Did you hear the one about Section 127 education assistance programs?

Section 127 educational assistance programs allow employers to provide up to $5,250 per employee annually in tax-free education benefits. These programs can pay or reimburse for tuition, books, supplies and — based on recent changes under the One Big Beautiful Bill Act — qualified student loan payments. The law also indexes the $5,250 limit for […]

OBBBA impacts gig workers

If you’re a gig worker preparing your 2025 federal tax return, make sure you know how last year’s One Big Beautiful Bill Act (OBBBA) may affect you. You’re probably already aware of the new deduction for tips. The OBBBA also restores former reporting rules for payment app and online marketplace income. If, in 2025, you […]

Divorce & Business Ownership: Understanding the Tax Implications

In the event of divorce, part or all of a married couple’s business will often be considered divisible marital property. If you’re in this situation, you likely can divide your business ownership interests without triggering federal income or gift taxes. The spouse receiving the interests assumes the existing tax basis (to determine future gain or […]

The IRS Whistleblower Program Improvement Act

Since 2007, the IRS’s Whistleblower Office has collected more than $7.37 billion as a result of its investigations. Now, a bipartisan group of lawmakers wants to update the program. The IRS Whistleblower Program Improvement Act recently advanced out of the U.S. House’s Ways and Means committee with full support. If enacted, it would enable greater […]

Tax Day is coming soon

Tax Day is quickly approaching, but it’s not the only important April 15 deadline. If you have income that isn’t subject to withholding, such as self-employment or investment earnings, your first 2026 estimated tax payment is due on April 15. That day is also the last chance to make prior-year (2025) IRA contributions, which may […]

The tax resistance movement

Tax resistance, or the refusal to pay tax as a form of political protest, has a long history in the United States. Some protestors, for example, adjust their payroll withholding so they’re only paying part of what they owe. Others deliberately neglect to file tax returns or remit tax owed. But such actions are generally […]

Be alert for fraud

Artificial intelligence (AI) is changing how almost everything is done, including how fraud is committed. For example, a scammer might use AI to generate “deepfake” voices or “spoof” caller ID information to impersonate IRS agents. AI also makes it easier for perpetrators to establish robocall networks. (The IRS always stresses that it will contact taxpayers […]

Happy Easter

Wishing you all the joys this Easter. Happy Easter!

Buying a New Car? You May Qualify for a Tax Deduction

A temporary federal income tax deduction for interest on qualifying auto loans for 2025 through 2028 was created by the One Big Beautiful Bill Act. The write-off, available even if you don’t itemize, is capped at $10,000 per tax return, subject to income-based phaseouts. It applies only to interest on first-lien loans to buy new, […]

Time Is Running Out to Claim Your 2022 Tax Refund

Federal tax refunds worth approximately $1.2 billion remain unclaimed for the more than 1.3 million taxpayers who haven’t filed their 2022 federal income tax returns. Those individuals have until April 15, 2026, to file their 2022 tax returns and claim their refunds. Taxpayers generally have three years to file a federal tax return and claim […]