Carry Learning Center

The IRS issued guidance last week allowing businesses to reverse or make certain tax elections affected by changes in the One Big Beautiful Bill Act, giving some companies a way to revise positions taken under earlier rules. Revenue Procedure 2026-17 covers three areas. It allows eligible businesses to withdraw elections to be treated as excepted trades [...]

A bipartisan bill introduced this week in the House of Representatives would extend full floor plan financing interest deductions to semi-trailer dealers, addressing what industry advocates call an unfair tax disadvantage that has strained cash flow for local dealerships across the country. Representatives Blake Moore, a Republican from Utah, and Norma Torres, a Democrat from California, [...]

The US Tax Court is considering how to respond to the use of artificial intelligence in court filings after attorneys and litigants submitted briefs citing cases that do not exist, according to Judge Mark V. Holmes. Holmes said the court is proceeding cautiously because more than three-quarters of its cases involve self-represented taxpayers rather than lawyers. [...]

St. Louis County Executive Sam Page signed legislation Friday placing a county use tax on the August 4 ballot, setting up a vote on a measure that county officials said could generate between $50 million and $75 million a year from remote purchases. If approved by voters, Proposition U would impose a 2.263 percent use tax [...]

Ohio’s sweeping property tax reform package became law Friday, March 18, delivering over $3 billion in estimated savings through five bills that cap tax increases tied to rising home values and shift more relief toward homeowners. Governor Mike DeWine signed the legislation in December 2025 after more than a year of Statehouse deliberations, marking what [...]

The Hawai’i Tax Fairness Coalition on Thursday urged lawmakers to raise taxes on the state’s highest earners, backing six bills that remain alive at the midpoint of the 2026 legislative session and would change Hawaii’s tax structure to direct more revenue to housing, education, health care, and climate programs. The coalition outlined its position at a [...]

A bipartisan bill introduced in the House Ways and Means Committee would temporarily exempt certain retroactive Social Security payments from federal income tax, a proposal aimed at retirees who began receiving restored benefits after Congress repealed two long-standing provisions that had reduced payments for some public sector workers. The measure, called the No Tax on Restored [...]

A new federal tax deduction allows some car buyers to deduct up to $10,000 in annual loan interest on new vehicles assembled in the United States through 2028. The deduction was created under the One Big Beautiful Bill Act, which was signed into law on July 4, 2025, and applies to qualifying vehicles purchased after [...]

Michigan workers who earn tips and overtime pay will not be able to claim new state tax deductions when they file returns this spring for 2025 income. The deductions will apply beginning with income earned in 2026, which means the first Michigan returns claiming them will be filed in early 2027. The deductions were included in [...]