Sandra M Biancaniello CPA, PLLC

Some Key Provisions of OBBBA

Senior Deduction: $6,000 deduction for taxpayers age 65+. Phases out starting at $75,000 MAGI ($150,000 MFJ).

Child Tax Credit: Increased to $2,200 and indexed for inflation.
State and Local Tax (SALT) Deduction: Raised to $40,000 (from $10,000) for 2025, with annual increases through 2028. Reverts to $10,000 in 2029.

Qualified Tips Deduction: Up to $25,000 deduction. Phases out above $150,000 AGI ($300,000 MFJ). Applies to income tax only—tips remain subject to employment/self-employment taxes.

Qualified Overtime Deduction: Up to $12,500 ($25,000 MFJ). Phases out when MAGI exceeds $150,000 ($300,000 MFJ).

Passenger Vehicle Loan Interest Deduction: Up to $10,000 for interest on loans originated after 2024 for new U.S.-assembled passenger vehicles under 14,000 lbs. Leases do not qualify.

Trump Accounts: New IRA-type accounts available after 2025 for beneficiaries under age 18. Contributions allowed from the child, parents, others, and employers.
* Pilot program provides a $1,000 IRS contribution for eligible children.
*Eligible child: U.S. citizen born after December 31, 2024, and before January 1, 2029.

With the One Big Beautiful Bill being so new, there is lot of information to go through. The IRS has to issue regulations based on the new law. I will be sharing more information in the months to come.

What The One Big Beautiful Bill Act Will Mean For You And Your Business—An Explainer The One Big Beautiful Bill Act passed the House on July 3, and is expected to be signed into law by President Donald Trump. Here’s a detailed look at what’s changed—and how it might impact you.

Wishing you a happy Independence Day🇺🇸

Hoping this is the end of this fiasco, its being a ridiculous stop and go game all year. Some common sense at last.

Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
March 2, 2025
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.”

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 penal...

FinCEN Offers Extra Time To File After Court Reinstates Beneficial Ownership Information (BOI) Reporting Requirements A court in the Eastern District of Texas has reinstated beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA).

UPDATE: Beneficial ownership information reporting requirement halted, again UPDATE: On Dec. 26, 2024, the 5th Circuit Court reversed an earlier stay, reinstating a preliminary injunction that prevents the Financial Crimes Enforcement Network (FinCEN) from enforcing the BOI filing requirements:

Severe case of whiplash with this filing "requirement"
December 3rd Halted by Courts
December 23rd Reinstated
December 26th Halted again 🙄

In Whiplash Maneuver, Court Rules Beneficial Ownership Information (BOI) Reporting Requirements Are On Hold The government has (again) been enjoined from enforcing the beneficial ownership information (BOI) reporting requirements under the CTA.

Filing requirement of BOI for LLC's and Corporations has been reinstated. See link in comments to FINCen website for additional information

FinCEN Extends Beneficial Ownership Information (BOI) Reporting Deadline After the Fifth Circuit granted the government’s emergency motion to continue to enforce the Corporate Transparency Act (CTA), FinCEN has extended the filing deadline.

Ever wonder what ’s would look like?? Our team had a little fun this last week before the holidays. 🎅🎄