Tax Updates & Tools

At Leasure CPA & Associates, Inc., we strive to keep you informed of the ever changing tax laws. This page contains information about the most recent changes, as well as some useful tax tools.

Tax Updates

Individual Tax Updates

Click here to read a quick overview of the tax changes impacting individuals for the 2025 tax year. Keep in mind that proposed and/or retroactive legislation may change the information.

IRS Transitioning to Fully Electronic Payments

Click here to read about how Executive Order 14247, Modernizing Payments To and From America's Bank Account, advancing the transition to fully electronic federal payments, affects your tax due and estimated tax payments. Additionally, refunds will be required to be direct deposited.

Cryptocurrency

Click here to read about the different types of cryptocurrency activities and the tax reporting requirements.

529 to Roth

Click here to read about new opportunities for funding a Roth IRA from a 529 college savings plan. This can also be used as a tool for those who otherwise don't qualify for Roth contributions.

Business Meals

Click here to read about very important changes to meal deductibility for 2026. Several meals that were deductible, or partially deductible, are no longer deductible.

Tax Tools

One Big, Beautiful Bill Act (OBBBA)

On July 4th, 2025, President Trump signed into law the One Big, Beautiful Bill Act (OBBBA). OBBBA includes the largest tax overhaul since the TCJA of 2017, and it will affect almost every individual and business in the US. The provisions in the new law go into effect on various dates. Click below for an overview of the OBBBA changes affecting individuals and businesses.

OBBBA Overview

Qualified Charitable Distributions

Did you know that you can make charitable contributions directly from your IRA if you are age 70 1/2 or older? This provides for a direct reduction in taxable IRA distributions, even if you take the standard deduction.