While the One Big Beautiful Bill Act (OBBBA) changed the federal tax code in many ways, it largely maintained the overall structure and complexity of the code. In a subsequent analysis, we will address the ways in which the OBBBA simplified or complicated certain aspects of the code, but, in the meantime, it is important to understand the scale of the underlying complexity, based on official estimates of the cost of compliance. The federal tax code imposes many costs on the US economy. (more)

If you're in or nearing retirement, a Roth conversion might be the most powerful tool you're not using — or not using correctly. A Roth conversion done right can dramatically lower your lifetime tax bill, preserve your income flexibility, even protect your surviving spouse from costly tax burdens. But done wrong, it can backfire — triggering higher Medicare premiums, unnecessary taxation on your Social Security benefits and a surprise tax spike later in life when it might be too late to adjust. (more)

In a surprising tax code alteration that has frustrated Americans who enjoy gambling, a provision in the One Big Beautiful Bill Act (OBBBA) limits gambling losses that can be used to offset gambling winnings to 90 percent of their value. This provision, which previously allowed for 100 percent deductibility of losses against winnings, introduces a steep tax penalty for professional gamblers and certain casual bettors. The OBBBA provision limiting the deduction of gambling losses might cause individuals to owe taxes on imaginary income, incentivizing gamblers... (more)

Estate planning isn’t just about drafting a will. For high-net-worth individuals and families, it’s about designing thoughtful, long-term strategies to preserve wealth, transfer assets efficiently, and reduce exposure to tax liabilities. I’ve had the privilege of working with many families over the years, and if there’s one lesson I always come back to—it’s that timing and coordination are everything. Understanding the basics of gift and estate tax is critical before putting any plan in motion. As of 2025, each individual can give up to $19,000 per recipient per year without impacting their lifetime exemption. (more)