IRS Simplifies Penalty Relief: Introduces Automatic Process For Eligible Taxpayers
6/28/2026 IRS Simplifies Penalty Relief: Introduces Automatic Process For Eligible Taxpayers The Internal Revenue Service announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance. The new Automatic Exemption from Penalty will replace the long-standing First […]
IRS Issues Final Regulations For Certain Charitable Remainder Annuity Trust Transactions
6/27/2026 IRS Issues Final Regulations For Certain Charitable Remainder Annuity Trust Transactions The Internal Revenue Service and the Department of the Treasury issued final regulations identifying certain arrangements purporting to be Charitable Remainder Annuity Trusts (CRAT) as listed transactions. Material advisors and certain participants in these listed transactions are required to file disclosures with the IRS and are […]
The beginning date for your first Required Minimum Distribution (RMD) withdrawal
6/5/2026 The beginning date for your first Required Minimum Distribution (RMD) withdrawal IRAs (including SEPs and SIMPLE IRAs) April 1 of the year following the calendar year in which you reach age 73. 401(k), profit-sharing, 403(b), or other defined contribution plan Generally, April 1 following the later of the calendar year in which you: reach […]
Tax Guide Online Update June 1, 2026
6/1/2026 Tax Guide Online Update June 1, 2026 Distributions from a defined contribution plan for the payment of certified long-term care insurance premiums if certain disclosure requirements are met, including that the insurance policy issuer of the certified long-term care insurance must file an “Issuer Disclosure” with the IRS. 401K rules provides that a long-term […]
IRS Launches New Web Page to Help Reduce Fraud
2/26/2026 IRS Launches New Web Page to Help Reduce Fraud The Internal Revenue Service has announced the launch of a “new web” page that allows taxpayers to confidentially report suspected tax fraud, scams, evasion, or other tax-related illegal activities, as well as internal-facing improvements that will enhance how referrals are used to stop illegal activity. “Improvements […]
The Special Depreciation Allowance for Qualified Production Property
2/7/2026 The Special Depreciation Allowance for Qualified Production Property The Department of the Treasury and the Internal Revenue Service has provided interim guidance for taxpayers regarding the “special depreciation allowance for qualified production property” enacted under the One, Big, Beautiful Bill. The Treasury and the IRS will issue proposed regulations on a new provision of the […]
The Enhanced Deduction for Seniors
1/31/2026 The Enhanced Deduction for Seniors The enhanced deduction for seniors, which can be claimed whether they take the standard deduction or itemize; to claim the deduction, married couples must file jointly. To qualify for the enhanced deduction, the taxpayer (and/or the taxpayer’s spouse, if filing a joint return) must have been born before Jan. 2, 1961. […]
Calculating the Deduction for Qualified Tips and Overtime Pay
1/15/2026 Calculating the Deduction for Qualified Tips and Overtime Pay The IRS has explained how to determine the amount of qualified tips, how to claim the deduction, up to $25,000, and the phaseout for modified adjusted gross income greater than $150,000 ($300,000 for married taxpayers filing joint returns). Workers can claim this deduction whether they claim […]
Highlights of tax changes for 2026
11/14/2025 Highlights of tax changes for 2026 The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $24,500, up from $23,500 for 2025. The limit on annual contributions to an IRA is increased to $7,500 from $7,000. The IRA catch‑up contribution limit […]
Interest rates remain the same for the first quarter of 2026
11/14/2025 Interest rates remain the same for the first quarter of 2026 The Internal Revenue Service has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. The rates are as follows: 7% for […]