Tax Talk with Josh Wykle – The Big Beautiful Bill & Overtime Deductions: What's the Tea in L&E?
The Federal Tax Deductions for Tips and Overtime Pay: Opportunities for Restaurants Employers
The Impact of One Big Beautiful Bill on Estate Planning
Welcome to this week’s edition of Tax Bytes. Our team of tax lawyers is actively monitoring for federal and international tax developments and issues of note....more
With so much happening in the employee benefits world, we bring you Benefits Catch-Up, our catch-up contribution to help you keep up with recent developments....more
The Equal Employment Opportunity Commission (EEOC) has been unusually active in recent months, issuing significant opinions on religious accommodations and clarifying its enforcement stance on transgender discrimination. At...more
The Clean Fuels Credit, codified under 26 U.S. Code Section 45Z, has quickly become a central focus for businesses pursuing opportunities in the evolving energy sector. Designed to incentivize the production of cleaner...more
Successful tax-loss harvesting depends on a taxpayer’s ability to deduct losses. In addition to their federal tax liability, taxpayers also need to consider state and local taxes. As we wrap up this series, I want to focus in...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 23, 2025 – November 6, 2025. ...more
Earlier this year, President Trump signed the One Big Beautiful Bill Act (the “OBBB”) into law. The OBBB has had a widespread impact on tax legislation, either amending or repealing many provisions of the Internal Revenue...more
In Notice 2025-62, the Internal Revenue Service (IRS) announced on November 5, 2025 that it will provide penalty relief for taxable year 2025 for implementation of new information reporting requirements related to the...more
The Internal Revenue Service (IRS) released guidance on November 5, 2025, granting employers relief from tax penalties for failing to provide employees information related to their (1) “qualified tips” and (2) “qualified...more
The enactment earlier this year of the One Big Beautiful Bill Act (the “Act”)generated a fair amount of excitement in the business community. If one had to identify a single provision of the Act in which the owners and...more
As readers may recall, on July 4, 2025, President Trump signed into law the massive One Big Beautiful Bill Act (OBBBA) as Public Law 119-21, which made permanent many provisions of the Tax Cuts and Jobs Act of 2017. OBBBA...more
In this episode of What’s the Tea in L&E, host Leah Stiegler welcomes Josh Wykle from Woods Rogers’ Tax team to unpack the tax twists and turns of the Big Beautiful Bill. They dive into how employers and employees can benefit...more
On September 22, 2025, the U.S. Department of the Treasury and the IRS issued proposed regulations for the “No Tax on Tips” deduction passed under the OBBB Act, and on October 23, 2025, Treasury Assistant Secretary for Tax...more
The OBBB Act also includes provisions which expand some workplace benefits, including broader use of health savings account (HSA) funds, increased dependent care flexible spending account (FSA) annual limits, expanded...more
The US Internal Revenue Service (IRS) has announced that the annual gift tax exclusion will remain at $19,000 per recipient in 2026, the same as in 2025. The annual amount that may be given to a spouse who is not a US citizen...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 7, 2025 – October 23, 2025. October 7, 2025: The IRS issued Notice 2025-55, providing guidance on relief from...more
On August 28, 2025, the Internal Revenue Service (IRS) issued Revenue Procedure 2025-28, providing procedural guidance for taxpayers on the treatment of research and experimental (R&E) expenditures under I.R.C. § 174. ...more
Starting on July 5, 2025, the One Big Beautiful Bill Act (OBBB) has amended Internal Revenue Code Section 1202 to provide additional benefits to owners of qualified small business stock (also known as QSBS within the meaning...more
At the tail end of the 2025 – 2026 legislative session, Michigan’s Legislature moved swiftly to enact House Bill (HB) 4961, which decouples from five federal tax benefits enacted earlier this year under the federal One Big...more
Two of the new and important tax changes made by the One Big Beautiful Bill Act (OBBBA) allow the full and immediate expensing of certain business assets placed in service during the taxable year. This occurs under changes...more
Maine currently conforms to the Internal Revenue Code in effect as of December 31, 2024. As a result, none of the numerous federal tax changes enacted in the One Big Beautiful Bill Act (OBBBA) have been incorporated in Maine...more
The IRS recently released its 2025-2026 Priority Guidance Plan, which contains several significant retirement, executive compensation, and health and welfare initiatives for this year in connection with the One, Big,...more
Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for September 19, 2025 – October 1, 2025. September 19, 2025: The US Department of the Treasury (Treasury) and the IRS...more
Qualified Small Business Stock in the Life Sciences Industry - The Internal Revenue Code (“IRC”) § 1202 provides for an exclusion from gain on the sale of qualified small business stock (“QSBS”), up to $15 million (or 10...more
I. Introduction - Key Takeaways for Startups, Founders, and Investors: For stock issued on or after July 5, 2025, Qualified Small Business Stock ("QSBS") eligibility requires that the corporation's aggregate gross assets...more