In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions, some tailored to benefit seniors, ensuring they receive enhanced support in managing their financial and tax responsibilities. Key among these changes is a new deduction available .....
The State and Local Tax (SALT) deduction allows taxpayers to deduct either their state and local income taxes or their state and local sales taxes, in addition to property taxes, on their federal income tax returns when they itemize deductions. This deduction has long been a staple in the tax code, designed primarily to mitigate .....
On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA), a significant piece of legislation that ushers in a plethora of tax provisions designed to impact taxpayers across the spectrum. Though the act introduces measures that stretch beyond this year, our focus here narrows to changes coming into effect .....
Pursuant to an executive order signed on March 25, 2025, the federal government will phase out paper checks for all federal disbursements, including tax refunds, and will no longer accept paper checks for payments, such as taxes owed. The Treasury will be moving to electronic payment and refund methods. This change aims to reduce costs, .....
On July 4, 2025, H.R.1, also known as the “One Big Beautiful Bill” was signed into law. This budget reconciliation bill permanently extends the 2017 Tax Cuts and Jobs Act (TCJA) provisions and introduces new tax incentives for 2025 and beyond. Below are the key tax changes and TCJA extensions. Please see the enclosed handouts .....
The deductibility of meal expenses for employers and business entities is a nuanced area of tax law that requires careful consideration of various rules and exceptions. This article explores the intricacies of meal expense deductions, focusing on when the 50% deductibility rule applies, exceptions to this rule, and strategies for planning around these limitations. The .....
You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of it as turning your financial cruise control into .....
The dreaded moment arrives: you check your mail, and there it is—a letter from the IRS. Your heart sinks. What could it be? A mistake? A penalty? A request for missing information? If this sounds familiar, you’re not alone. During filing season, the IRS sends out millions of notices, often leaving taxpayers confused, stressed, and .....
Nathan Wechsler & Company is excited to announce the addition of Matthew J. Sawyer as a Senior Manager. He performs work for a diverse range of clients, focusing on auditing, accounting, consulting and special projects. “We are pleased to welcome Matthew Sawyer to our team,” said Kelli D’Amore, Managing Director of Nathan Wechsler & Company. .....
The Corporate Transparency Act, enacted in 2021, introduced a critical federal reporting requirement to combat illicit finance in the United States. Effective January 1, 2024, many U.S.-based companies must file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Here’s an overview of what this means for your business. What Is BOI .....
