05/29/2026
Rotary Club of Washington, GA featured one of it’s own longtime members, Steve Albertson, as its luncheon speaker yesterday. Steve has owned his own Certified Public Accounting practice in Washington for 31 years. He reviewed key areas of interest in the new OBBB (One Big Beautiful Bill) Tax Bill that became law for the taxable year of 2025.
Notable sections of the 3,200-page OBBB include: Fact versus Fiction - Inflation Adjustments; No Tax on Tips; No Tax on Social Security; No Tax on Overtime Wages; and deductible new car loan interest. Media versus the actual law.
Steve also shared some fun facts about the IRS. It was President Lincoln in 1862 that signed into law a revenue-raising measure to help pay for Civil War expenses. The measure created a Commissioner of Internal Revenue and the nation’s first income tax. It levied a 3% tax on income’s between $600- $10,000 and a 5% tax on incomes of more that $10,000.