IRS to modernize NonProfit tax filing

The U.S. Dept. of the Treasury announced that the IRS plans to modernize Form 990, Return of Organization Exempt from Income Tax. The information form is generally filed by nonprofits. The revised form would require tax-exempt organizations to provide clearer reporting on certain activities. The planned changes are intended to improve transparency to help detect […]

The IRS has updated FAQs on educational assistance programs

The IRS released updated FAQs on Section 127 educational assistance programs, covering eligibility, tax treatment and recent legislative updates. Employees may exclude from their income up to $5,250 (adjusted for inflation after 2026) in combined benefits annually. Excess amounts are taxable, and no carry forward is allowed. Plans must be written, cover only employees and […]

Court finds IRS improperly assessed penalties and interest

A landmark court ruling, Kwong v. United States, found that the IRS improperly assessed certain penalties and interest during the COVID-19 pandemic. If you were charged penalties or interest for missing tax filing or payment deadlines from Jan. 20, 2020, through July 10, 2023, you may be eligible for a refund or abatement. But further […]

$166 Billion in Tariff Refunds: Are You Eligible?

In February, the U.S. Supreme Court ruled that tariffs ordered by President Trump last year under the International Emergency Economic Powers Act were illegal. To begin refunding U.S. businesses that paid tariffs, U.S. Customs and Border Protection has launched an online portal called the Consolidated Administration and Processing of Entries (CAPE). More than 330,000 importers […]

Changing jobs? Don’t forget your 401k

When you change jobs, what should you do with the money in your employer-sponsored retirement plan? You could roll over the balance to a new employer’s plan, but rolling it into an IRA may give you broader investment flexibility. Neither type of rollover is taxable, and both options allow you to continue benefiting from tax-deferred […]

IRS offers new tool for Tax Debt

The IRS now offers a new online Tax Debt Help tool (https://bit.ly/4cgNsjf ) to make addressing outstanding tax balances easier. The free resource uses interactive questions to help taxpayers understand their situation and see payment or resolution options. Those options may include installment plans, temporary pauses in collections or offers in compromise for eligible taxpayers. […]

2026 tax calendar

To help make sure you don’t miss any important 2026 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. February 2 Businesses: Provide Form 1098, Form 1099-MISC (except for […]

Traditional vs. Roth 401(k): Should You Make the Switch?

Do you have both traditional and Roth accounts within your employer’s 401(k)? If so, and you’re willing and able to pay taxes now — and you’d prefer not to pay them in retirement — consider an in-plan rollover. That is, your plan may allow you to transfer funds from your traditional 401(k) account into your […]

Should you raise your company’s prices?

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