Tax Law Update Engine

Real-time tax law changes and client impacts

Critical Updates

2

Require immediate action

Impacted Clients

702

Across all updates

Potential Savings

$870K

↑ For your clients

Updates This Month

5

All reviewed & analyzed

Important
Federal

IRS Updates Mileage Rates for 2025

Published 12/15/2024 • Effective 1/1/2025

The IRS has increased the standard mileage rate to 70 cents per mile for business use, up from 67 cents in 2024.

Impacted Clients
245 clients
Potential Savings
$15,000
Source
IRS Notice 2025-01
Recommended Action
Update mileage tracking calculations for all clients with business vehicle usage
Critical
Federal

New Clean Energy Tax Credit Regulations

Published 1/10/2025 • Effective 1/1/2025

Treasury releases final regulations on Section 45V hydrogen production credit and Section 48E clean electricity production credit with significant planning opportunities.

Impacted Clients
89 clients
Potential Savings
$450,000
Source
Treasury Regulations §1.45V-1
Recommended Action
Review client eligibility for clean energy credits; schedule strategic planning sessions
Critical
State

California SALT Cap Workaround Guidance

Published 1/5/2025 • Effective 1/1/2025

California provides updated guidance on Pass-Through Entity Tax (PTET) election, offering workaround to federal SALT deduction limitation.

Impacted Clients
156 clients
Potential Savings
$280,000
Source
CA FTB Notice 2025-01
Recommended Action
Immediate: Calculate PTET election benefits for S-corps and partnerships; deadline approaching
Important
Federal

Corporate AMT Exemption Thresholds Adjusted

Published 12/20/2024 • Effective 1/1/2025

Inflation adjustments increase corporate alternative minimum tax exemption amount to $45,000 for 2025 tax year.

Impacted Clients
34 clients
Potential Savings
$125,000
Source
Rev. Proc. 2024-40
Recommended Action
Review AMT exposure for corporate clients; adjust estimated tax payments if necessary
Informational
Federal

Digital Asset Broker Reporting Requirements

Published 1/15/2025 • Effective 1/1/2026

IRS issues proposed regulations requiring cryptocurrency exchanges to report digital asset transactions on Form 1099-DA beginning in 2026.

Impacted Clients
178 clients
Source
REG-122793-19
Recommended Action
Educate clients on upcoming reporting requirements; prepare for increased documentation needs