ACA Credits Expiring Soon

Time is quickly running out for Congress to extend the Affordable Care Act’s enhanced Premium Tax Credits (PTCs). Lawmakers in both parties have expressed doubts that a deal can be reached before the enhanced PTCs expire on Dec. 31, 2025. Typically, the federal government pays advanced PTCs directly to the insurer based on the taxpayer’s […]

New IRS MATH Act Strengthens Taxpayer Rights

In a win for taxpayers’ rights, President Trump signed the bipartisan Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act into law. The law requires the IRS to provide clear explanations of any math or clerical corrections it makes to taxpayers’ returns and prominently inform them of the 60-day timeframe for challenging the changes. […]

Tis the Season for Gift Card Fraud — Stay Alert!

’Tis the season for gift card scams, unfortunately. When buying gift cards for loved ones, buy only from reputable retailers with security cameras and examine card packages for signs of tampering. If you can, select cards from the back of racks, as criminals are more likely to tamper with cards at the front. Keep your […]

Senate and House Diverge on IRS Funding in 2026 Budget Bills

A recently released draft of the U.S. Senate’s Financial Services and General Government (FSGG) funding bill allocates $3.2 billion for taxpayer services, an increase over $2.78 billion in 2025. By contrast, the U.S. House’s FSGG bill keeps 2026 funding at 2025 levels. The House bill also includes a rider that forbids the IRS from spending […]

Unexpected Money? Make a Smart Tax Plan First

An unexpected influx of money, such as from an inheritance, bonus, legal settlement or lottery win, can feel exciting and full of possibility. But without a clear plan, that financial good fortune might not last as long as you hope. For one thing, you may owe taxes, and maybe a lot more than you expect. […]

The IRS Issues ‘Get Ready’ Reminder—Here’s What You Need to Do Now

The IRS has issued the first in a series of special “Get Ready” reminders to help taxpayers prepare for the upcoming 2025 tax filing season. It’s important to begin prepping now because the One Big Beautiful Bill Act can significantly affect federal taxes, credits and deductions. Start by collecting receipts or other documentation for expenses […]

LLC & Partnership Owners: Know Your Self-Employment Tax Exposure

Are you an owner-employee of a partnership or limited liability company (LLC)? In general, business income that flows through to you for income tax purposes is subject to self-employment taxes. This is true even if the income isn’t distributed to you. But such income may not be subject to self-employment taxes if you’re a limited […]

Government Shutdown Fallout: IRS Processing Slows Down

During the recent government shutdown, many of the IRS’s core functions, such as tax refund processing, audits and nonautomated collection efforts, were temporarily paused. (Work continued that was necessary to implement One Big Beautiful Bill Act provisions and to prepare for the 2026 tax filing season.) Not surprisingly, IRS workers are now dealing with a […]

New IRS Rules Narrow the 1% Stock Buyback Tax

The Inflation Reduction Act established a 1% excise tax on the fair market value of stock repurchases (often referred to as “buybacks”) made by certain publicly traded corporations after Dec. 31, 2022. The IRS has issued final regulations that explain the application of the tax and, generally, narrow its reach. For example, the final regs […]

Claiming New Tip and Overtime Deductions? IRS Issues Key Guidance

The IRS has issued guidance for taxpayers wanting to claim new deductions for qualified tip income and qualified overtime compensation for 2025. The guidance details alternative calculation methods for the deductions because 2025 information forms, including Form W-2 and Forms 1099, won’t be updated to account for the deductions. To determine the tips deduction, employees […]