Missing a W-2 or 1099?

Missing a W-2 or 1099 this tax season? If your Form W-2 or Forms 1099 aren’t available by the Feb. 2, 2026, deadline for most of these forms, or if the information is incorrect, contact your employer or the payer. If you still don’t receive the missing or corrected form by the end of February, […]

Avoiding inadvertent S corp termination

S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s […]

What the IRS Is Saying About This Tax Season

Several observers, including the National Taxpayer Advocate, have warned that staffing cuts and new tax laws may hinder the IRS this filing season. But the U.S. Treasury Dept. remains optimistic. Addressing the USC Gould School of Law Tax Institute, Senior Advisor Don Snyder pointed out that the tax season started “on time and on schedule” […]

Not All Commuter Benefits Are Created Equal

Employer reimbursements for bicycle commuting costs, such as purchases, repairs and storage, remain taxable income to employees. That’s because the suspension of the $20-per-month tax-free benefit was made permanent by the One Big Beautiful Bill Act in 2025. Although this exclusion is gone, qualified transportation fringe benefits such as parking, mass transit passes and van […]

3 Medicare pitfalls to avoid

Still Waiting on a W-2 or 1099? Don’t Panic

Sold Crypto or NFTs? Don’t Miss This New IRS Form

A reminder from the IRS: If you used a broker to sell or dispose of digital assets such as cryptocurrency or nonfungible tokens (NFTs) after Jan. 1, 2025, you might receive Form 1099-DA, “Digital Asset Proceeds From Broker Transactions,” this tax season. Brokers must report the gross proceeds from certain transactions to both taxpayers and […]

Tip and Overtime Deductions may require extra effort for 2025 filings

Eligible workers can claim new federal income tax deductions on their 2025 returns for qualified tip income (up to $25,000) and qualified overtime premiums (up to $12,500, or $25,000 for joint filers). You don’t need to itemize to claim these breaks, but complex rules and restrictions apply. Both deductions begin phasing out when your modified […]

Bill advances requiring IRS to modernize processing for tax returns

The House Ways and Means Committee has advanced a bipartisan bill that would require the IRS to modernize its digital processing technology for tax returns. Dubbed the Barcode Automation for Revenue Collection to Organize Disbursement and Enhance (BARCODE) Efficiency Act, the bill would require prepared tax returns to include a scannable code on paper forms. […]

If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs Act (TCJA) limitation on the personal casualty loss tax deduction. […]