Adoption Tax Credit Update
8/17/2026 Adoption Tax Credit Update Taxpayers who finalized an adoption in 2025 or started the adoption process before 2025, may qualify for the Adoption Tax Credit. Additionally, there have been significant changes to the tax credit under the One, Big, Beautiful Bill. Here’s an overview of the credit and eligibility, including the recent changes: The […]
Update From Bureau of Economic Analysis Second Quarter
8/8/2026 Update From Bureau of Economic Analysis Second Quarter Personal income increased $115.1 billion (0.4 percent at a monthly rate) in July, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Disposable personal income (DPI)—personal income less personal current taxes—increased $125.9 billion (0.5 percent), and personal consumption expenditures (PCE) increased $36.3 […]
2026 filing updates for seniors
7/30/2026 2026 filing updates for seniors 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 deduction for seniors. Enhanced deduction for seniors A new deduction that is in addition to the current additional standard […]
What business records should you keep?
7/29/2026 What business records should you keep? You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. The business you are in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. This summary […]
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 […]