As the end of the year approaches, many people begin thinking about philanthropy. While planning charitable giving, it’s important to consider the potential impact of the One Big Beautiful Bill Act (OBBBA), signed into law on July 4. Several provisions of this new law could affect the tax deductibility of charitable gifts. This article highlights key OBBBA changes and explores strategies to help maximize the tax efficiency of donations.

Over a certain amount, payments made in the course of a trade or business must be reported to the payees and to the IRS, using a specific IRS form. Under the recently enacted One Big Beautiful Bill Act, reporting rules for some IRS forms have been revised. This article looks at changes to Forms 1099-MISC, Form 1099-NEC and Form 1099-K, as well as when to do backup withholding and how to report it.

The alternative minimum tax (AMT) is similar to the regular federal tax system, but it has a different purpose. The AMT exists to make sure that people with certain types of income still pay taxes, regardless of the deductions they may qualify for. This article explores recent changes to the AMT under the One Big Beautiful Bill Act and explains who’s now at greater risk of exposure.

This article consists of three tax brief tax tips. One tip for individuals describes the new deduction for interest on personal car loans. Another tip provides details of the changes to clean energy tax credit deadlines. And a third tip helps taxpayers decide when is the best time to give away assets.