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. […]

Seriously delinquent tax debt can put your passport at risk

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. […]

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

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 […]

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

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 […]