Accounting & Tax Center

Trump Account Website is now up and running to sign up

Jumpstarting the American Dream Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

https://www.youtube.com/watch?v=kA1hir48pxU&t=15s

Fortified Roof Tax Credit PSA (2025) Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.

Trump Accounts are a new benefit under the Working Families Tax Credits, with tax-deferred contributions up to $5,000 per year. Learn more from the to get ready for the 2026 tax filing season: https://ow.ly/KcUg50XBVuX

Use the IRS Online Account to make filling season simpler. It gives individuals, business owners, and tax professionals a fast and safe way to manage taxes from anywhere. With an IRS Online Account, you can check your tax balance, make payments, view past payments, download your tax transcripts and see notices in one place, helping you stay organized. Prepare now: www.irs.gov/accounts

Did you purchase a gun safe this year? See if it qualifies for the Louisiana firearm safety device tax credit.

Louisiana Firearm Safety Device Tax Credit (2025) Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.

Key points on the One Big Beautiful Bill Act:
-Overtime deduction is still taxed on your paycheck - but when you file your tax return you will get a deduction for it if you qualify. The deduction is ONLY FOR THE AMOUNT OVER YOUR REGULAR PAY. For example, if you make $10 an hour regular pay, and $15 overtime pay - only the difference is a deduction - $5 an hour.
-In order to deduct car loan interest - You must be the original owner (no used vehicles), the loan has to originate after 12-31-24, and final assembly must have been in the US.
-Social security is still taxable, however anyone over the age of 65 may receive an additional $6,000 deduction ($12,000 if both spouses qualify).
Most provisions are subject to income phase outs.

One Big Beautiful Bill Act: Tax deductions for working Americans and seniors | Internal Revenue Service FS-2025-03, July 14, 2025 — Provisions from the One Big Beautiful Bill Act, which was signed into law on July 4, 2025.

It looks like the final nail in the coffin of BOI reporting

Donald Trump celebrates end of Corporate Transparency Act measure The Treasury will no longer enforce an anti-money laundering law that Trump said was an "absolute disaster" for small businesses.

2/27/25 Update on BOI - still due on 3/21/25 however FinCEN will not be issuing fines or penalties if you can't do it by then. Sounds like they will be issuing a new deadline until the case is heard.

FinCEN.gov WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines....

In response to a court ruling that reinstated BOI reporting requirements under the Transparency Act ( ), Financial Crimes Enforcement Network has extended the Beneficial Ownership Information ( ) reporting deadline by 30 days from February 19, 2025.

The new deadline to file initial, updated, or corrected BOI reports is March 21, 2025, for most. with previously granted later deadlines (e.g., disaster relief extensions) must follow those deadlines instead.

FinCEN plans to revise the BOI reporting rule to reduce burdens on low-risk entities, including many small businesses.

Read the full update here: https://ow.ly/p0qw50V32xO

Tax documents added to IRS Individual Online Account tool, enhancing services and convenience for taxpayers | Internal Revenue Service IR-2025-28, Feb. 27, 2025 — The Internal Revenue Service announced today it’s making it easier for taxpayers to file their taxes by adding information return documents to their IRS Individual Online Account, helping consolidate important tax records into one digital location.