The Department of the Treasury and the IRS have issued proposed regulations providing general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial […]
The Internal Revenue Service published, for tax year 2025, a new schedule that you can use to take advantage of some tax benefits provided the “One, Big, Beautiful Bill” (OBBB), […]
There are some changes for the 2026 tax filing season that people who are 65 years of age and older should be aware of. The most recent being the enhanced […]
There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the […]
The One, Big, Beautiful Bill (OBBB) has a significant effect on federal taxes, credits and deductions. Millions of taxpayers reported earning tips and overtime on their tax returns, many of […]
The Internal Revenue Service has announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles […]
The Department of the Treasury and the Internal Revenue Service has issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual […]
The Internal Revenue Service have issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025. Specifically, the IRS clarified for workers […]
The Internal Revenue Service has announced that the amount that individuals can contribute to their 401(k) plans, 403(b) plans, governmental 457 plans, and the federal government’s Thrift Savings Plan plans […]
Recent legislation retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021 (ARPA) so that third party settlement organizations are not […]