August 28, 2025
Rev. Proc. 2025-28 lets companies with up to $31 million in gross receipts amend 2022 through 2024 returns to expense domestic research, with a July 6, 2026 deadline for the retroactive election.
In an August 2025 special session, Colorado signed bills that keep taxing income the federal One Big Beautiful Bill Act now shields, raising state bills for owners of pass-through businesses.
More than 25,000 employees left through incentive programs and 7,315 probationary workers were fired, leaving complex filers facing slower answers and a less predictable audit pipeline.
Treasury and IRS guidance issued August 21 explains how a binding contract and payment can preserve the $7,500 EV credit, and why home energy credits turn on installation, not payment.
The new deduction limit loses 30 cents for every dollar of income above $500,000, and a faster AMT exemption phaseout from 2026 adds pressure on high earners in high-tax states.
Long's exit on August 8 makes him the shortest-serving confirmed IRS commissioner and leaves Treasury Secretary Scott Bessent running an agency that has lost about a quarter of its staff.
An August 7 order gives the Labor Department 180 days to rethink fiduciary guidance on alternative assets, a shift that could change what high earners hold inside tax-deferred plans.
Paychecks and year-end forms will not reflect the July tax law this year, leaving high earners to square up a larger SALT deduction and other changes through estimates and their 2025 returns.
The new tax law restores full first-year write-offs for property acquired after January 19, 2025, and more than doubles Section 179, changing how owners time big purchases.