Starting 2027: Roth Required for Some Catch-Up Contributions

The IRS has issued final regulations to address SECURE 2.0 Act provisions related to “catch-up” contributions. Eligible taxpayers age 50 or older can make additional catch-up contributions to employer-sponsored 401(k), 403(b), or 457 plans, SIMPLES and IRAs. Among other things, the regs provide rules related to a SECURE 2.0 Act provision requiring that catch-up contributions […]

Selling Your Primary Residence? Don’t Miss These Tax Tips

There’s a bill in Congress to eliminate capital gains tax on the sale of primary residences. It’s unclear whether it might pass in the future. Until then, if you’re selling your principal home, you may owe taxes on the profit, especially if you’ve lived there a long time. Here are two ways you may be […]

Fraudsters Target Donors After Disasters—Stay Alert

Being prepared for disasters is always important. But the IRS warns that you should also be on the alert for an uptick in scams aimed both at survivors and those who donate to help them. Scammers often sweep in after a disaster to solicit donations. They may pose as employees of federal agencies or legitimate […]

Victim of Tax Fraud? Follow These Critical Steps

What should you do if you’re victimized by a tax fraud scam? The IRS instructs defrauded taxpayers to first cut off all contact with the perpetrator. Then, take steps outlined on the Federal Trade Commission’s (FTC’s) identity theft website. These include calling your financial institutions, placing a fraud alert on your credit reports, notifying the […]

Trump Administration Pushes for Funding Extension – Here’s Why

The Trump administration has suggested asking the U.S. Congress to extend federal funding at current levels until Jan. 31, 2026. Such an extension would help prevent a government shutdown if Congress fails to agree on a budget by Sept. 30, 2025 (the end of the current fiscal year). Congress has yet to finalize appropriations bills […]

WOTC Can Lower Your Tax Bill—But Only If You Act Before 2026

Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable one-time federal tax credit that incentivizes employers to hire from certain groups that face employment barriers. The WOTC will expire after 2025 (unless Congress acts to extend it). So […]

Disaster Planning with a Tax Lens: What Every Business Should Know

Although most disaster preparation information is aimed at individuals, businesses also need emergency plans. Your first concern should be planning to safely evacuate employees, customers and other people. But you also need to regularly back up essential files, including tax and payroll data. This should be done in the cloud or in a separate physical […]

Premium Tax Credit Revisions Could Affect Future Tax Liability and Coverage

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 […]

New Tax Rule Could Punish Break-Even Gamblers in 2026

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 […]

IRS Faces Major Funding Cuts in Proposed House Bill

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. […]