Key Tax Provisions in the One Big Beautiful Bill Just Passed by Congress On July 4, 2025, President Trump signed into law the One Big Beautiful Bill fulfilling his promise to enact a major tax reform by Independence Day. Here are some of the highlights: 1. Pass-Through Deduction (Section 199A) Made Permanent The 20% deduction
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Auto Loan Interest in Big Beautiful Bill – The Low-Down on Tax Breaks for Car Buyers
Auto Loan Interest in Big Beautiful Bill The Big Beautiful Bill (BBB) has generated a considerable amount of attention and controversy. A considerable amount of attention has been dedicated to its tax deductions for tips and overtime pay. However, not much attention has been given to the provision that allows taxpayers to take a deduction
Tax and Vice – Treatment of Gambling or Wagering Losses in the Big Beautiful Bill
Gambling Losses Big Beautiful Bill Buried within the 8oo+ pages of the Big Beautiful Bill are provisions that affect how taxpayers can report gambling or wagering losses. In our previous blog, we discussed how the Internal Revenue Code is not kind to gamblers, especially gamblers who do not itemize. Under the “Big Beautiful Bill,” the
Common EDD Audit Triggers and How to Prepare Your Business
EDD Audit Triggers For any business operating in California, an audit by the Employment Development Department (EDD) can be a significant concern. The EDD is responsible for administering the state’s payroll tax laws, collecting contributions for unemployment insurance (UI), state disability insurance (SDI), employment training tax (ETT), and personal income tax (PIT) withholding. When the
Beyond the Basics: Advanced Strategies for Managing Your California UI Rate and Minimizing Costs
California UI Rate For California businesses, unemployment insurance (UI) is a mandatory payroll tax designed to provide temporary financial assistance to eligible workers who lose their jobs through no fault of their own. While compliance with UI tax obligations is non-negotiable, many businesses overlook the proactive strategies that can significantly influence their UI rate and,
Key California EDD Legislative Updates and Potential Business Implications
Key California EDD Legislative Updates California’s regulatory environment is notoriously dynamic, particularly concerning employment and payroll tax laws. For businesses operating in the Golden State, staying abreast of these continuous legislative updates from the Employment Development Department (EDD) and the broader state government is not merely about compliance; it is about strategic planning, risk management,
The OECD’s Two-Pillar Solution: Progress and Challenges in 2025
Organization for Economic Cooperation and Development OECD The Organization for Economic Cooperation and Development (OECD) has long championed a two-pillar approach to address the tax implications of digitalization and globalization. In 2025, this initiative remains at the forefront of international tax reform. While Pillar Two—introducing a 15 percent global minimum corporate tax rate—has gained traction
Digital Services Taxes and the Risk of a Global Tax War
Digital Services Taxes The rise of digital services taxes (DSTs) has become a flashpoint in international taxation, igniting tensions between major economies. Initially introduced to address the taxation of digital revenues from companies with little to no physical presence in foreign markets, DSTs have proliferated across jurisdictions such as France, India, the United Kingdom, and
Navigating Cross-Border Tax Compliance Amid Political Shifts
Cross-Border Tax Compliance Political volatility and shifting regulatory landscapes are placing new pressures on global businesses to manage cross-border tax compliance more effectively. In particular, international reforms such as the Organization for Economic Development’s (OECD) Base Erosion and Profit Shifting (BEPS) 2.0 framework are driving sweeping changes to how multinational enterprises (MNEs) structure and report
U.S. Withdrawal from the Global Minimum Tax: Implications for Multinational Compliance and International Tax Stability
Global Minimum Tax In January 2025, President Donald Trump signed an executive order withdrawing the United States from the OECD/G20 global minimum tax framework. This agreement, supported by over 135 countries, was designed to establish a 15 percent global minimum corporate tax rate, aimed at curbing profit shifting and leveling the international tax playing field.