Foreign transfers may incur excise tax

Beginning this year, a 1% excise tax applies to certain remittance transfers from U.S. senders to recipients in foreign countries. Remittance transfer providers must collect these remittance transfer taxes from senders and pay them to the IRS. Specifically, the tax is levied when remittances are sent from the U.S. to recipients in foreign countries if […]

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IRS reminds taxpayers to be fraud aware

The IRS recommends that taxpayers create an individual online account to securely access their tax information. This account lets you view your refund status, make payments, check your balance and more. However, the IRS also advises taxpayers to be cautious and watch for identity thieves. Create and always access your account directly through IRS.gov, and […]

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Some small businesses can still benefit from the health care coverage credit

Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for providing health insurance to employees. […]

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ABLE Accounts Just Got Better for 2026

Eligible individuals and their family members with disabilities can use tax-advantaged Achieving a Better Life Experience (ABLE) accounts to fund qualified disability expenses. The beneficiary must have become blind or disabled before age 46 (up from age 26 before 2026). Qualified expenses include housing, education, transportation and basic living expenses. For 2026, the ABLE account […]

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