2025 Tax Year Payroll Reporting Remains Unchanged—Guidance Coming for 2026

As part of its phased implementation of the One Big Beautiful Bill Act (OBBBA), the IRS announced that there will be no changes to certain information returns and withholding tables for tax year 2025. Specifically, Forms W-2, existing Forms 1099, and Forms 941 and other payroll return forms will remain unchanged for 2025. Federal income […]

Billy Long Out as IRS Commissioner — What’s Next?

President Trump has removed Billy Long as the IRS commissioner. Long, a former Republican member of Congress from Missouri, was sworn in as the 51st IRS commissioner in June. His term was to run through June 2027. Treasury Secretary Scott Bessent will temporarily serve as acting IRS commissioner. Since Trump took office in January, the […]

Tax Avoidance = Smart Planning; Tax Evasion = Crime

What’s the difference between tax avoidance and tax evasion? Tax avoidance is taking legitimate actions to reduce your tax bill, such as funding an IRA or appropriately claiming a tax credit. Tax evasion is willful noncompliance with the tax law. This includes actions such as falsifying tax records, inflating expenses and hiding income, which can […]

Employers Have Until Dec. 31, 2025 to Offer Student Loan Repayment Benefits

Employers seeking to attract new recruits and retain talent may want to offer educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. […]

Fact or Fiction? IRS Urges Caution with Tax Advice on Social Media

The IRS is reminding taxpayers that not all tax advice promoted on social media platforms is accurate. To help people access legitimate information, the IRS has listed websites (http://bit.ly/45o4V4s ) where it has an official presence: Facebook, YouTube, X, Instagram and LinkedIn. In general, these IRS accounts provide tax law news, event announcements and filing […]

Should Churches Endorse Candidates? 1,500 Nonprofits Say No

More than 1,500 nonprofit and religious organizations are speaking out against the Trump administration’s intention to stop enforcing the Johnson Amendment. This amendment prohibits political campaigning by tax-exempt 501(c)(3) organizations, including churches. In a July 30 letter (http://bit.ly/41xMTvt ) to President Trump and the IRS, groups including Americans United for Separation of Church and State […]

Innocent Spouse Relief Isn’t Always Granted—Here’s One Example

Spouses filing joint federal tax returns are generally both liable for any tax owed. Some spouses may be eligible for “innocent spouse” relief, but such relief isn’t available in all cases. Recently, the 11th Circuit Court of Appeals upheld the U.S. Tax Court’s denial of relief to a “requesting” spouse who had failed to report […]

New Legislation May Complicate Recordkeeping for Many Taxpayers

A new report from Yale’s Budget Lab (https://bit.ly/3HaEkQu ) claims that the “no tax on” provisions in the One Big Beautiful Bill Act will, for many people, increase the time required to prepare tax returns. This affects those who are no longer required to pay tax on a limited amount of tips, overtime and auto […]

Cut Your 2025 Tax Bill with This IRA Strategy

The year is more than halfway over, so now is a great time to consider ways to reduce your 2025 tax bill. If you’re age 70½ or older and own or are the beneficiary of an IRA, here’s one strategy to explore: donating up to $108,000 directly from your IRA to IRS-qualified charities (or up […]

$7,500 in Tax-Free Childcare? It’s Coming in 2026

Employers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses. Thanks to the recently passed One, Big, Beautiful Bill Act, the annual contribution limit, currently $5,000, will rise to $7,500 in 2026. FSA […]