UNITY Financial Services, Jim Wade CFP CSA Wealth and Tax Advisor

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Why the IRS Is Mailing New Refund‑Delay Notices — And What They Mean for You - NewsBreak If you were counting on your tax refund to cover bills, groceries, or even a small splurge, opening your mailbox to find an IRS letter...

Please know that the IRS is NOT issuing paper checks for your refund. You must use direct deposit.

The-IRS-quietly-released-new-tax-brackets-for-2026. Some-Americans-will-save-thousands-while-others-won’t-be-so-lucky?

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Seniors hit with 10 percent Medicare Part B cost increase in 2026 Medicare Part B premiums will rise by about 10 percent in 2026 according to a notice from the Centers for Medicare and Medicaid Services (CMS). The CMS released a notice laying out the monthly actu…

November 11, 2025

The One Big Beautiful Bill Act: Key Tax Changes Starting 2025

👍EVERYONE 👍
Standard deduction increases to $15,750 for single filers, and $31,500 for those filing jointly.
State and local tax (SALT) deduction increases to $40,000 (temporary)

👥 SENIORS (65+) 👥
$6,000 bonus deduction (2025-2028)

👨‍💼 WORKERS 👨‍💼
No tax on tips (up to $25,000)
No tax on overtime (up to $12,500 single filer/$25,000 married filing jointly)

🏢 BUSINESS OWNERS 🏢
20 percent qualified business income deduction is now permanent
100 percent capital expensing restored

👨‍👩‍👧‍👦 FAMILIES 👨‍👩‍👧‍👦
Child tax credit increases to $2,200
Dependent care limits increase to $7,500

🏡 ESTATE MANAGEMENT 🏡
Exemption increases to $15 million/$30 million (starts 2026)

IMPORTANT: Some of these changes are temporary (2025-2028). Consult a tax professional for your specific situation.

FinCEN Updates: FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.
“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

MY INTERPRETATION: I am not sure if this suspends filing for all companies except foreign reporting companies OR just suspends the penalties for domestic reporting companies. Hopefully a further clarification will be provided. President Trump last evening seemed to state that all filing is suspended.

Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule

Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.

FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.