Could You Be Personally Liable for Your Business’s Unpaid Payroll Taxes?

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your […]

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IRS announces ACA adjustments for 2027

The IRS has announced Affordable Care Act (ACA) indexing adjustments for 2027. For plan years beginning in 2027, the required contribution percentage used to determine whether employer-sponsored health coverage is “affordable” under the ACA will be 10.22% (up from 9.96% for 2026). If the percentage of household income that certain employees must contribute to pay […]

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Divorce and IRAs: Avoid Costly Tax Mistakes

Divorce can have important IRA tax consequences. If you’re divorced or legally separated by year end, you generally can’t deduct contributions you make to your former spouse’s traditional IRA. Taxable alimony and separate maintenance payments typically count as compensation for IRA contribution limit purposes. To divide IRA assets tax-free, the transfer generally must be made […]

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