Following the reopening of the federal government, the primary focus in December will center on the state of the economy and the policy of the Federal Reserve relative to interest rates.

The One Big Beautiful Bill Act included three new tax provisions pertaining to charitable deductions that will take effect for tax year 2026.

In September, the IRS issued final regulations related to mandatory Roth catch-ups. Beginning in 2026, those with FICA wages exceeding $145,000 will be required to make catch-up contributions on a Roth, rather than a pre-tax, basis. We've created a client alert to help explain what this may mean for high earners participating in 401(k), 403(b), and 457(b) plans.

The third quarter of 2025 may best be characterized by continued strength in the equity market, moderating but resilient economic activity, and a shift in the Federal Reserve policy toward interest rate cuts.