During the 2024 election campaign, President Trump promised that he would eliminate all income taxes on Social Security. The House and Senate “One, Big, Beautiful” reconciliation bills do not include this provision, but they would provide a new additional standard deduction for seniors. While both policies would generate little economic growth relative to their costs and increase the deficit, they have differing impacts on taxpayers depending on where their incomes reside in the income distribution. [more]

Summertime is common time for wedding bells to ring, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer's marital status as of December 31 determines their tax filing options for the entire year, but that's not all newlyweds need to know. Report any name changes to the Social Security Administration. The name on a person's tax return must match what’s on file at the SSA. Otherwise, it could delay any tax refund. Taxpayers should file Form SS-5, Application for a Social Security Card PDF with their updated information. It’s available on SSA.gov...  [more]

Summer has arrived, and states are beginning to implement policy changes that were enacted during this year’s legislative session (or that have delayed effective dates or are being phased in over time). Generally, most state individual and corporate income tax changes take effect on January 1, the beginning of the calendar year, for consistency through the tax year. However, some important tax policy changes take effect on July 1, which is the beginning of the fiscal year for all states except Alabama, Michigan, New York, and Texas. [more]

As a tax supervisor at MP CPAs, one of the most challenging areas I help clients navigate is global tax compliance. For high-net-worth individuals and businesses with international holdings, understanding and adhering to U.S. foreign tax reporting requirements is not just complicated—it’s essential to avoiding costly penalties and legal risks. On a recent episode of the Knowing What Counts podcast, I had the opportunity to dive into this topic and share some of the most critical aspects U.S. taxpayers need to understand when dealing with foreign financial interests. The first thing I always explain is that the United States follows a global income taxation model. That means if you're a U.S. citizen or resident, you're required to report and pay taxes on all income. [more]