Racehorses, Yachts, Private Jets—The Wealthy Are Getting a Nice Tax Break, Thanks to Trump

The One Big Beautiful Bill Act may be the reason behind a record number of big, beautiful racehorses sold at auction earlier ...
Institute on Taxation and Economic Policy

Sen. Elizabeth Warren: Letter to Joint Committee on Taxation on Bonus Depreciation

On July 4, 2025, President Trump signed Republicans’ One Big Beautiful Bill Act (OBBBA) into law. In addition to ...
Tax Guru

Brought forward additional depreciation of preceding year not to be set off against opening WDV

ITAT Ahmedabad held that law doesn’t require brought forward additional depreciation from preceding year to be set off against opening WDV of the assets. Thus, revision u/s. 263 of the Income Tax Act ...
Opinion
Accounting TodayOpinion

Tax Strategy: 2025 tax planning after OBBBA

Congress did not simply extend the Tax Cuts and Jobs Act provisions starting in 2026 with the One Big Beautiful Bill Act; it also modified some of those provisions effective in 2025.

Minefields to Avoid When Leasing Tax Exempt Real Property

Non-profits in New York can lose property tax exemptions if they lease to for-profit entities or if lease income exceeds ...