New 2026 Health Benefit Limits Released by the IRS

Employers and employees, take note: The IRS has released 2026 inflation-adjusted limits for employee health benefits. Workers who defer earnings to health Flexible Spending Accounts (FSAs) can contribute as much as $3,400 in 2026 (up from $3,300 in 2025). And for FSAs that allow carryovers of unused amounts, the 2026 carryover maximum will be $680 […]

AICPA Urges IRS to Maintain Full Operations During Government Shutdown

The American Institute of Certified Public Accountants (AICPA) has asked the IRS to retain full staffing during the current government shutdown. However, the IRS has furloughed approximately half of its workers. In an Oct. 9, 2025, letter to the U.S. Treasury Secretary, the AICPA recalled the negative effects of past shutdowns, including the issuance of […]

The power of catch-up retirement account contributions after 50

Are you age 50 or older? You’ve earned the right to supercharge your retirement savings with extra “catch-up” contributions to your tax-favored retirement account(s). And these contributions are more valuable than you may think. IRA contribution amounts For 2025, eligible taxpayers can make contributions to a traditional or Roth IRA of up to the lesser […]

IRS Releases 2026 Inflation-Adjusted Tax Brackets and Deductions

The IRS has announced its annual inflation-adjusted income tax brackets and other amounts. For 2026, the highest rate (37%) will apply to taxable income over $640,600 for individuals ($768,700 for married filing jointly and $384,350 for married filing separately). The standard deduction is increasing to $16,100 for individuals and married taxpayers filing separately ($32,200 for […]

Payroll Tax Mistakes Can Be Costly — Even Criminal

Employers who’re responsible for collecting payroll tax and remitting it to the IRS can face a penalty equal to 100% of the unpaid amount if they willfully fail to do so. The Trust Fund Recovery Penalty (TFRP) can be assessed personally against those deemed to be “responsible.” In one case, the owners of four staffing […]

Receive $10,000 in cash at your business? The IRS wants to know about it

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the […]

Year-End Gifting: Know the 2025–2026 Gift Tax Limits

As the year winds down, you may be hoping to combine smart estate tax planning with tax savings using the annual gift tax exclusion. For 2025 and 2026, this exclusion is $19,000, which you may give in cash or property to any number of family members or friends, without gift tax implications. Married couples may […]

Holiday Gifts & Taxes: What Employers Need to Know

The holidays are a time for gratitude, and when they arrive, many employers are planning to show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat […]

Receivables Rx: Key metrics to assess the health of your cash flow

For many businesses, accounts receivable (AR) is one of the largest assets on the balance sheet. It represents the cash you’ve earned but haven’t yet collected. Efficient AR management is critical for maintaining healthy cash flow, reducing bad debt and fueling growth. But a key question often goes unasked: How do your company’s receivables compare […]

Bisignano takes over day-to-day operations of the IRS

Ever since Billy Long was removed as IRS Commissioner in August 2025, U.S. Treasury Secretary Scott Bessent has served as Acting IRS Commissioner. But recently, the Treasury Dept. announced that Frank Bisignano, current Commissioner of the Social Security Administration (SSA), will take over day-to-day operations as the IRS’s CEO. Bisignano will execute this newly created […]