AICPA Calls on IRS for Clarity on New Tip and Overtime Deductions

Recently, the American Institute of Certified Public Accountants (AICPA) asked the IRS to clarify reporting and substantiation requirements for deducting qualified tips and overtime pay. These deductions were made available by the One Big Beautiful Bill Act beginning in 2025. But the IRS has stated it won’t be updating Forms W-2 or 1099 for the […]

Heard about the Internal Revenue Service Math and Taxpayer Help Act?

Heard of the Internal Revenue Service Math and Taxpayer Help Act? Intended to reduce confusion and provide fairer outcomes in tax disputes, the legislation will require the IRS to provide certain information when sending notices to taxpayers about math or clerical errors. Specifically, notices must describe any errors in detail, list an itemized computation of […]

What to do if you lose your job

IRS updates 1099-K FAQs

The IRS has updated its FAQ page for Form 1099-K (Payment Card and Third Party Network Transactions). The One Big Beautiful Bill Act retroactively reinstates the lower Form 1099-K reporting thresholds that applied before 2024. So, third-party settlement organizations (such as Venmo, PayPal and other cash payment apps) aren’t required to file Forms 1099-K unless […]

Cola increase of 2.8% for Social Security announced

The Social Security Administration said that Social Security benefits for 2026, including Old-Age, Survivors, and Disability Insurance (OASDI), and Supplemental Security Income (SSI) payments, will increase 2.8%. These changes reflect cost-of-living adjustments based on inflation. Social Security retirement benefits will increase by about $56 per month on average starting in January. Increased payments to SSI […]

Know Before You Go: IRS Rules for Business Travel Deductions

If you’re a business owner or an independent contractor, before traveling for business, be sure you know what’s tax deductible. To qualify, travel must take you away from home or your main place of work for business reasons, and the demands of the work must be such that you have to sleep away from home. […]

Thinking About Solar Panels? The Tax Credit Deadline Is Closer Than You Think

As the weather cools, many homeowners are seeking ways to reduce their energy bills and possibly get a tax break by installing solar panels. If that’s your plan, don’t wait too long. The Residential Clean Energy Credit, originally set to be available through 2032, now ends Dec. 31, 2025, under the One Big Beautiful Bill […]

5 potential tax breaks to know before moving a parent into a nursing home

Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing […]

Tax Trouble? Remember, You Have the Right to a Representative

One of the 10 fundamental rights guaranteed to taxpayers by the IRS’s Taxpayer Bill of Rights is the right to representation. This means you’re allowed to have an authorized representative of your choice (such as a CPA, attorney or other qualified professional) to advise or represent you in dealings with the IRS. If the IRS […]

Shutdown + IRS Staff Shortages = Tax Season Delays?

The consequences of a government shutdown are hard to predict. Although the 2018–2019 shutdown didn’t hold up the start of the 2019 tax filing season, it did create significant backlogs and delays. The same could happen again as the IRS is currently operating with only half its staff. Another wrinkle: In July 2025, then-IRS Commissioner […]