Resources

Tax season often brings stress, but it also opens the door for scammers who want to steal your money or personal information. Each year, the IRS warns taxpayers about new and evolving tax scams that can cause serious financial harm. Understanding these scams and knowing how to protect yourself can save you from headaches and losses. Tax form and pen on desk, symbolizing tax filing and potential scams Common Tax Scams to Watch For Scammers use many tactics to trick taxpayers.

The administration of Donald Trump is weighing a proposal that would require banks to collect and verify citizenship information from customers. While the policy has not been finalized, the potential implications are significant for individuals, business owners, and financial institutions alike. At Green Lotus Business Solutions, we believe in staying ahead of regulatory changes so our clients are never caught off guard. Here’s what you need to know. What Is Being Considered?

A federal court ruling involving the Internal Revenue Service (IRS). According to the decision, the IRS unlawfully disclosed confidential taxpayer information approximately 42,695 times in connection with requests from U.S. Immigration and Customs Enforcement (ICE). This ruling raises important questions about taxpayer confidentiality, government data-sharing practices, and the legal safeguards built into the Internal Revenue Code. Here is what you need to understand. What th

In a landmark ruling today, the U.S. Supreme Court  invalidated a broad set of tariffs imposed by President Donald Trump’s  administration, delivering a major blow to one of the most significant pillars of his economic agenda. The 6-3 decision holds that the president exceeded his authority  under a 1977 emergency law when he unilaterally imposed sweeping import taxes on nearly all of the nation’s trading partners. Here’s what businesses and individuals need to know. What the

You may have recently come across a website called trumpaccounts.gov   or heard people talking about “Trump kids savings accounts.” With so much information circulating online, many parents are asking the same questions: Is this a real government program? How does it work? Can parents take the money out if they need it? How do you apply? This article breaks it all down clearly — what’s real, what’s allowed, and what families should understand before planning around it . What

What Workers and Retirees Need to Know for 2026 There’s a lot of noise in the tax world right now — but three updates are getting the most attention: • Potential relief on taxes for tips • Possible deductions tied to overtime pay • An expanded deduction for seniors If you’re a service worker, hourly employee, or retiree, these updates could significantly impact your tax return. Let’s break it down clearly. 1. “No Tax on Tips” — What It Actually Means Recent IRS guidance conne

A Game-Changer for Taxpayers: What the “One Big Beautiful Bill” Means for Your Tax Returns The tax landscape in 2026 looks very different from years past — and it’s all because of a major piece of legislation passed in mid-2025 known as the One Big Beautiful Bill Act  (OBBBA). This wide-ranging tax package makes several significant changes to federal tax law that affect both individual and business taxpayers. 1. What Is the One Big Beautiful Bill? The One Big Beautiful Bill A