The Congressional Budget Office (CBO) says that changes to the premium tax credit (PTC) will likely increase the number of uninsured Americans. Because the One Big Beautiful Bill Act allows the “enhanced” PTC made available by earlier legislation to expire, eligibility income caps will be lower and more taxpayers will be required to repay excess […]

Read More Premium Tax Credit Revisions Could Affect Future Tax Liability and Coverage

Football season has kicked off. This means that betting on college and NFL games is ramping up. Federal tax law requires taxpayers to report winnings on their tax returns, even if they don’t receive a Form W-2G for gambling winnings. Additionally, be aware that the One Big Beautiful Bill Act (OBBBA) will implement a major […]

Read More New Tax Rule Could Punish Break-Even Gamblers in 2026

The IRS could face additional funding cuts this fall. Lawmakers have until the end of the fiscal year (Sept. 30) to pass legislation to continue funding the government and avoid a shutdown. The House Appropriations Committee advanced a funding bill that calls for even deeper IRS funding cuts than those proposed by the Trump administration. […]

Read More IRS Faces Major Funding Cuts in Proposed House Bill

What does tax debt have to do with your passport? Seriously delinquent tax debt (SDTD) can put your passport at risk, unless an exception applies. In 2025, SDTD is an amount that exceeds $64,000 (adjusted annually for inflation). The IRS must have filed a Notice of Federal Tax Lien and other remedies must be exhausted. […]

Read More Seriously delinquent tax debt can put your passport at risk

As a reminder, beginning Sept. 30, 2025, the federal government will no longer issue paper checks, including those for tax refunds, Social Security benefits and more. Also, certain federal agencies, such as the Dept. of Labor (DOL) will stop ACCEPTING payments by paper check. This is part of a program to modernize payments, “improve efficiency […]

Read More IRS, Social Security, DOL to Stop Issuing and Accepting Paper Checks

When your business hires independent contractors, you’re generally not responsible for withholding tax from their compensation. But there are circumstances in which you should withhold a certain percentage of tax (backup withholding) to help ensure the IRS receives it. The most common reason is that a contractor has failed to provide a valid Taxpayer Identification […]

Read More No TIN from a Contractor? Here’s What You Must Do

The U.S. Treasury Dept. has released a draft list of occupations it proposes to be eligible for a federal tax break on tips. The list contains 68 jobs, broken into eight categories: 1) beverage/food service, 2) entertainment/events, 3) hospitality / guest services, 4) home services, 5) personal services, 6) personal appearance / wellness, 7) recreation/instruction […]

Read More New Tax Break for Tipped Workers – See If Your Job Made the List

The One Big Beautiful Bill Act (OBBBA) reinstates immediate deductions for domestic research and experimental (R&E) costs beginning in 2025. The IRS has issued transitional guidance (Revenue Procedure 2025-28) on the change. Among many other things, the guidance explains the procedures for how, if you began to amortize R&E expenses in 2022, 2023 and/or 2024, […]

Read More New Rules for R&E Deductions Could Mean Big Savings – Are You Ready?