Before filing your 2025 income tax return, consider obtaining an Identity Protection Personal Identification Number (IP PIN). Having an IP PIN can help safeguard your tax identity. Issued by the IRS, this unique six-digit number helps prevent criminals from filing a fraudulent tax return using your Social Security number. It’s valid for one year and […]
Read More Get a Identity Protection Personal Identification NumberWith the federal government recently partially shut down, you may be wondering about the effects on the IRS just as tax season opened on Jan. 26. Under a contingency plan, the IRS will use supplemental funding from the Inflation Reduction Act to keep its full staff on the job. According to the IRS, taxpayers can […]
Read More Did the partial shutdown impact tax filings?Among its numerous tax provisions, the One Big Beautiful Bill Act (OBBBA) reinstated immediate deductions for research and experimental (R&E) expenditures under Internal Revenue Code Section 174, beginning in 2025. The IRS has recently issued transitional guidance (Revenue Procedure 2025-28) on how this change will be implemented. The guidance addresses several critical issues. Here’s what businesses of […]
Read More IRS releases guidance on changes to R&E expensingA reminder from the IRS: If you used a broker to sell or dispose of digital assets such as cryptocurrency or nonfungible tokens (NFTs) after Jan. 1, 2025, you might receive Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” this tax season. Brokers must report the gross proceeds from certain transactions to both taxpayers and […]
Read More Sell Digital Assets?Missing a W-2 or 1099 this tax season? If your Form W-2 or Forms 1099 aren’t available by the Feb. 2, 2026, deadline for most of these forms, or if the information is incorrect, contact your employer or the payer. If you still don’t receive the missing or corrected form by the end of February, […]
Read More Missing a W-2 or 1099?S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s […]
Read More Avoiding inadvertent S corp terminationSeveral observers, including the National Taxpayer Advocate, have warned that staffing cuts and new tax laws may hinder the IRS this filing season. But the U.S. Treasury Dept. remains optimistic. Addressing the USC Gould School of Law Tax Institute, Senior Advisor Don Snyder pointed out that the tax season started “on time and on schedule” […]
Read More What the IRS Is Saying About This Tax SeasonEmployer reimbursements for bicycle commuting costs, such as purchases, repairs and storage, remain taxable income to employees. That’s because the suspension of the $20-per-month tax-free benefit was made permanent by the One Big Beautiful Bill Act in 2025. Although this exclusion is gone, qualified transportation fringe benefits such as parking, mass transit passes and van […]
Read More Not All Commuter Benefits Are Created Equal3 Medicare pitfalls to avoid
Read More 3 Medicare pitfalls to avoidMissing a W-2 or 1099 this tax season? If your Form W-2 or Forms 1099 aren’t available by the Feb. 2, 2026, deadline for most of these forms, or if the information is incorrect, contact your employer or the payer. If you still don’t receive the missing or corrected form by the end of February, […]
Read More Still Waiting on a W-2 or 1099? Don’t Panic
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