Paul Gonzalez, CPA

05/09/2026

Watch out for IRS impersonation scams.

11/11/2025

The One Big Beautiful Bill Act increases the Estate Tax Exemption to $15 million.

Due to the One Big Beautiful Bill Act, the federal estate tax exemption will increase to a new, “permanent” $15 million exemption as of January 1, 2026.

At the end of 2025, the historically high gift, estate, and generation-skipping exemption levels of $13.99 million per person (as of 2025), were slated to revert to the pre-2017 Tax Cuts and Jobs Act levels (TCJA) of $5 million per person (plus annual inflation adjustments) due to the sunset provisions of the TCJA.

Per the One Big Beautiful Bill Act (the Act), the new $15 million gift, estate, and generation-skipping exemption amount will continue to be indexed annually for inflation. The increase means that married couples can pass $30 million dollars tax-free beginning in 2026. Since the gift and estate tax exemptions are linked, to the extent that a person makes gifts in excess of their annual gift tax exclusion ($19,000 in 2025), these lifetime gifts will reduce the amount they may leave estate-tax-free at death.

Unlike prior legislation increasing exemption amounts (such as the TCJA), the Act includes no sunset provisions, meaning that there is no need to rush to take advantage of the new, higher amount. However, because any provision of the Act could be amended or repealed at any time in the future, it may be prudent to consider making large gifts during the current administration to take advantage of the current high exemption levels and move assets, and their future appreciation, outside of one’s taxable estate.

Importantly, the Act has no bearing on the states that impose state-level estate taxes. Clients living in or owning property in one of the 12 states (and the District of Columbia) that impose state-level estate taxes should continue to plan for these taxes at death.

11/11/2025

Attention employers - The IRS is providing 2025 transition relief for reporting Qualified Tips and Overtime.

08/19/2025

The One Big Beautiful Bill Act provides new tax deductions.

05/20/2025

Tax Refund Myths and Realities

https://pasoroblescpa.com/newsletter/?fbclid=IwY2xjawKZ3GhleHRuA2FlbQIxMABicmlkETFMcWFkWWZyUFlUcm9zRVJGAR7RlvmgnpmM2rVA_m2Nm6EN5UirK7_MMvTyMCeT6J1ucA7goxMxXVUoxVTAtw_aem_MYP34ZhBaVHGOT9SAHc4VQ

01/03/2025

Protect yourself with an IRS ID PIN. See this month's newsletter.

12/03/2024

https://pasoroblescpa.com/newsletter/

Find your Year End Checkup here

11/26/2024

See the November Newsletter here:

https://pasoroblescpa.com/newsletter/

Give me a call with any questions.

11/26/2024

Need help with BOI filings?

https://www.youtube.com/watch?v=GydCvfbKxPw&t=166s

The FinCEN YouTube channel will help you out.

This video walks through how to report beneficial ownership information (BOI) using the Financial Crimes Enforcement Network (FinCEN)’s E-Filing System. To c...

11/26/2024

https://boiefiling.fincen.gov/

BOI filings are due by December 31 for businesses formed prior to 2024.

11/26/2024

Get ready to file your tax returns.