Treasury and IRS are finalizing detailed rules to lock in Tax Cuts and Jobs Act rates, brackets and the boosted standard deduction by early 2026. Tax professionals published comprehensive overviews this week highlighting expanded above-the-line deductions, increased state and local tax limits and revised Form 1099 thresholds. Employers are updating payroll and W-2 reporting systems to accommodate new tip deduction rules and expanded overtime exemptions effective 2025–2028. Estate planners have begun revising wealth-transfer strategies in light of the $15 million per person estate and gift tax exemption and the temporary senior deduction through 2028. Businesses are realigning investment plans to leverage permanent 100% bonus depreciation, higher Section 179 expensing limits and rolling Opportunity Zone designations.
