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Budget Reconciliation 2025: What CPAs Need to Know to Guide Their Clients

Matt McKinney June 26, 2025

Budget Reconciliation 2025 What CPAs Need to Know to Guide Their Clients As the 2025 budget reconciliation process unfolds in Washington, CPAs should closely track evolving legislation that could have a meaningful impact on both individual and business taxpayers. The House and Senate have each released their proposed tax packages, and while there is alignment on some provisions, several key differences remain unresolved. This article provides a look at where things stand, select key differences in each version, and the

Budget Reconciliation 2025: What CPAs Need to Know to Guide Their Clients

June 26, 2025 No Comments

The One Big Beautiful Bill: Senate Update

The One Big Beautiful Bill, The Senate Update The Senate released its text of the legislation (The One Big Beautiful Bill) in full as it relates to specialty taxes. Bonus Depreciation 100% bonus will return for property acquired after January 19, 2025, and be permanent going forward. Qualified Production Property

June 17, 2025 No Comments

The One Big Beautiful Bill – Initial Takeaways from the House Ways and Means Tax Bill

Initial Takeaways from the House Ways and Means Tax Bill (“The One Big Beautiful Bill”) While this legislation still has

Matt McKinney May 13, 2025

Budget Reconciliation Heats Up: What CPAs Need to Know About the Emerging Tax Landscape

Budget Reconciliation Heats Up: What CPAs Need to Know About the Emerging Tax Landscape As budget reconciliation negotiations gain momentum

Matt McKinney April 10, 2025

IRS Proposes Changes to Form 6765 for R&D Tax Credits

IRS Proposes Changes to Form 6765 for R&D Tax Credits: What You Need to Know The IRS has proposed

Deb Roth, CPA February 11, 2025

R&D

R&D | §179D

New Bill Outlines Covid Relief and Economic Stimulus Provisions

New Bill Outlines Covid Relief and Economic Stimulus Provisions Congress passed the Appropriations bill, which included the latest Covid relief

Deb Roth, CPA December 12, 2020

California Legislature paperwork and calculator

R&D

California Legislature Passes AB 85 and Suspends the Usage of New-Operating Losses

California Legislature Passes AB 85 and Suspends the Usage of New-Operating Losses California’s Legislature recently passed AB 85, a budget

Source Advisors July 15, 2020

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R&D

VA Extended Application Deadline to September 1, 2020

VA Extended Application Deadline to September 1, 2020 In a recent legislative update, the Virginia General Assembly modified the two

Source Advisors June 18, 2020

person flipping through research activity papers

R&D | Cost Seg

Tax Cuts and Jobs Act and Section 1031 Like Kind Exchanges Revisted

Tax Cuts and Jobs Act and Section 1031 Like Kind Exchanges Revisited The Question Following the passage of Public Law

Brian Coddington October 14, 2019

R&D

Reminder: Minnesota Increased its R&D Tax Credit Rate

Reminder: Minnesota Increased its R&D Tax Credit Rate For tax year 2017 and forward, companies spending significant research dollars in

Source Advisors January 25, 2019

R&D

Tax Cuts and Jobs Act Impacts R&D Tax Credit

Tax Cuts and Jobs Act Impacts R&D Tax Credit Given the recent passage of the Tax Cuts and Jobs Act,

Source Advisors February 18, 2018

Chief Counsel Advice Memorandum 20214101F

Chief Counsel Advice Memorandum 20214101F On Friday, October 15th, 2021, the Internal Revenue Service published Chief Counsel Advice Memorandum 20214101F. In this memo, the Service describes what information they think taxpayers should include in a research credit claim for the IRS to consider the claim valid. Per the CCA, the IRS

Deb Roth, CPA August 2, 2023

House of Reps Unveiled Three Proposed Tax Bills

House Bills Spur Discussion of Business Tax Extenders On Friday, June 9, 2023, the House of Representatives unveiled three proposed tax bills. We view these bills as an opening offer, unlikely to pass in their present form, but they will inform later Congressional debate. In this summary, we will focus

Brian Coddington June 12, 2023

COST SEGREGATION

Cost Seg

Rev. Proc. 2020-25 The “Retail Glitch” Fix: Implementation

Rev. Proc. 2020-25 The “Retail Glitch” Fix: Implementation On Friday, April 17th, 2020, the Internal Revenue Service posted Rev. Proc. 2020-25

Greg Bryant April 20, 2020

R&D | Cost Seg

Tax Cuts and Jobs Act and Section 1031 Like Kind Exchanges Revisted

Tax Cuts and Jobs Act and Section 1031 Like Kind Exchanges Revisited The Question Following the passage of Public Law

Brian Coddington October 14, 2019

Cost Seg

Final and Proposed 100 Percent Bonus Depreciation Regs

Final and Proposed 100 Percent Bonus Depreciation Regs On Friday, September 13, 2019, the Internal Revenue Service released advance copies

Greg Bryant September 19, 2019

Cost Seg

Revenue Procedure 2019-33

Revenue Procedure 2019-33 On July 31, 2019, the IRS released Rev. Proc. 2019-33. This revenue procedure allows taxpayers to make or

Greg Bryant August 5, 2019

Cost Seg

Treatment of Tenant Improvements & Section 110 Overview

Treatment of Tenant Improvements & Section 110 Overview As we have discussed in a prior installment of iTaxblog, the Tangible Property

Greg Bryant January 14, 2019

The Final Bonus Depreciation Regulations

The Final Bonus Depreciation Regulations On September 21, 2020, the IRS released an advance copy of the final bonus depreciation regulations. With some modifications, these regulations finalize the proposed regulations issued one year ago. What Changed: The highlights of the Treasury Decision 9916 final regulations are: The rule prohibiting a

Greg Bryant September 28, 2020

The Current State of ADS Under the TCJA and CARES ACT

The Current State of ADS Under the TCJA and CARES ACT Introduction to the ADS The Alternative Depreciation System is part of the Modified Accelerated Cost Recovery System (“MACRS”).1 It stands in contrast to the General Depreciation System (“GDS”) of Code section 168(a).2, Under the ADS, all property must use the

Greg Bryant September 20, 2020

§179D

IRS Announcement 2024-24: Updated Reference Standard 90.1 for § 179D

IRS Announcement 2024-24: Updated Reference Standard 90.1 for § 179D Announcement 2024-24 refers to the upcoming updates that will align

Imran Syed May 20, 2024

cost segregation operating loss paperwork

§179D | §45L

Inflation Reduction Act Tax Savings For Real Estate

Inflation Reduction Act Tax Savings for Real Estate On Tuesday, August 16, 2022, the Senate passed the Amendment of H.R. 5376,

Brian Coddington, Imran Syed July 21, 2023

45L | 179D

Treasury Releases Green Book

Energy Efficient Commercial Buildings Deduction On Friday, May 28th, 2021, the Treasury Department released the Green Book, also known as the

Brian Coddington June 4, 2021

§179D

Energy Efficient Commercial Buildings Deduction

Energy Efficient Commercial Buildings Deduction On December 27, 2020, a $1.4 trillion omnibus spending bill with tax extenders was signed

Imran Syed December 30, 2020

R&D | §179D

New Bill Outlines Covid Relief and Economic Stimulus Provisions

New Bill Outlines Covid Relief and Economic Stimulus Provisions Congress passed the Appropriations bill, which included the latest Covid relief

Deb Roth, CPA December 12, 2020

Treasury Releases Green Book

Energy Efficient Commercial Buildings Deduction On Friday, May 28th, 2021, the Treasury Department released the Green Book, also known as the General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals. Though the Green Book is not new law, it provides invaluable insight into the administration’s tax priorities for this session

Brian Coddington June 4, 2021

Energy Efficient Commercial Buildings Deduction

Energy Efficient Commercial Buildings Deduction On December 27, 2020, a $1.4 trillion omnibus spending bill with tax extenders was signed into law. The tax provisions include a permanent extension of the §179D Energy-Efficient Commercial Buildings Deduction and a one-year extension of the §45L Energy-Efficient Home Credit. Both the provisions would have

Imran Syed December 30, 2020

§45L

45L

Notice 2023-65: New Guidance on Section 45L Energy Efficient Home Credit

Notice 2023-65: New Guidance on §45L Energy Efficient Home Credit Section 45L Energy Efficient Home Credit was extended and amended

Imran Syed October 28, 2023

§179D | §45L

Inflation Reduction Act Tax Savings For Real Estate

Inflation Reduction Act Tax Savings for Real Estate On Tuesday, August 16, 2022, the Senate passed the Amendment of H.R. 5376,

Brian Coddington, Imran Syed July 21, 2023

45L | 179D

Treasury Releases Green Book

Energy Efficient Commercial Buildings Deduction On Friday, May 28th, 2021, the Treasury Department released the Green Book, also known as the

Brian Coddington June 4, 2021

Treasury Releases Green Book

Energy Efficient Commercial Buildings Deduction On Friday, May 28th, 2021, the Treasury Department released the Green Book, also known as the

Brian Coddington June 4, 2021

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