Retirement Rollovers May Get Easier

The IRS has issued new guidance to simplify and standardize retirement account rollovers for both participants and plan sponsors, as required under the SECURE 2.0 Act of 2022. Notice 2026-49 provides optional sample forms and proposed procedures for rollovers between retirement plans or between a retirement plan and an IRA. The guidance doesn’t apply to […]

Selling Your Business? How You Structure the Deal Matters

If you’re contemplating a business sale or acquisition, it’s important to understand that you’ll need to make multiple tax-related decisions. For example, if you own a corporation, you’ll have to negotiate either an asset or stock sale, which have different tax consequences. And if it’s a stock sale, you may have a choice between a […]

How to make financial reports easier for stakeholders to understand

Financial statements are essential tools for evaluating performance, planning for growth and managing risk. Yet many business owners, board members, donors and investors don’t have formal accounting training. Presenting financial information in a clear, approachable way can help stakeholders better understand results and make informed decisions. Know your readers The people who rely on your […]

Could Your Medical Bills Lower Your Tax Bill?

You may be able to claim a tax deduction for unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross income. Eligible expenses can include payments for medical and dental care, prescription medications, insulin, medical equipment and supplies, certain health insurance premiums, and transportation necessary to receive medical care. Expenses paid for yourself, […]

Will your Social Security benefits be taxable?

Last year, the new tax deduction for taxpayers 65 and older was sometimes referred to as “no tax on Social Security.” In actuality, this up-to-$6,000-per-individual deduction, also known as the “senior” deduction, is generally available whether or not someone receives Social Security benefits. (But other limits do apply, such as an income-based phaseout.) Of course, […]

IRS Processing Delays Are Getting Worse

The U.S. Government Accountability Office (GAO) is reporting that the IRS needed nearly a month to process paper tax returns this tax filing season, double the amount of time as last year. The reason: reduced staffing and unavailable processing systems due in part to recent staff losses that delayed programming updates. The IRS sent about […]

A New Tax Break for Retirement Savers

The IRS has issued Notice 2026-48 outlining anticipated rules for the Saver’s Match program. Signed into law as part of the SECURE 2.0 Act of 2022, the program will apply to tax years beginning after Dec. 31, 2026. Eligible low- and moderate-income taxpayers may receive a federal match of up to 50% on the first […]

Beware of potential tax issues when selling self-created intangibles

Many modern businesses rely on intangible assets, such as goodwill, trademarks and customer lists. But the IRS doesn’t treat all intangibles the same way. Questions about how these assets are taxed often arise when a business is sold, ownership changes hands, or intellectual property is licensed or transferred. Generally, intangibles qualify as capital assets that […]

Working From Home? Your Tax Deduction May Be Gone

Last year’s One Big Beautiful Bill Act made permanent the suspension of most miscellaneous itemized deductions for individual taxpayers. Before the 2018 suspension, professional fees, investment costs and similar expenses had been deductible if they exceeded a floor of 2% of adjusted gross income. Also impacted are unreimbursed employee business expenses, which affects employees who […]

Think the IRS Got It Wrong? You May Have Options

Do you want to dispute an IRS assessment or action? You have the right to escalate the dispute to the Independent Office of Appeals. This independent forum operates separately from the IRS and is designed to provide a fair and unbiased review. You must meet appeal criteria (https://bit.ly/4yXmMgR ) and make an appeal request in […]