The One Big Beautiful Bill Act (OBBBA) introduces three major changes to charitable contribution deductions beginning with the 2026 tax year. Taxpayers should be aware of these updates as they plan future giving strategies.
On July 4, 2025, President Trump signed into law the bill knowns as the “One Big Beautiful Bill Act” (OBBBA). This legislation has significant tax consequences, many of which are effective for 2025. Key takeaways from the bill include: Extending and/or making...
Once more, the season has arrived for businesses to strategize and organize their tax filing and payment strategies.
On December 26, 2024, a Fifth Circuit panel reinstated a nationwide injunction blocking the enforcement of the Corporate Transparency Act (CTA), just three days after they lifted the injunction originally imposed by a Texas district court. As a result, the...
On December 23rd, the Fifth Circuit Court of Appeals granted a DOJ motion to lift an injunction put in place by a Texas district court. With the injunction lifted, BOI filing is due on January 13th, 2025 for most filers. As a result of this ruling, the previous...
As we approach the end of the year, Smith Schafer would like to help you reduce the stress related to filing taxes. It is important to organize your receipts, forms, and other documents well before tax time.