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Trump Accounts: A New Tax-Advantaged Savings Tool for Your Children’s Future
The One Big Beautiful Bill Act (OBBBA) created a new tax-advantaged savings account for children: Trump Accounts (formally, Money Accounts for Growth and Advancement, or MAGA accounts). This provision has received less attention than others in the law, but parents, grandparents, and business owners should take notice. Here is what you need to know. What…
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The One Big Beautiful Bill: What Every Small Business Owner Needs to Know About the New Tax Law
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is the most significant tax legislation since the Tax Cuts and Jobs Act of 2017. Whether you run a sole proprietorship, an LLC, or a corporation, the new law contains provisions that could meaningfully reduce your tax burden. Here is a…
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Corporate Transparency Act (CTA) and BOI
Update (April 2026): FinCEN ruled on March 26, 2025 that all domestic entities (U.S. corporations, LLCs, and partnerships) are exempt from Beneficial Ownership Information (BOI) reporting. The filing requirements and penalties described in this article no longer apply to domestic companies. Foreign entities should check current FinCEN guidance. Read our full update here. Introduction The…
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Inflation Reduction Act: A Comprehensive 1-Year Report Card
Update (April 2026): The Inflation Reduction Act clean energy provisions discussed in this article have been significantly modified by the One Big Beautiful Bill Act (July 2025). EV tax credits were terminated for vehicles acquired after September 30, 2025, and other clean energy incentives were altered. Check current guidance before relying on these provisions. The…
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What Investors and Regulators Can Learn from Silicon Valley Bank’s Collapse
Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection and Innovation (DFPI) citing inadequate liquidity and insolvency. DFPI determined that SVB was no longer able to operate safely and soundly and placed the bank under conservatorship or receivership. DFPI has turned over the receivership of SVB to the Federal Deposit Insurance…
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Presidential speeches on tax reform – a selection from recent years
Listening to President Biden’s recent State of the Union speech and the tax policies he proposed, we decided to review some past SotU speeches from Presidents and see what tax policy references were made. Also of note is what congress looked like and what possible tax laws came out of it. Here are some highlights…
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2023 State of the Union: A Closer Look at the Tax Proposals
President Biden made several references to tax-related issues in the 2023 State of the Union this week. Let’s look at a few of the items. One of his most referenced topics, even before the speech, is the issue of corporate tax in America. He has repeatedly used a statistic that claims that 55 of the…
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History of US Income Tax (Part 2)
The previous article discussed the 1st US income tax with the Revenue Act of 1861 and its repeal in 1872. During the time after that, the nation’s financial system was being strengthened, and there was a growing recognition that the government needed a more consistent and reliable source of revenue to fund its operations. These…
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Tax Cut and Jobs Act of 2017
Update (April 2026): The One Big Beautiful Bill Act (signed July 4, 2025) permanently restored 100% bonus depreciation for qualifying property acquired after January 19, 2025. The phase-down schedule described in this article has been reversed. The OBBBA also permanently increased the Qualified Business Income (QBI) deduction from 20% to 23% for tax years beginning…
