New IRS Rules on “Trump Accounts” for Children: What Parents Should Know
The IRS recently released proposed regulations regarding a new tax-advantaged savings account for children called a “Trump Account.” These accounts were created under the One Big Beautiful Bill Act and are intended to help families start saving early for a child’s future. What is a Trump Account? The government plans to provide a one-time $1,000…
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IRS to Phase Out Paper Refund Checks: What You Need to Know
The IRS and U.S. Treasury have begun to phase out paper tax refund checks, as directed by Executive Order 14247. The move to electronic refunds is designed to modernize the system, speed up payments, and reduce fraud. It also creates new hurdles for taxpayers without access to traditional banking. Why the IRS Is Going Paperless…
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IRS is Going Paperless – What You Need to Know
Starting after September 30, 2025, the IRS will process all tax payments and refunds electronically – paper checks will be a thing of the past, except for those who truly don’t have access to electronic banking. This change affects everyone: individuals, businesses, estates and trusts. Individual Refunds Transitioning First The IRS, on Tuesday September…
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Florida Sales Tax on Commercial Rentals Repealed Effective October 1, 2025 – What You Need to Know
The Florida Department of Revenue released a Tax Information Publication which repeals Sales Tax on rent or license fees for Commercial Rentals. Below, we’ve outlined some of the key takeaways: Key Takeaways at a Glance No state sales tax or discretionary sales surtax will apply to most rental or occupancy periods starting on or after…
Trump’s One Big Beautiful Bill Becomes Law
What Businesses and Individuals Need to Know On July 4, President Donald Trump signed into law the One Big Beautiful Bill Act, OBBBA. With so many changes packed into one bill, understanding the immediate and long-term effects is essential. Below, we’ve outlined some of the most impactful provisions and what they could mean for you or…
What the New House Tax Bill Could Mean for You and Your Business
A new tax bill has been introduced in the House, and it could have meaningful implications for individuals and businesses alike. While the bill is still making its way through Congress, here are a few highlights that may impact MKA clients: Increased SALT Deduction Cap – The bill proposes raising the state and local tax…
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