Big Beautiful Bill, Bonus Depreciation, and More

Meet Our Firm

Kathleen Lynch, Associate

Kathleen has been a valued member of MP CPAs for four years. She is a graduate of Westfield State University and the UMass Isenberg School of Management. Since July 2023, she has served on the Board of Directors as Treasurer for the St. Patrick’s Committee of Holyoke, Inc. A dedicated member of the committee for 25 years, she also held the role of President in 2011. Her commitment to community service reflects her deep-rooted belief in giving back to the community where she was raised and continues to reside.

How Much Money Should You Keep in Your Checking Account?

It’s a question everybody likely wonders, from the billionaire to the person living paycheck to paycheck: How much money should I keep in my checking account? Of course, if you’re a billionaire, deciding what to keep in your checking account is more of a “fun” academic exercise. [more]

Wedding Ring Lost on Virginia Christmas Tree Farm Returned After 15 Years

There are so many other ways it could have happened: they could have thrown away the sticky note containing Wayne Corprew’s phone number; they could have tilled the ground three inches to the left, they could have taken the ring they found to a pawnshop. [more]

Bonus Depreciation Reimagined Under the One Big Beautiful Bill Act

The One Big Beautiful Bill Act, enacted in July 2025, introduces major revisions to bonus depreciation, reestablishing full 100 percent expensing for qualifying property acquired and placed in service after January 19, 2025. This change reverses the phase-down structure enacted in prior legislation, which had reduced bonus depreciation to 40 percent in 2025 and eliminated it altogether after 2026. The updated rules apply to both new and, under certain conditions, used property, and are expected to significantly influence planning for capital expenditures across a range of industries. [more]

What to Know About the New Tax Deduction for Older Adults

Millions of taxpayers ages 65 and older got a big tax break in the “One Big Beautiful Bill”: a new $6,000 tax deduction, effective this year. The deduction, which AARP supported, will reduce tax bills for many older Americans, starting with their next tax filing and running through the 2028 tax year, after which it is set to expire. Applying the new deduction, though, may come with some complexity. The deduction is available in full only to taxpayers with incomes below a certain level, and it phases out above that threshold. [more]

Trump’s ‘big beautiful bill’ passes SALT deduction limit of $40,000. Here’s who benefits

House Republicans on Thursday approved President Donald Trump’s “big beautiful bill,” which includes changes to the limit for federal deduction for state and local taxes, known as SALT. When you itemize tax breaks, you can claim the SALT deduction, which includes state and local income taxes and property taxes. Trump’s 2017 tax cuts added a $10,000 cap on the SALT deduction through 2025, which has been a key issue for certain lawmakers in high-tax blue states. Before 2018, the SALT deduction was unlimited but curbed by the alternative minimum tax for some wealthier households. [more]

Fringe Benefits: The Hidden Tax Implications of Workplace Perks

Fringe benefits have become an essential element of compensation packages, especially as companies compete for top talent in today's labor market. I’ve seen how these offerings can elevate workplace culture and improve retention—but I also know the tax implications they carry can be complicated. As both an advisor and a business owner myself, I make it a point to help employers and employees alike understand how fringe benefits affect their financial responsibilities and opportunities. When I talk about fringe benefits, I’m referring to any form of compensation provided in addition to regular wages. That could be health insurance, paid time off, or contributions to... [more]

Edit your subscription | Unsubscribe