IRS issues final regulations on qualified cash tips

The IRS has issued final regulations on the tax deduction for qualified cash tips. The One Big Beautiful Bill Act created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or […]

IRS reminds taxpayers to be fraud aware

The IRS recommends that taxpayers create an individual online account to securely access their tax information. This account lets you view your refund status, make payments, check your balance and more. However, the IRS also advises taxpayers to be cautious and watch for identity thieves. Create and always access your account directly through IRS.gov, and […]

Some small businesses can still benefit from the health care coverage credit

Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for providing health insurance to employees. […]

Post Office rule change impacts taxpayers

New U.S. Postal Service rules could affect taxpayers who mail their tax returns. Postmarks may be applied when mail reaches automated processing, not necessarily when it’s dropped off in the mailbox or handed to a carrier. This might result in returns being postmarked after the actual mailing date. Tax returns postmarked after April 15 are […]

Beware of OIC offers to settle tax debt

Some taxpayers are allowed to settle their debt with the IRS for less than the amount owed with an offer in compromise (OIC). However, beware of “OIC mills.” These fraudsters often promote themselves on social media or local radio and television stations, promising they can help taxpayers resolve tax debt issues quickly and inexpensively. In […]

Preparing your F&A team for leadership changes

At the start of the new year, your finance and accounting (F&A) department is under a microscope. Budgets, forecasts and strategic plans are top of mind, and internal staff may be working with your CPA to finalize year-end financial statements. This heightened attention often raises an important question: What would happen if your CFO suddenly […]

Tax season statistics point to larger refunds

On average, Americans are receiving an 11% larger tax refund ($3,521) this year. That’s according to filing season statistics as of March 27, 2026. The IRS stats also show that the agency has paid 63 million refunds totaling $221.7 billion this tax season. U.S. Treasury Secretary Scott Bessent credits new deductions for qualified tips and […]

Which Interest Expenses Can You Deduct? Here’s What to Know

Did you know that you can deduct certain types of interest expense? It’s true, though rules and limitations apply. For example, mortgage interest may be deductible if you itemize rather than claim the standard deduction, subject to debt limits. Investment interest can also be deductible, but the deduction is limited to net investment income, which […]

ABLE Accounts Just Got Better for 2026

Eligible individuals and their family members with disabilities can use tax-advantaged Achieving a Better Life Experience (ABLE) accounts to fund qualified disability expenses. The beneficiary must have become blind or disabled before age 46 (up from age 26 before 2026). Qualified expenses include housing, education, transportation and basic living expenses. For 2026, the ABLE account […]

OBBBA expands QOZ benefits

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as […]