Some details on the Deduction for Tips in the House Bill

The One, Big, Beautiful Bill passed by the U.S. House introduces a deduction from income for amounts that eligible taxpayers receive from tips. Tipped workers wouldn’t be required to itemize deductions to claim the deduction. However, they’d need a Social Security number to claim it. The deduction would expire after 2028. The Senate Finance Committee’s […]

Scam Warning

The IRS is warning of an increase in scams targeting older adults. These scams are designed to deceive or scare vulnerable individuals into paying fake penalties, ransoms or revealing personal information. Tactics range from bogus prize notifications to impersonating IRS agents, police or other government officials. Scammers typically make contact via phone, text or email, […]

The Debate over the Tax Bill continues

The debate over The One, Big, Beautiful Bill continues as both houses of Congress work to hammer out their differences. In May, the U.S. House passed its version. It includes an increase in the Child Tax Credit (CTC) to $2,500 (from $2,000). The Senate Finance Committee (SFC) recently released its version of the bill, which […]

If you have a large refund, you may incur additional oversight

Most taxpayers who are owed federal tax refunds can expect to receive them within a few weeks of filing their returns. However, the timeline may be longer if you or your business expects more than $2 million ($5 million for C corporations). That’s because some large refunds and large claimed credits are required to be […]

IRS clarifies theft and fraud loss deductions

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice memo” (CCA 202511015) from the IRS’s Office of Chief Counsel suggests more victims of fraudulent scams may be able to claim a theft loss deduction than previously understood. Casualty loss deduction […]

Senate releases it’s version of Trump tax bill

The Senate Finance Committee (SFC) has released its version of The One, Big, Beautiful Bill. There are several changes from the U.S. House version that passed in May 2025. For example, it creates a $6,000 deduction for qualified seniors (65 or older and under certain income thresholds), $2,000 more than the House’s deduction for eligible […]

Tax Planning can be complicated if you are not a US Citizen

If you’re not a U.S. citizen, tax planning can get complicated because of compliance issues associated with residency. When preparing your tax return, we’ll begin the planning process by verifying your status as a resident alien or a nonresident alien. The distinction greatly affects your tax liability. Generally, a resident alien is someone who resides […]

How working in the gig economy affects your taxes

The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work […]

Sale of digital assets

Last year, the IRS issued final regulations requiring custodial brokers to report sales and exchanges of digital assets. The regs require brokers to report certain sales that take place beginning in calendar year 2025 on Form 1099-DA, Digital Asset Proceeds From Broker Transactions. The IRS also provided transitional relief from backup withholding tax liability and […]

Receive a notice for not filing your tax return?

Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf. Before doing so, the IRS typically will attempt to contact you and […]