-income earners while preserving state revenue from higher earners. The bill, which still needs Senate approval , could reshape how millions of South Carolinians file their state taxes as early as 2026. What’s in the

The IRS has announced special tax relief for individuals and businesses in parts of Virginia  impacted by severe winter storms and...

The IRS is reminding taxpayers to check their federal income tax withholding now to avoid unexpected tax bills or refunds when filing their 2025 returns next year. This proactive measure is especially important for individuals whose financial or employment situations have changed recently. Why Withholding Adjustments Matter Federal tax withholding determines how much tax is deducted from your paycheck throughout the year. If too little is withheld, you may owe the IRS when y

House Republicans are accelerating efforts to finalize a massive $4.5 trillion tax package , seeking to reshape the tax landscape ahead of the 2026 sunset of the 2017 Trump tax cuts. With Memorial Day as the informal deadline, the clock is ticking for lawmakers and for taxpayers preparing for major changes. Here’s where things stand today. Where Do We Stand on Current Tax Legislation? House Republicans, led by Ways and Means Committee Chairman Jason Smith (R-Mo.) , are drafti

Georgia taxpayers have a critical deadline approaching: file your state income tax returns by May 1, 2025 , to claim a one-time surplus tax rebate  worth up to $500 . This rebate program, signed into law under House Bill 112 , is part of Georgia’s plan to return a portion of its budget surplus back to residents. With only a few days remaining, eligible taxpayers are encouraged to act quickly to secure their refund. How Much Is the Rebate? The rebate amounts are based on the t

In a major move toward reshaping its tax landscape, the Missouri House of Representatives  is pushing forward a comprehensive tax reform...

As the 2025 tax season winds down, many taxpayers are encountering unexpected delays in receiving their federal tax refunds . According to recent reports, millions of individuals who filed early and on time are still waiting for their money—a frustrating development that’s sparking concerns across the country. For businesses, individuals, and CPAs alike, understanding the causes behind these refund delays is essential for setting expectations and planning cash flow effectivel

A growing coalition of business leaders, backed by the Ohio Chamber of Commerce , is urging state lawmakers to take action against a controversial practice in the state's property tax system: "unvoted" property tax increases . These automatic increases—often tied to debt service or inflation-linked millage—are applied without direct voter approval, raising concerns among both commercial property owners and residential taxpayers across Ohio. As property tax bills continue to c

Michigan has taken a major step toward becoming a hub for high-tech infrastructure with the passage of two new bills offering sales and use tax exemptions  to data centers —a strategic move aimed at attracting investments from major players like Google, Amazon, and other AI-driven tech firms. Signed into law by Governor Gretchen Whitmer , the legislation is designed to make Michigan more competitive in a national race to host data infrastructure critical to artificial intelli