The SALT cap is ripe for change because of blue state Republicans. Doubling SALT cap for MFJ costs $170B over 10 years; increasing to $100,000/ $200,000 MFJ costs $920B. Lots more ideas but none to pay for change.

Treasury Sec nominee Bessent wants to make TCJA permanent & expand tariffs. No worry about deficit ($1.8T in FY 24) or national debt (now $36.5T & rising). Bond market may worry for him. Yikes. I sound like economist. My Renaissance Weekend panel in CHS was national debt.

If you have LA wildfire clients, Newsom announced executive order to extend property tax payments to April 10, 2026. Just wrote Western CPE tax alert on when businesses v individuals should pay, and in cash flow considerations.

If your clients were in a disaster area, remind them that county tax assessor will reduce assessments if house is damaged or destroyed. Result- lower property taxes while house is rebuilt.

Half of IRS employees work remote some part of week. Back to office executive order, combined with hiring freeze, are likely to slowwww things down.

Beneficial Ownership Reporting Remains Suspended After Supreme Court Ruling

Did TIGTA get fired by President Trump? Read 17 fired on Friday. Can’t find detail. Grassley says Senate needs 30 day notice and cause.

President Trump has proposed ending the carried-interest “loophole.” CBO estimates that ending the provision could reduce the federal deficit by $13B through 2034. #taxtwitter

IRS layoffs have started. 5000 of 7000 are from enforcement and collections.

The U.S. Dept. of Ed announced that it resumed collections on defaulted federal student loans beginning 5/5. This marks the end of a pause that has been in place since March 2020. Sharon Kreider and Jane Ryder, EA, CPA offer expert analysis at the link: westerncpe.com/taxbyte/depart…

Republicans are working on tax bill and Trump campaign promises. Tax free overtime and tips would have $ and AGI limits. Tax free social security would be accomplished by increasing std deduction for seniors. #taxtwitter

I am awake in the middle of the night…and decided reading this first try at a big beautiful tax bill would dull my churning brain. Not so far.

Ways and Means released part 1 of several TCJA inspired tax proposals in 28 pgs. Std deduction and CTC made permanent but w/ political temporary increase to std by $1,000/ $2,000 2025-28 and CTC by $500 2026-28. “If you don’t elect in Rebup Pres in 2028, your taxes will go up.”

Ways and Means released part 1 of several TCJA inspired tax proposals in 28 pgs. Tax rates made permanent. No mention yet of millionaire tax. Misc deduction and moving expense TCJA provisions made permanent. No mention yet of SALT change.

Ways and Means released part 1 of several TCJA inspired tax proposals in 28 pgs. Nothing included on taxation of tips, overtime, or social security. No mention of millionaires tax or SALT increases. More business items coming like R and D expensing, 163J, & bonus depreciation.

Revenue Procedure 2025-10 provides updated guidance on Section 530 relief—the first update since 1985. Our Resident Tax Authority, Sharon Kreider, CPA, EA (Sharon Kreider) provides an explanation: westerncpe.com/taxbyte/safegu…

Flowers to mark one year since tax guru passed and table decor at dinner with Sharon G. Note coke. #taxtwitter.

Red or blue, we are accountants. We know OBBB is not good.