We're excited to announce version 2.1.83, featuring critical updates to ensure your tax planning remains accurate with the latest legislative changes. Our team has implemented comprehensive updates to reflect OBBB (One Big Beautiful Bill) modifications across multiple tax strategies.
New Improvements
Child Tax Credit Updates:
Updated calculations to reflect OBBB (One Big Beautiful Bill) changes for accurate tax planning. - Permanent $2,200 CTC locks in the TCJA's $2,200-per-child credit permanently with no 2026 expiration.
- Stricter SSN rules now require Social Security Numbers for taxpayer, spouse, and child, with SSNs issued before the tax filing deadline as ITINs no longer qualify.
- The refundable portion allows up to $1,400 of the credit to adjust yearly for inflation starting in 2025, with permanent income phaseout of $200,000 and $400,000 for joint returns.
Clean Vehicle Credit Individual Enhancements:
Incorporated OBBB modifications for updated individual clean vehicle tax credit calculations. - The termination of previously-owned Clean Vehicle Credit means the $4,000 tax credit for buying a pre-owned electric vehicle will no longer be available after September 30, 2025, originally set to expire in 2032.
- The $7,500 tax credit for new electric vehicles expires early on September 30, 2025, originally scheduled for 2032. No credits will be available for 2026+ purchases of used EVs.
Clean Vehicle Credit Business Improvements:
Incorporated OBBB modifications for updated individual clean vehicle tax credit calculations. - The termination of previously-owned Clean Vehicle Credit means the $4,000 tax credit for buying a pre-owned electric vehicle will no longer be available after September 30, 2025, originally set to expire in 2032.
- The $7,500 tax credit for new electric vehicles expires early on September 30, 2025, originally scheduled for 2032. No credits will be available for 2026+ purchases of used EVs.
Bug Fixes
- Qualified Educational Assistance Program Fix:Resolved calculation error that was affecting the accuracy of educational assistance benefit calculations.
- QSBS Empowerment Zone Support:Updated Qualified Small Business Stock calculations to include empowerment zone rates for comprehensive tax planning, ensuring all eligible rate variations are properly accounted for.
These updates ensure your tax strategies remain compliant with the latest federal regulations while providing the most accurate calculations for your clients. We are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!