Sale of digital assets

Last year, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets. The regs require brokers to report certain sales that take place beginning in calendar year 2025 on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS also provided transitional relief from backup withholding tax liability and […]

Receive a notice for not filing your tax return?

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically will attempt to contact you and […]

The IRS recently announced 2026 amounts for Health Savings Accounts

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can […]

Hobby income is taxable

Many Americans seek to earn money by way of a side hustle, which sometimes starts as a hobby. The IRS is reminding taxpayers that this income is taxable. Depending on whether the IRS considers the activity to be a business or a hobby, the tax treatment is very different. On their tax returns, businesses can […]

House Bill doesn’t completely remove tax on overtime

President Trump has repeatedly promised to abolish income tax on overtime pay. However, the bill passed by the U.S. House wouldn’t reduce tax for all workers putting in extra hours. Only hourly and some salaried employees required to be paid time-and-a-half after working 40 hours in a week would be affected. And only the 50% […]

Loan applications: How to strengthen your hand in today’s credit markets

In recent years, interest rates have increased and credit has tightened. Under these conditions, which are expected to persist in the coming months, securing a commercial loan can be challenging for businesses of all sizes. Whether you want to expand, stabilize your cash flow or simply build a financial cushion, being loan-ready is more critical […]

10 Federal Tax Tips

To help ensure small businesses take advantage of all potential tax breaks, the Taxpayer Advocate Service (TAS) summarizes the types of tax you may owe and provides a list of 10 federal tax tips (https://bit.ly/43WgUFP). Among the tips are to separate your business and personal finances, which means establishing business-only bank accounts and credit cards. […]

IRS penalties for noncompliance

Earned Income Tax Credit

As of December 2024, nearly 23 million families had received about $64 billion from the Earned Income Tax Credit (EITC) since its inception in 1975. The credit is intended to help low- and moderate-income working families. Eligibility depends on adjusted gross income, filing status and the number of qualifying children. Under the proposed One, Big, […]

Miss the filing deadline?

The IRS is highlighting several resources available to help taxpayers who missed the April 15, 2025, federal income tax return filing deadline and owe taxes, interest and penalties. The tax agency recommends that taxpayers who owe taxes file their returns and pay any taxes due as soon as they can. Interest and penalties will continue […]