Taxes July 29, 2025
Bipartisan Senate Bill Would Expand Tax Credits for Businesses Hiring Student Veterans
The legislation would incentivize businesses to hire student veterans through an expansion of the Work Opportunity Tax Credit.
Taxes July 11, 2025
Gambling Tax Repeal Bill Blocked in Senate
Nevada Democratic Sen. Catherine Cortez Masto sought to reverse the cut in losses deduction that was included in the One Big Beautiful Bill Act, but she ran into objections from some Republicans.
Taxes July 4, 2025
President Signs Sweeping Tax and Spending Bill Into Law
President Donald Trump held an outdoor signing ceremony at the White House on Friday, formally enacting a major tax and spending bill that passed through the Senate and House earlier in the week.
AICPA July 1, 2025
AICPA Applauds Senate Passage of Reconciliation Bill, Encourages House Support
The U.S. Senate passed its reconciliation bill earlier today, which removes the limit on pass-through businesses’ state and local tax (SALT) deductions entirely, generating optimism for those affected businesses.
Taxes July 1, 2025
Trump Tax Bill Passes Senate
The slim 51-50 vote margin sets up a frantic few days in the House, where Republicans have to figure out how to unite to get a bill to President Donald Trump’s desk before his self-imposed July 4 deadline.
Legislation June 29, 2025
AICPA Releases Statement on Text of Senate Bill Regarding Pass-Through Entities
The president and CEO of the American Institute of CPAs, Mark Koziel, CPA, CGMA, has released a statement following the release of the text of the U.S. Senate’s reconciliation bill.
Taxes June 27, 2025
Tax Carveout for Hillsdale College Ruled Out of Trump’s Bill
The Senate parliamentarian concluded that a section of the tax bill exempting a small number of religious schools, including the Christian liberal arts college in Hillsdale, MI, violated the chamber's procedural rules for the budget reconciliation process.
Taxes June 17, 2025
Wolters Kluwer Releases Tax Briefing on Senate’s Latest Version of Reconciliation Bill
The proposal, which follows the House’s narrow passage of its own version in May, includes sweeping changes to the tax code.
Taxes June 17, 2025
Senate GOP Tax Bill Would End Federal Taxes on Many Guns, Silencers
Senate Republicans’ tax bill would eliminate federal taxes and regulations on short-barreled rifles, short-barreled shotguns, and silencers as well as preempt state or local licensing requirements in a win for gun-rights advocates.
Taxes June 17, 2025
Wind, Solar Credits Set to End Early in Senate Republican Tax Bill
Senate GOP released a bill that would end tax credits for wind and solar earlier than for other sources, and make only modest changes to most other incentives, dashing hopes of those seeking relief from major cuts passed by the House.
Taxes June 17, 2025
Senate Republicans Unveil Revised Tax Cuts and Debt Limit Bill
The Senate's version of President Donald Trump’s signature economic package expands some tax breaks while raising the debt ceiling by $5 trillion, instead of $4 trillion in the House-passed measure.
State and Local Taxes June 16, 2025
Senate Panel Rolls Back SALT Cap to $10,000 in Trump Budget Bill
The Senate Finance Committee Monday rolled back the SALT deduction cap to $10,000 in its first draft of President Trump's sprawling budget bill, a dramatic reversal from the $40,000 that was negotiated in the House last month.