January 8, 2026 Standard mileage rate for the use of a car (also vans, pickups or panel trucks) was updated effective on January 1, 2026 as the table below.  * Federal law only allows a moving expense deduction for active-duty military Businesses generally can deduct the entire cost of operating a vehicle for business purposes. Alternatively, they can use the business standard mileage rate, subject to some exceptions. The deduction is calculated by multiplying the standard mi

December 11, 2025 On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. While the Act includes many provisions, this summary focuses on the international and foreign-related rules, and how they modify or replace the framework introduced by the Tax Cuts and Jobs Act (TCJA).   From GILTI to NCTI – A New Inclusion Base Under TCJA, U.S. shareholders of controlled foreign corporations (CFCs) had to include GILTI (Global Intangible Low-Taxed Incom

November 14, 2025 On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This legislation includes numerous tax changes, particularly a significant update to Section 179 expensing election, which may greatly impact many taxpayers. Below, we outline the details of the changes of Section 179.   Overview of Section 179 Section 179  expensing is applied before bonus depreciation under  Section 168(k) . After applying  Section 179  and bonu