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Form 709, also known as the United States Gift and Generation-Skipping Transfer Tax Return, is a crucial document for those making significant gifts during their lifetime. The form is used to report taxable gifts, allocate the Generation-Skipping Transfer (GST) exemption, and ensure compliance with US gift tax regulations. Importantly, ...
On July 4, 2025, President Trump signed a sweeping tax and spending bill into law – part of the One Big, Beautiful Bill – that permanently alters how standard deduction filers can benefit from charitable giving....
A sweeping reform with lasting impact for small and medium-sized businesses The tax code just got a makeover, and small businesses are finally getting more than just the leftovers. In mid-2025, Congress passed the One Big, Beautiful Bill – a sweeping package of tax reforms that promises lasting ...
A major provision of the One Big, Beautiful Bill is turning heads across the service industry and among small business owners: a new federal tax exemption on tips and overtime pay. As the Senate version of the bill clears a major hurdle and nears final reconciliation with the House, it's time to unpack what this mea...
An accidental American is a person who unwittingly holds US citizenship through birth or parentage. For an accidental American, today’s global data-sharing between banks and tax authorities can quickly trigger unexpected tax bills. The shock usually arrives when a bank demands a Social Security number, an employer flags the hidden...
When it comes to taxes, deductions are a great way to reduce the amount you owe and potentially increase your refund. One such deduction that could make a big difference, especially if you’ve had to relocate for a job, is moving expenses. However, with the passage of the ...