The new law allows disaster victims to deduct qualified losses above $500 per disaster without itemizing and removes the 10% AGI threshold for those losses.
Trump signs bill extending tax relief to disaster victims
President Trump signed into law a bill extending the federal tax deduction for qualified disaster-related personal casualty losses.
Bloomberg projects tax rates for 2027
The projected U.S. tax rates give tax professionals an early look at potential adjustments that could affect their 2027 tax planning for their clients.
Opportunity zone revisions give advisors a new tool for clients with big gains
Advisors can leverage the updated opportunity zone program, starting in January, to help ultrahigh net worth clients defer capital gains.
On the move: CohnReznick names a new CFO
Plus, OSCPA names its new board; ConvergenceCoaching graduates a new class of leaders; and other firm and personnel news from across the profession.
Tech news: Certinia unveils major AI update
Plus, Cherry Hill Advisory launches set of free AI tools; Datarails launches finance ticketing system; and other accounting tech news.
