Accounting News

1. Tax inflation adjustments expected to shrink

   Bloomberg Tax & Accounting projects that inflation-adjusted amounts in the Tax Code will increase 2.8% in 2025 — roughly half the increase in 2024 and down from 7.1% in 2023.

2. ICPAS Summit: Facing the 'hard trends' in accounting

   Illinois CPA Society president and CEO Geoffrey Brown and chair Deborah Rood discussed some of the hot topics in the profession during a recent ICPAS Summit.

3. November's election is shaping up to be critical to tax planning

   Whoever wins, '2025 is going to be a very interesting tax legislative year.'

4. Presidential debate touches on taxes

   The debate Tuesday night between Kamala Harris and Donald Trump included little discussion about taxes, but pointed to at least some of their economic policies.

5. Opportunity zones and other strategies to save on capital gains

   The OZ program allows investors to defer capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.