Are You Ready for the 2026 Catch-Up Contribution Rules?

Beginning in 2026, new rules under SECURE 2.0 will require higher-income participants in 401(k), 403(b) and 457(b) plans to make any catch-up contributions as after-tax Roth contributions. For 2026, this requirement applies to participants with 2025 Social Security wages exceeding $150,000. That threshold will be annually adjusted for inflation. No longer being able to make […]

Snow Day

It’s probably safe to say that filing a 2025 tax return currently isn’t at the top of most people’s minds. The good news is there’s time to prepare. To that end, the IRS is providing tips and other information on its website to help taxpayers get organized. With the passage last year of the One […]

IRS Staffing Shortages May Mean Slower Help This Tax Season

According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS lost as much as 19% of staffers from key tax season functions in 2025. It also implemented a hiring freeze. TIGTA and many lawmakers are worried that IRS staffing shortages will negatively affect taxpayers during the upcoming tax season. In recent communications with […]

Your 2025 W-2 Is Coming—Here’s When

When should employees expect to receive their 2025 Form W-2? Most years, employers must either directly provide or mail W-2s by Jan. 31. But Jan. 31 falls on a Saturday in 2026, so the deadline this year is Monday, Feb. 2. If your employer mails your W-2, you should receive it within a week of […]

Got a CP24 Notice From the IRS? We Can Help

You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from what you originally claimed. This often happens because the IRS corrected a math error, applied a payment or credit differently, or offset a refund to pay another tax liability. The notice explains what changed […]

IRS Updates FAQs on Premium Tax Credits After ACA Enhancements Expire

The Affordable Care Act’s enhanced premium tax credits (PTCs) have now expired. The IRS recently updated its FAQs on PTCs. In a nutshell, a taxpayer can elect to have the federal government pay an advanced PTC directly to the insurer based on his or her estimated annual income. The advanced PTC is then reconciled with […]

New Car Loan? You May Be Able to Deduct the Interest

Have you taken out a new car loan? The IRS has unveiled proposed regulations on the car loan interest deduction provision under the One Big Beautiful Bill Act. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal purposes, taxpayers may be able to deduct up to $10,000 annually […]

Should I claim Head of Household?

When you file your 2025 tax return, should you do so as a head of household? Assuming you qualify, it could be more favorable than filing as single. To be eligible as head of household, you must be single and maintain a home that for more than half the year is also occupied by a […]

Guidance coming soon

The IRS has announced that it will soon provide guidance on a new refund process for federal excise taxes paid on certain dyed fuel. Under the One Big Beautiful Bill Act, taxpayers may be able to recover excise taxes paid on clear diesel fuel or kerosene if the fuel is later removed from a terminal […]

Sold Farmland? The IRS May Waive Estimated-Tax Penalties

The IRS has issued estimated-tax penalty relief for taxpayers who properly elect under Sec. 1062 to pay tax on qualifying farmland sale or exchange gains in four annual installments. Under Notice 2026-3, you may exclude 75% of the applicable net tax liability from your estimated tax payment calculations for the year of sale or exchange, […]