Tax Updates

Tax update summaries with downloadable source PDFs.

The original PDF briefings have been migrated into local downloads and summarized in HTML for easier reading, search visibility, and faster client review. Tax rules change, so use these as planning prompts and confirm details before filing.

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Migrated PDF briefings

Readable summaries of the archived tax updates.

July 24, 2025

One Big Beautiful Bill Act

A broad tax law update affecting individual rates, standard deductions, senior deductions, child tax credits, QBI, estate and gift exemptions, AMT, itemized deductions, business provisions, and selected credits.

Download PDF IRS reference

Key planning points

Individual tax rates were extended, and the 2025 standard deduction amounts increased under the law.
Business owners should pay attention to QBI, depreciation, research expense, interest expense, and other business provisions that may affect planning.
High-income taxpayers may need to revisit itemized deductions, AMT exposure, estate planning, and estimated tax projections.
The law includes phased implementation, so planning should be checked against current IRS guidance before filing.

April 30, 2025

Residential Clean Energy Property Credit

A summary of the Residential Clean Energy Property Credit for qualifying solar, solar water heating, fuel cell, wind, geothermal, and battery storage property.

Download PDF IRS reference

Key planning points

The credit generally equals 30% of qualifying costs for property placed in service during the main credit period.
Eligible property can include solar electric, solar water heating, fuel cell, small wind, geothermal heat pump, and battery storage technology.
Fuel cell property has additional principal residence and capacity rules.
Mixed personal and business use can limit the credit when business use exceeds 20%.

March 31, 2025

Energy Efficient Home Improvement Credit

A summary of the Energy Efficient Home Improvement Credit for qualifying building envelope improvements, residential energy property, and home energy audits.

Download PDF IRS reference

Key planning points

The credit generally equals 30% of eligible costs, subject to annual limits and category-specific caps.
Common categories include exterior doors, windows, skylights, insulation, air sealing, HVAC property, heat pumps, biomass property, and home energy audits.
The general annual limit is commonly discussed as $1,200, with a separate higher limit for certain heat pump and biomass property.
Manufacturer certifications, Energy Star requirements, installation dates, and invoices should be retained with tax records.

May 15, 2025

One-Third of IRS Auditors Terminated or Resigned

A short industry news brief from the original site. The migrated file is image-based, so the HTML version intentionally keeps this as a high-level summary and downloadable archive.

Download PDF

Key planning points

IRS staffing and enforcement capacity can affect response timelines, audit administration, and taxpayer communication.
Clients should still respond to notices promptly and keep complete records even when IRS processing appears delayed.
For business owners, organized books and documentation remain the best defense against tax notice stress.

For business owners and high-income clients

Updates are most useful when they are connected to your records.

A credit, deduction, or tax law change may affect your return differently depending on entity structure, income level, property use, investment activity, and documentation. The PDFs are preserved for reference, while the HTML summaries help identify what to discuss.

Records to keep nearby

Invoices, receipts, and installation dates for credit-related property.
Business books, payroll reports, and entity records for business tax provisions.
Brokerage, equity compensation, rental, and investment records for high-income planning.