An Overview of the Filing Relief for Natural Disasters Act
On July 24, 2025, a tax bill quietly became law: the Filing Relief for Natural Disasters Act, also known as Public Law 119-29. In addition, the One Big Beautiful Bill Act (OB3 Act) made disaster-related changes that complement this new law. Read More: https://www.tomtalkstaxes.com/p/an-overview-of-the-filing-relief (August 22, 2025)
OB3 Act: Planning for the “SALT Spot”
Thanks to the One Big Beautiful Bill Act (OB3 Act), taxpayers with incomes near the $500,000 to $600,000 range have important tax planning considerations starting in tax year 2025 due to several new or changed provisions. I’ll review the provisions first, then use a projected 2026 example to demonstrate how they work together to change […]
Did the OB3 Act Make Coffee and Snacks Provided to Employees Nondeductible?
There are many claims that the One Big Beautiful Bill Act (OB3 Act) changed the deductibility of employer-provided meals and snacks. Here is an example of an image being shared on Twitter/X: Read More: https://www.tomtalkstaxes.com/p/did-the-ob3-act-make-coffee-and-snacks
OB3 Act: Business Expensing Enhanced
The Senate version of the One Big Beautiful Bill Act (OB3), which ultimately became law, prioritized providing permanent opportunities for businesses to deduct certain expenditures fully. https://www.tomtalkstaxes.com/p/ob3-act-business-expensing-enhanced (July 9, 2025)
OB3 Act: State and Local Tax Deductions
The Tax Cuts and Jobs Act (TCJA) significantly limited the ability of individuals to deduct state and local taxes (SALT) to $10,000 (or $5,000 if married filing separately (MFS)). Under TCJA, the SALT deduction cap would have disappeared entirely for tax year 2026, significantly decreasing federal tax revenue. https://www.tomtalkstaxes.com/p/ob3-act-state-and-local-tax-deductions (July 7, 2025)
OB3 Act: Gamblers, Beware
The One Big Beautiful Bill Act (OB3 Act) includes two provisions affecting gamblers in §70114 of the law. One is a permanent extension of a Tax Cuts and Jobs Act (TCJA) provision, and the other mysteriously appeared in the Senate version of the bill. https://www.tomtalkstaxes.com/p/ob3-act-gamblers-beware (July 4, 2025)
OB3 Act: No Tax on Tips, Overtime, or Social Security
The One Big Beautiful Bill Act (OB3 Act) includes three new deductions that attempt to fulfill President Trump’s campaign promises of no tax on tips, overtime, or Social Security. While these deductions may fall short of their stated goals, they provide material, time-limited tax relief to specific population segments. https://www.tomtalkstaxes.com/p/ob3-act-no-tax-on-tips-overtime-or (July 3, 2025)
A Preview of H.R. 1, The One Big Beautiful Bill Act
In this week’s marathon session, the House of Representatives passed the One Big Beautiful Bill Act (OB3 Act)—the Republican budget reconciliation package with significant tax changes. This legislation goes much farther than a simple extension of the Tax Cuts and Jobs Act (TCJA) and will impact almost every taxpayer’s situation. https://www.tomtalkstaxes.com/p/a-preview-of-hr-1-the-one-big-beautiful (May 22, 2025)
The Little-Known Offset Bypass Refund
If a taxpayer has unpaid federal tax debts, the IRS typically offsets future refunds to pay down those debts. The statutory authority for the IRS to do this offset is §6402(a): (a) General rule. In the case of any overpayment, the Secretary, within the applicable period of limitations, may credit the amount of such overpayment, […]
An Overview of the Collection Statute of Limitations
The IRS does not have unlimited time to collect an unpaid balance. Under §6502(a)(1), the tax (and any related penalties and interest) may be collected by levy or a court proceeding, but only if the levy is made or the proceeding begins within ten years after the assessment of the tax. https://www.tomtalkstaxes.com/p/an-overview-of-the-collection-statute (May 12, 2025)