Author: Service2Client

The Big Beautiful Bill, Rolling Back Public Television and Radio, and Regulating the Cryptocurrency Industry

4 min read

The Big Beautiful BillOne Big Beautiful Bill Act (HR 1) – Introduced by Rep. Jody Arrington (R-TX) on May 20, this bill passed in the House on May 22, the Senate with changes on July 1, and once again in the House on July 3. Signed into law on July 4, this bill includes the following provisions:

  • Makes permanent the income and estate tax provisions passed in the Tax Cuts and Jobs Act of 2017.
  • Increases the annual limit to $7,500 for Dependent Care Flexible Spending Accounts (FSAs), starting in 2026.
  • Makes permanent the ability for employers to offer tax-free student loan repayment assistance up to $5,250 a year, with the cap indexed for inflation.
  • Starting in 2026, new tax-advantaged “Trump Account” savings plans may be opened for eligible children under age 18. The account will receive a one-time $1,000 deposit by the government (for children born in 2025 through 2028) and allow for non-deductible/after-tax contributions of up to $5,000 a year (indexed for inflation). However, note that funds cannot be withdrawn before the beneficiary turns 18, and money withdrawn before age 59½ is subject to both income taxes and a 10 percent penalty (with exceptions for college tuition and a first-time home purchase).
  • While the bill calls for untaxed tips and overtime pay, this tax break will be delivered in the form of a deduction claimed on individual tax returns. For cash or charged tips, up to $25,000; for overtime pay, the deduction is up to $12,500/$25,000 for joint filers. Phase-out deductions will apply to both based on income.
  • Allows up to a $10,000 tax deduction for interest paid on an auto loan used to purchase a qualified vehicle.
  • New tax deduction for seniors age 65+: $6,000 for single filers; $12,000 for joint filers.
  • The bill does not include an extension of the enhanced credits for the Affordable Care Act, scheduled to expire at the end of the year. This is expected to increase average exchange health insurance premiums by 75 percent starting next year.

Relating to consideration of the Senate amendment to the bill (H.R. 4) to rescind certain budget authority proposed to be rescinded in special messages transmitted to the Congress by the president on June 3, in accordance with section 1012(a) of the Congressional Budget and Impoundment Control Act of 1974 (HRes 590) – On July 17, Rep. Virginia Foxx (R-NC) introduced this rescissions bill, which essentially cuts $1 billion from the Corporation for Public Broadcasting (CBP). The CBP is a private, nonprofit corporation that was authorized by Congress in 1967 to be the steward of the federal government’s investment in public broadcasting. The elimination of this federal funding will force many local public radio and television stations to shut down. The legislation, which also rescinds $8 billion from a variety of foreign aid programs, was passed as a House rule that enabled full passage of the rescissions bill due to a provision that avoids a direct vote on the bill. The bill passed in the House on July 18 and does not require approval by the Senate or to be signed into law by the president.

GENIUS Act (S 1582) – Introduced by Sen. Bill Hagerty (R-TN) on May 1, this legislation is designed to regulate the currently unregulated cryptocurrency industry. The Act requires issuers to back stablecoins on at least a $1-to-$1 basis. The bill is intended to set guardrails for the industry via full reserve backing, monthly audits, and anti-money laundering compliance regulations. This bill also enables a wider range of issuers to enter the market, including banks, fintechs, and major retailers. The legislation was passed in the Senate on June 17, the House on July 1,7, and was signed into law on July 18.

Anti-CBDC Surveillance State Act (HR 1919) – Introduced by Rep. Tom Emmer (R-MN) on March 6, this is a companion bill to the Genius Act. It would prohibit Federal Reserve Banks from offering certain products or services directly to individuals and disallow the use of central bank digital currency for monetary policy, among other provisions (CBDC stands for Central Bank Digital Currency). The bill passed in the House on July 17 and currently awaits its fate in the Senate.

Digital Asset Market Clarity Act of 2025 (HR 3633) – Another Genius Act companion bill, the goal of this legislation is to provide a regulatory system by the Securities and Exchange Commission and the Commodity Futures Trading Commission for the sale of digital commodities. The bill was introduced on May 29 by Rep. French Hill (R-AR), passed in the House on July 17, and currently lies with the Senate.

7 Remote Jobs That Provide Training

4 min read

7 Remote Jobs That Provide TrainingIf you’ve ever longed for a remote job but weren’t sure how to make it happen, then take note. Not only are all these jobs work from home (WFH), but they also provide training. Some even provide the equipment and steady hours right from the start. Whether you’re between jobs or want to switch careers, check out these positions. One of them could be a perfect fit.

Amazon Virtual Customer Service Associate

With this job, you’ll get three to four weeks of paid training before you even start working with customers. Pretty great, right? They also teach you how to manage orders and solve issues using internal tools. In fact, you’ll be provided with a desktop computer, a microphone, and a headset. All you’ll need is reliable internet. You’ll interact with everyone from customers and drivers to shippers and Delivery Service Partners. Best of all, there’s no script to learn; they encourage you to be your authentic self. The job offers part-time and full-time options, and roles are open year-round across many parts of the United States.

Apple At-Home Advisor

For Mac lovers, this is your dream job because guess what you’ll get with this job? That’s right: a Mac – plus other tools to get started. Your training will be remote and paid. During this time, you’ll be introduced to product support, the accompanying issues customers fac,e and problems related to their orders. If you’re up for dealing with people, then this job is for you. Many advisors stay long-term, thanks to strong internal mobility and a supportive team culture.

Dell Remote Tech Support Specialist

If you’re a PC kind of person and comfortable with tech, Dell’s paid training will help you troubleshoot issues for customers right from home sweet home. You’ll also enjoy solid benefits and receive discounts on devices and tools. Lots of people climb the ladder, moving up into engineering or systems roles after gaining on-the-job experience.

Hyatt Remote Guest Services Associate

Ever called guest services when you’re at a hotel? If so, then these folks are likely who you talked to. During your paid training, you’ll receive all the equipment you need and learn how to not only assist customers, but also uphold brand standards, which translates to just being a decent, empathetic human. Many people find long-term stability here and, after some experience, move up into leadership roles.

Hilton Remote Reservations Sales Specialist

Four to seven weeks is all it takes to be trained for this job. It’s fully online and focused on helping you master their booking and support systems. After training, you’ll earn incentives and gain access to generous hotel discounts as a full employee. If you’ve got a travel bug, this is for you.

Prudential Financial Remote Customer Service Representative

This paid training can last up to 10 weeks, but afterward, you’ll be fully set up to understand their systems, policies, and customer needs. Should you become full-time, you’ll get 401(k) matching and tuition support. If you want to get your foot in the door with finances, this is a smart path, especially if you’re switching careers later in life.

Progressive Insurance Work-From-Home Claims Representative

In this position, you’ll be trained (and paid) to learn how to handle real-world claims. You’ll help customers recover after accidents while also gaining valuable experience in one of the country’s leading insurance firms. Better still, you’ll also have access to stock options and opportunities for advancement.

No matter where you are in your professional life, paid training is the way to go; it makes remote jobs so much easier to attain – and succeed in. So, if you’re ready to learn a new skill in the comforts of home, this kind of work might well be in your future.

Sources

15 Work-From-Home Jobs That Provide Paid Training – The Penny Hoarder

Job Shopping: What’s New in Company Benefits

5 min read

Company BenefitsIf you are in the market for a new job or are interested in extracting more value from your current one, consider some of the newer trends in company benefits. The following is a primer on what might be available to help supplement your income with your current employer or benefits to look for when considering a position with a new company.

The standard employee benefit package usually includes insurance (healthcare, dental, disability, life), retirement plans, and paid time off. In addition, federally mandated employee benefits include unemployment insurance, workers’ compensation, and family and medical leave, plus employers are required to deduct and submit Federal Insurance Contributions Act (FICA) taxes to fund the Social Security and Medicare programs.

However, some companies also offer an array of free and/or voluntary benefits (which you can purchase via payroll deductions). Many employers offer discounted “group rates” on items people normally buy anyway, or perhaps wouldn’t otherwise consider due to the extra expense. It’s smart to review the full breadth of benefit options during open enrollment to see what types of benefits you could use and how they can save you money.

Employee Assistance Program (EAP)

Most EAPs offer a plethora of benefits you can and should use right now, and the plan is generally paid for by the employer. These programs connect employees to specialists who offer free or discounted services. For example:

  • Legal advice and services (making it a good time to get your will and estate plan in order, or seek consultation if you’re considering a divorce or suing your neighbor)
  • Financial advisors who specialize in areas such as investment management, taxes, budget and debt management, bankruptcy, and other financial concerns
  • Identity theft insurance coverage and services
  • Mental health counselors and therapists
  • Dependent caregiving resources (for children, disabled, or elderly family members)
  • Employee discounts on common household goods and services, such as electronics, cell phone/internet services, office supplies, restaurants, gyms, yoga studios, salons, entertainment venues, access to exclusive deals and discounts on products, service,s and experiences like theme parks, hotel,s and entertainment

Voluntary Benefits

Even if your company does not offer an EAP, it may offer the opportunity to buy some of those benefits at lower group-rated prices. For example:

  • Vision plans
  • Dental plans
  • Supplementary life insurance
  • Supplementary disability insurance
  • Pet insurance or a discount plan
  • Travel insurance
  • Auto insurance
  • Homeowner’s insurance
  • Identity Theft insurance
  • Critical Illness insurance
  • Hospital Indemnity Insurance
  • Long Term Care insurance

Financial Wellness

Given recent high inflation and market volatility, many workers are understandably worried about making ends meet and saving for the future. That is why many employers have introduced multifaceted financial wellness programs. Unfortunately, some employees are reluctant to use these benefits because they don’t want their employer to know anything about their financial situation. However, these benefits are outsourced to third-party professionals who are emboldened by confidentiality laws that do not allow them to release personal information to your employer.

Some common financial wellness benefits include free access to counselors on topics like creating and following a budget, paying down and avoiding debt, saving for short and long-term goals, and making investment decisions. Some programs offer educational opportunities, such as college and retirement planning seminars. There are also some newer, non-traditional benefits designed to help cash-strapped workers make ends meet, like diverting (and sometimes matching) paycheck income to an emergency fund, and enabling faster access to pay through an on-demand system in which employees can request pay for hours worked in lieu of waiting until the end of the pay period.

Housing Assistance

Considering the huge jump in home prices over the last few years, some employers have implemented benefits to help fund a down payment, facilitate access to low-interest rate mortgage loans, and offer group rates for home warranty and homeowner insurance policies.

Family Planning Benefits

If you’re considering using fertility programs to help you have children, be aware that this can be very expensive. That’s why many larger employers offer monetary assistance to help offset some of the expense of intrauterine insemination (IUI), in vitro fertilization (IVF), gestational surrogacy, and egg freezing.

Portability

While company benefits can be valuable while you work for that employer, be wary of paying into policies that end when you leave your job. Some volunteer benefits are portable, meaning you can keep them when you leave. However, you may lose your employer discount rate and wind up paying a higher premium for the same policy.

Bear in mind that one of the key questions to ask before enrolling in new benefits is whether the policy is transferable should you leave the company. Be sure to read the policy information and talk to HR or the policy’s insurance broker to understand the portability and group rate conditions. If it’s a benefit you can use right away (e.g., gym membership, even pet insurance), it might be worth buying. But if it’s a benefit you may not use for years down the road, AND you lose the benefit (or group premium) when you leave, you may be better off buying a similar plan on the individual market.

Preventing AI Deepfakes, Deterring Fentanyl and Foreign Aggression, and Strengthening Small Businesses

4 min read

Preventing AI Deepfakes, Deterring Fentanyl and Foreign Aggression, and Strengthening Small BusinessesHALT Fentanyl Act (S 331) – On Jan. 30, Sen. Bill Cassidy (R-LA) introduced this bipartisan act in order to close a loophole that allowed clandestine drug manufacturers to evade illegal drug laws by altering the chemical composition of fentanyl. The legislation permanently classifies all versions of fentanyl as a Schedule I substance, much like heroin and LSD. The bill passed in the Senate on March 14 and in the House on June 12. It currently awaits the president’s signature for enactment.

TAKE IT DOWN Act (S 146) – This legislation was signed into law on May 19. Introduced by Sen. Ted Cruz (R-TX) on Jan. 16, the bipartisan bill authorizes the internet removal of visual depictions, generated by AI, of intimate acts of identifiable people without their consent.

No Tax on Tips Act (S 129) – Introduced by Sen. Ted Cruz (R-TX) on Jan. 16, this is a stand-alone bill that features the popular provision to provide a $25,000 deduction to non-itemized tax filers who work in common industries where cash tips represent a portion of their income. Note that Social Security and Medicare taxes (FICA) would still be deducted from those tips. The bill passed in the Senate on May 20 and currently lies in the House, where it conflicts with the current House-passed budget reconciliation bill being debated in the Senate.

Rescissions Act of 2025 (HR 4) – This bill would give Congressional consent to rescind previously approved funding for various government agencies and programs, in alignment with the president’s agenda, including USAID and the Public Broadcasting System (PBS). The bill was introduced on June 6 by Rep. Steve Scalise (R-LA), passed in the House on June 12, and currently lies with the Senate.

Connecting Small Businesses with Career and Technical Education Graduates Act of 2025 (HR 1672) – This act is designed to amend the Small Business Act to require that information relating to graduates of career and technical education programs be relayed to small business and women’s business development centers. The goal is to enable hiring of more graduates of career and technical education programs by small businesses. Introduced on Feb. 26 by Rep. Roger Williams (R-TX), this bill passed in the House on June 3 and is under consideration in the Senate.

CEASE Act of 2025 (H 2987) – Introduced on April 24 by Rep. Robert Bresnahan (R-PA), this legislation would limit (to 16) the number of for-profit small business lending companies (SBLCs) that can offer small business loans without further Congressional approval. America’s Credit Unions support the act because they say the SBA has in the past expanded the SBLC license pool without “sufficient guardrails” to regulate fintech lenders, which have been disproportionately associated with fraudulent loans. The bill passed in the House on June 5 and is now in the Senate.

7(a) Loan Agent Oversight Act (HR 1804) – This bill requires the SBA’s Office of Credit Risk Management to provide Congress with an annual report on SBA 7(a) loans generated through loan agent activity. Specifically, the report would collect and analyze the necessary data to ensure oversight for fraudulent loans, default rates, and risk analysis of SBLC loan agents. The bill was introduced by Rep. Tim Moore (R-NC) on March 3 and passed in the House on June 3. It now lies with the Senate.

American Entrepreneurs First Act of 2025 (HR 2966) – On June 6, the House passed this bill, designed to require SBA loan applicants to provide citizenship status documentation. It was introduced by Rep. Beth Van Duyne (R-TX) on April 17 and is currently under consideration in the Senate.

DETERRENCE Act (S 1136) – Introduced by Sen. Margaret Hassan (D-NH) on March 26, this bipartisan bill would step up criminal penalties for federal crimes funded, conducted, or perpetrated in concert with foreign governments. The acronym stands for “Deterring External Threats and Ensuring Robust Responses to Egregious and Nefarious Criminal Endeavors,” and includes crimes such as murder, kidnapping, or threatening violence against certain present and former federal officials or their families. The act passed in the Senate on June 10 and is under consideration in the House.

One Big Beautiful Bill Act: Part 1 – What the New Tax Law Means for You

4 min read

Part 1

The One Big Beautiful Bill Act (OBBBA) passed the House on July 3 and was signed into law by President Trump. This comprehensive legislation makes several expiring tax cuts from the 2017 Tax Cuts and Jobs Act permanent while at the same time introducing several temporary provisions through 2028. In this two-part series, we will look at what the OBBBA means for taxpayers. In Part 1, we examine the impact on individual taxpayers; Part 2 will cover the Act’s impact on businesses, trusts, and estates.

Making TCJA Provisions Permanent

The bill primarily focuses on extending individual tax benefits sunsetting after 2025 since business tax benefits from the 2017 TCJA were already made permanent.

Income Tax Rates and Brackets: The current seven-bracket system is becoming permanent, with the highest rate staying at 37 percent.

Standard Deduction: The doubled standard deduction amounts are now permanent. For tax year 2025, this means individuals get $15,000, married couples filing jointly receive $30,000, and heads of household get $22,500.

Child Tax Credit: The credit increases from $2,000 to $2,200 per child, with future inflation adjustments. The credit remains subject to phase-outs beginning at $400,000 for joint filers and $200,000 for other taxpayers.

Alternative Minimum Tax (AMT): The TCJA increases to AMT exemptions are made permanent with inflation adjustments. For 2025, single filers get an $88,100 exemption that phases out at $626,350, while married couples filing jointly receive $137,000 that phases out at $1,252,700.

Changes to Deductions

State and Local Tax (SALT) Deductions: The current $10,000 cap on state and local tax deductions is raised temporarily to $40,000 with 1 percent annual increases through 2029. After that, it reverts to $10,000 in 2030. High earners with modified adjusted gross income in excess of $500,000 face a phase-down of this benefit.

Charitable Deductions: Starting in 2026, taxpayers who don’t itemize can claim an above-the-line deduction for charitable contributions up to $1,000 ($2,000 for married filing jointly). Those who itemize face new limits on deductions with modified carryover rules. The 60 percent contribution limit for cash gifts to qualified charities becomes permanent.

Mortgage Interest: The lower mortgage interest deduction cap of $750,000 (down from the previous $1 million) is made permanent. Interest on home equity debt unrelated to home improvements remains non-deductible.

What’s Eliminated: Several deductions are permanently eliminated, including personal exemptions (which remain at zero), miscellaneous itemized deductions subject to the 2 percent floor (unreimbursed employee expenses, tax preparation fees), and casualty and theft loss deductions except for federal disasters.

New Temporary Provisions (2025-2028)

Senior Deduction: Taxpayers over 65 can claim an additional $6,000 deduction, available whether they itemize or take the standard deduction. This phases out for joint filers earning $150,000 to $350,000 and other taxpayers earning $75,000 to $175,000. According to the White House, this provision will increase the percentage of seniors not paying tax on Social Security benefits from 64 percent to 88 percent.

No Tax on Tips: Workers in traditionally tipped industries who don’t itemize can deduct up to $25,000 of reported tips. This federal income tax deduction doesn’t affect state taxes or payroll taxes for Social Security and Medicare. High earners making over $160,000 are excluded, and the deduction applies to both cash and credit card tips.

No Tax on Overtime: A deduction for qualified overtime pay up to $12,500 ($25,000 for married filing jointly) is available for non-itemizers. This phases out for taxpayers with income over $150,000 ($300,000 for married filing jointly) and disappears entirely at $275,000 for single filers.

Auto Loan Interest: Interest on loans for U.S.-assembled cars becomes deductible up to $10,000, but only for vehicles assembled domestically. The deduction phases out for individuals earning over $100,000 (single) or $200,000 (married filing jointly). Campers and RVs are excluded.

Trump Accounts: New tax-advantaged accounts benefit children under 8. Parents can contribute up to $5,000 annually (adjusted for inflation), with funds locked until the child turns 18. Withdrawals for college, first-time home purchases, or starting a business are taxed at favorable capital gains rates. The government will deposit $1,000 for qualifying U.S. citizen children born between Dec. 31, 2024, and Jan. 1, 2029, with no income limits.

Additional Provisions

529 Education Plans: Tax-free distributions can now cover K-12 expenses at private and religious schools, plus additional qualified higher education expenses, including “postsecondary credentialing expenses.”

Pease Limitations: The previous caps on itemized deductions for high earners are permanently eliminated, replaced by a 35-cent-per-dollar limit on itemized deductions.

Gambling Losses: The ability to deduct gambling losses and related expenses is made permanent, but losses are limited to 90 percent of gains from the taxable year.

Looking Ahead and Conclusion

Tax professionals will be busy helping clients navigate these changes and identify new planning opportunities. The legislation creates a complex mix of permanent and temporary provisions that will require careful tax planning, particularly as the temporary provisions expire after 2028. Taxpayers should consult with tax professionals to understand how these changes affect their specific situations and develop appropriate strategies.