IRS Staffing Shortages May Mean Slower Help This Tax Season

According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS lost as much as 19% of staffers from key tax season functions in 2025. It also implemented a hiring freeze. TIGTA and many lawmakers are worried that IRS staffing shortages will negatively affect taxpayers during the upcoming tax season. In recent communications with […]

Your 2025 W-2 Is Coming—Here’s When

When should employees expect to receive their 2025 Form W-2? Most years, employers must either directly provide or mail W-2s by Jan. 31. But Jan. 31 falls on a Saturday in 2026, so the deadline this year is Monday, Feb. 2. If your employer mails your W-2, you should receive it within a week of […]

New law eases the limitation on business interest expense deductions for 2025 and beyond

Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers. Limitation basics The deduction for business interest expense for a particular tax year is generally limited to 30% of […]

Got a CP24 Notice From the IRS? We Can Help

You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from what you originally claimed. This often happens because the IRS corrected a math error, applied a payment or credit differently, or offset a refund to pay another tax liability. The notice explains what changed […]

IRS Updates FAQs on Premium Tax Credits After ACA Enhancements Expire

The Affordable Care Act’s enhanced premium tax credits (PTCs) have now expired. The IRS recently updated its FAQs on PTCs. In a nutshell, a taxpayer can elect to have the federal government pay an advanced PTC directly to the insurer based on his or her estimated annual income. The advanced PTC is then reconciled with […]

3 tips to streamline your accounting processes

Whether you operate a for-profit business or a not-for-profit organization, strong accounting practices are essential for maintaining financial health and making informed decisions. These include creating budgets, monitoring results, preparing accurate financial statements, and complying with tax and payroll requirements. Over time, even efficient systems can become outdated or inconsistent. Here are three simple ways […]

New Car Loan? You May Be Able to Deduct the Interest

Have you taken out a new car loan? The IRS has unveiled proposed regulations on the car loan interest deduction provision under the One Big Beautiful Bill Act. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal purposes, taxpayers may be able to deduct up to $10,000 annually […]

Deducting gambling losses

Don’t be spooked by high IT costs

Should I claim Head of Household?

When you file your 2025 tax return, should you do so as a head of household? Assuming you qualify, it could be more favorable than filing as single. To be eligible as head of household, you must be single and maintain a home that for more than half the year is also occupied by a […]