Fox Accounting & Tax Services, Inc.

Over the weekend, many of us received an unusual email from the Social Security Administration representing an unprecedented use of a government agency as a platform to promote recently passed legislation. We have been contacted by several clients this morning wondering if this is a scam. It is not. The text of the email can be seen on the SSA website under press releases.
The email promotes the OBBA that was signed into law last week and asserts that “the bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation's economy.” This is misleading. The bill does not specifically address the taxation of Social Security. Current rules regarding the taxability of Social Security remain in place. What it does do, is to provide a temporary deduction of up to $6000 for seniors with income of less than $75,000 for single filers and $150,000 for married filers. This deduction should offset some of the Social Security benefits that senior taxpayers are required to include in income. The deduction gradually tapers off as income rises and is completely phased out at $175,000 single and $250,000 married.
While this will benefit many of our clients, a $6000 deduction will not offset the social security that most of our clients must include in taxable income. Most of our clients will continue to pay taxes on a portion of their benefits. This deduction is temporary and will span the years 2025 through 2028 only. This one provision is expected to cost 90 billion dollars over 4 years.
You can review the press release via the link in the comments. Decide for yourselves if this seems appropriate

The house bill, with its 3.7 trillion dollar price tag, is unlikely to get through the Senate without changes. This Forbes article discusses basics of the tax portions of the bill. One item of interest in our high income tax state is the proposal to increase the SALT tax limitation from $10,000 to $40,000.

A Guide To The Tax Cuts In (And Out) Of Trump’s ‘Big, Beautiful Bill’ A draft House version of the massive GOP tax and budget bill would make some expiring tax cuts permanent. Other goodies, including a bigger child tax credit and tax breaks for tips and overtime, are temporary.

House Republican tax bill passes 'SALT' deduction cap of $40,000. Here's who benefits House Republicans passed a bill to raise the 'SALT' deduction cap to $40,000. Here's who would benefit from the change.

https://www.linkedin.com/posts/artgross_ai-tv-baby-videos-may-just-be-the-best-use-activity-7304328171036815360-zBt5?utm_source=li_share&utm_content=feedcontent&utm_medium=g_mb_web&utm_campaign=facebook

AI TV baby videos may just be the best use of AI so far! Am I wrong!?… | Art Gross AI TV baby videos may just be the best use of AI so far! Am I wrong!? 👇👇

Some Scam Victims May Be Able To Deduct Related Losses On Their Tax Returns Taxpayers who were tricked as a result of a traditional investment scam may be entitled to tax relief—taxpayers who lose money through personal scams likely do not.

Throwback to one of our favorites for Tax Day 🤣 #afv #taxday #funny

Happy tax season 😂

https://fortune.com/2025/03/24/irs-tax-revenue-500-billion-cash-x-date-debt-ceiling-default-deadline/?fbclid=IwZXh0bgNhZW0CMTEAAR1SFLqzsp56dqgFa4kGyEpwD2z-81WSLG-R3vkHtPuddmTkjrVB_p3Sto4_aem_CsetUvvwA2Z6EX7ac8qxTg #

The IRS could collect $500 billion less in tax revenue, report says, and the US may run out of cash in a few months without a debt-ceiling hike An expected 10% revenue decline is due to changes in taxpayer behavior and President Donald Trump's cuts to the IRS, according to The Washington Post.

Tax season perks! Love our clients. Just had one of those lemon drop cupcakes. Delicious.

Its Payroll Tax Time Again. Be sure to make your tax payments, file your federal quarterly form 941, Annual Federal form 940, your W-2's & Oregon combined payroll reports by Friday, Jan. 31.