Employers Have Until Dec. 31, 2025 to Offer Student Loan Repayment Benefits

Employers seeking to attract new recruits and retain talent may want to offer educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. […]

Fact or Fiction? IRS Urges Caution with Tax Advice on Social Media

The IRS is reminding taxpayers that not all tax advice promoted on social media platforms is accurate. To help people access legitimate information, the IRS has listed websites (http://bit.ly/45o4V4s ) where it has an official presence: Facebook, YouTube, X, Instagram and LinkedIn. In general, these IRS accounts provide tax law news, event announcements and filing […]

What the new tax law could mean for you

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also […]

Should Churches Endorse Candidates? 1,500 Nonprofits Say No

More than 1,500 nonprofit and religious organizations are speaking out against the Trump administration’s intention to stop enforcing the Johnson Amendment. This amendment prohibits political campaigning by tax-exempt 501(c)(3) organizations, including churches. In a July 30 letter (http://bit.ly/41xMTvt ) to President Trump and the IRS, groups including Americans United for Separation of Church and State […]

Innocent Spouse Relief Isn’t Always Granted—Here’s One Example

Spouses filing joint federal tax returns are generally both liable for any tax owed. Some spouses may be eligible for “innocent spouse” relief, but such relief isn’t available in all cases. Recently, the 11th Circuit Court of Appeals upheld the U.S. Tax Court’s denial of relief to a “requesting” spouse who had failed to report […]

Understanding spousal IRAs: A smart retirement strategy for couples

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth […]

New Legislation May Complicate Recordkeeping for Many Taxpayers

A new report from Yale’s Budget Lab (https://bit.ly/3HaEkQu ) claims that the “no tax on” provisions in the One Big Beautiful Bill Act will, for many people, increase the time required to prepare tax returns. This affects those who are no longer required to pay tax on a limited amount of tips, overtime and auto […]

Cut Your 2025 Tax Bill with This IRA Strategy

The year is more than halfway over, so now is a great time to consider ways to reduce your 2025 tax bill. If you’re age 70½ or older and own or are the beneficiary of an IRA, here’s one strategy to explore: donating up to $108,000 directly from your IRA to IRS-qualified charities (or up […]

Significant business tax provisions in the One, Big, Beautiful Bill Act

The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year […]

$7,500 in Tax-Free Childcare? It’s Coming in 2026

Employers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses. Thanks to the recently passed One, Big, Beautiful Bill Act, the annual contribution limit, currently $5,000, will rise to $7,500 in 2026. FSA […]