Maurer, Graf & Rivera, LLP

Manufacturing companies that are aquiring or constructing facilities got a big boost with this new tax bill. I'm still recommending a cost segregation study to facilitate what portions of your building may be fully expensed. Read more at:

U.S. Manufacturing Incentives under the new OBBBA Signed into law by President Donald Trump on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) introduces tax reform measures designed to strengthen U.S. manufacturing and economic growth. It reinstates 100% bonus depreciation for certain assets and allows immediate expensing of real property cla...

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The House just passed the GOP domestic policy bill by a vote of 218-214. | Maurer, Graf & Rivera, LLP The House just passed the GOP domestic policy bill by a vote of 218-214. It now goes to Trump's desk for his signature. Some highlights: 100% Bonus Depreciation R&D Expensing - Back to immediate deduction, permanently, and retroactively Section 179 - Increased to $2.5M (phaseout at $4M) Fact...

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Holding our breath to see what the HOUSE does with this bill... | Jarin Maurer, CPA, MBT Holding our breath to see what the HOUSE does with this bill...

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So, the US Senate is taking a different approach for SALT and PTET from the House's version of the One Big Beautiful Bill Act. | Jarin Maurer, CPA, MBT So, the US Senate is taking a different approach for SALT and PTET from the House's version of the One Big Beautiful Bill Act. This impacts service professionals (i.e. lawyers, doctors, accountants, consultants, financial advisors, etc) fairly dramatically. While the House bill has put a cap on....

Time for the Senate to now pass this bill!

US House narrowly passes Trump's sweeping tax-cut bill, sends on to Senate | Maurer, Graf & Rivera, LLP The Big Beautiful Bill has passed the House. Now it’s up to the Senate to finalize it. I’m sure additional significant changes will still be made. https://lnkd.in/ehySjy6E

Full draft tax bill released (05-12-25)

The 28-page draft bill originally released by the House Ways and Means committee has been expanded to a 389-page version officially titled The One, Big, Beautiful Bill.

Increasing the IRC §199A deduction from 20% to 23% (previous version was 22%);
A modified $30,000 cap on state and local tax deductions ($15,000 for married filing separately), with a phasedown for higher-income taxpayers (over $400,000/$200,000);
Extending 100% bonus depreciation for qualifying property acquired January 20, 2025, through December 31, 2029;
Reinstating immediate expensing of domestic research and experimental expenditures for tax years 2025 through 2029; and
Reinstating a modified version of the overall limitation on itemized deductions.

This draft also introduces some new provisions, which include:

Terminating all three clean vehicle credits (two in 2026 and one in 2027);
Creating new "Money Account for Growth and Advancement" (MAGA) accounts, which are tax-advantaged savings accounts for children under age 8;
New above-the-line deductions for qualified tips, qualified overtime compensation, and interest on passenger vehicle loans, through 2028;
Reinstating the above-the-line deduction for cash charitable contributions ($150 for single filers and $300 for joint);
Additional standard deductions of up to $4,000 for aged and/or blind with an AGI phaseout on this addition; and
Increasing the 1099-K threshold to $20,000 and greater than 200 transactions, and the 1099-NEC/1099-MISC filing requirement from $600 to $2,000.​​​​​

There is still no mention of an increased exclusion or deduction for Social Security benefits, though many of these new provisions will only apply to taxpayers with a valid Social Security number.

This is still not a final bill.

The full draft bill is available at:

LinkedIn This link will take you to a page that’s not on LinkedIn

California Wildfires - The casualty loss rules could help victims, but more work needs to be done to allow greater deductions for people who incur losses.

Read more at https://lnkd.in/gPchEdrG.

IRS: California wildfire victims qualify for tax relief; various deadlines postponed to Oct. 15

IR-2025-10, Jan. 10, 2025
WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on Jan. 7, 2025.

These taxpayers now have until Oct. 15, 2025, to file various federal individual and business tax returns and make tax payments.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA). Currently, individuals and households that reside or have a business in Los Angeles County qualify for tax relief.
The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred from Jan. 7, 2025, through Oct. 15, 2025 (postponement period).

As a result, affected individuals and businesses will have until Oct. 15, 2025, to file returns and pay any taxes that were originally due during this period.

This means, for example, that the Oct. 15, 2025, deadline will now apply to:
Individual income tax returns and payments normally due on April 15, 2025.

2024 contributions to IRAs and health savings accounts for eligible taxpayers.

2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and estimated tax payments normally due on April 15, June 16 and Sept. 15, 2025.

Quarterly payroll and excise tax returns normally due on Jan. 31, April 30 and July 31, 2025.

Calendar-year partnership and S corporation returns normally due on March 17, 2025.

Calendar-year corporation and fiduciary returns and payments normally due on April 15, 2025.

Calendar-year tax-exempt organization returns normally due on May 15, 2025.

In addition, penalties for failing to make payroll and excise tax deposits due on or after Jan. 7, 2025, and before Jan. 22, 2025, will be abated as long as the deposits are made by Jan. 22, 2025.

Be careful when filing BOIRs!

Maurer, Graf & Rivera, LLP on LinkedIn: Be careful if you are getting help filing your BOIRs. FinCEN Warns About… Be careful if you are getting help filing your BOIRs. FinCEN Warns About Imposter Scams. The Financial Crimes Enforcement Network (FinCEN) has warned…