As a result of the passage of the One, Big, Beautiful Bill Act (OBBBA), 2025 marked a major shift in how millions of American workers report their income and claim deductions. For the first time, tipped workers and overtime earners may receive significant new deductions, even if their employers aren’t yet required to separately track [...]
As discussed in part one of this series on art donations, a taxpayer who wishes to receive a tax deduction for their charitable donation of a work of art should take several steps in anticipation of the Internal Revenue Service’s (IRS’s) refusal to allow the deduction. In recent years, especially, the IRS has undertaken a [...]