Taxpayers can now access their Section 530A accounts (also known as “Trump Accounts”) and submit and view the status of Form 4547, “Trump Account Election(s),” through their IRS individual online accounts. A Sec. 530A account can be set up for any U.S. citizen who’ll be under age 18 at the end of the tax year […]

Reminder for Americans living and working abroad: Your 2025 federal income tax return is due by June 15. Taxpayers whose tax home and main place of business are outside of the United States and Puerto Rico generally get an automatic two-month extension to file their return. But interest is charged on any tax that wasn’t […]

Are you 65 or older and considering a seasonal or part-time job this summer? The extra income can be rewarding, but it may also change your tax picture. Individuals age 65 or older may qualify for a higher standard deduction, which could reduce taxes on modest earnings. But if you’re receiving Social Security benefits, additional […]

Recently, the U.S. Treasury Dept. provided some details about the forthcoming revised IRS Form 990 (an information return used by tax-exempt organizations). Among other things, the new form will require clearer reporting on fiscal sponsorships. These occur when nonprofits provide an administrative umbrella for new charitable projects, sparing them the burden of immediately obtaining tax-exempt […]

If you operate a sole proprietorship or a partnership where you and your spouse are the only partners, you might want to consider employing your child this summer. In addition to providing valuable work experience and enabling your child to start contributing to a tax-advantaged IRA, you can save payroll taxes. Wages you pay to […]