Saving for Disability Expenses? ABLE Account Rules Just Got Better

Achieving a Better Life Experience (ABLE) accounts offer a tax-advantaged way to fund qualified disability expenses for a beneficiary who became blind or disabled before age 26 (increasing to age 46 in 2026). There’s no tax deduction for contributions, but funds can grow tax-deferred and distributions for qualified expenses are tax-free. The One Big Beautiful […]

IRS Previews 2026 W-2: Big Changes for Employers Ahead

The IRS has published draft versions of Forms W-2 and W-2c for the 2026 tax year. The revised forms introduce new reporting requirements aligned with the One Big Beautiful Bill Act’s (OBBBA’s) new deductions for tips and overtime. For 2025 through 2028, the OBBBA creates a deduction of up to $25,000 for tip income in […]

⚡ Deadline Alert: Lock in Your EV Tax Credit by Sept. 30!

The cutoff date to take advantage of the $7,500 tax credit for purchasing or leasing a new electric vehicle (EV) or $4,000 credit for buying a used one is fast approaching: Sept. 30, 2025. Just in time, the IRS has issued guidance on the new, used and commercial clean vehicle credits (Sections 30D, 25E and […]

Nonprofit Fraud: $2.9M Stolen, 25 Years in Prison

Charitable organizations recognized by the IRS as tax-exempt can enjoy tax-favored status if they strictly follow IRS rules. Among other things, nonprofits must not serve private interests, engage in illegal activity or violate public policy. Violations can result in loss of tax-exempt status, fines and more. One nonprofit agency provided meals for low-income children. After […]

Tax Estimate Due Date Approaching

If you’re a taxpayer who must make quarterly estimated tax payments, don’t let the next due date sneak up on you. The third estimated payment for 2025 is due Sept. 15. Generally, you’ll need to make estimated payments if you earn taxable income that isn’t subject to withholding or if you expect to owe at […]

Can AI Help Catch Tax Fraud? The IRS Has Been Testing That for Years

Republicans on the U.S. House’s Ways and Means Committee want the IRS to use AI technologies to help enforce tax laws. Two committee members have introduced the DETECT Act, which would charge the Government Accountability Office with studying AI-assisted tax fraud detection methods and report on their potential to help the IRS detect tax fraud. […]

IRS Says 3 Minutes. Taxpayers Say 19. What’s the Truth?

If you called the IRS during the recent tax season, how long did you wait to speak to a representative? The Treasury Inspector General for Tax Administration (TIGTA) says that though the IRS reports an average wait time of three minutes, many taxpayers wait longer. According to TIGTA, during the 2024 tax season, the IRS […]

50% Tariffs on EU Steel & Aluminum: U.S. Finalizes Trade Deal Terms

Last month, the U.S. and the European Union (EU) announced the “framework” of a trade deal regarding tariffs. Since then, officials have been hashing out the details. Those details have now been announced. In a nutshell, the U.S. is imposing 15% tariffs on most EU goods (50% tariffs on steel and aluminum). This includes pharmaceuticals, […]

Clean Energy Tax Breaks Are Ending Sooner Than You Think ⚠️

The expiration dates of several clean energy tax credits and deductions have been accelerated under the One Big Beautiful Bill Act. The IRS has published a fact sheet (FS 2025-05) on the expiring credits and deductions in the form of frequently asked questions (FAQs). Specifically, the FAQs list the termination dates of seven clean energy […]

Above the Line or Below? Why It Matters for Your Taxes

During the lengthy debate over provisions of the One Big Beautiful Bill Act, we often heard tax deductions described as “above-the-line” or “below-the-line.” What’s the difference? The “line” refers to the place on your tax return that lists adjusted gross income (AGI). Above-the-line deductions reduce income before calculating AGI. This can lower taxable income and […]