THe ROAD to Housing Act

On March 12, the U.S. Senate passed the bipartisan 21st Century ROAD to Housing Act. Among provisions intended to boost housing availability and affordability is one that would raise the public welfare investment cap from 15% to 20%. The cap dictates how much of a bank’s risk-adjusted capital can be invested in low-income housing projects. […]

IRS issues tip summarizing education credit and deductions

To offset the high costs of continuing education, the federal tax code offers eligible taxpayers several tax benefits, including credits and deductions. The IRS has issued a handy Tax Tip that summarizes a variety of education-related tax relief, beginning with two tax credits: the American Opportunity Tax Credit and the Lifetime Learning Credit. The Tax […]

IRS updates Withholding Estimator

The IRS has updated its Tax Withholding Estimator (https://bit.ly/3VjGqR1 ) to reflect changes under the One Big Beautiful Bill Act (OBBBA). This free online tool helps taxpayers calculate the correct amount of federal income tax to withhold from their paychecks or other payments, such as those from pensions, to avoid unexpected tax bills. The calculator […]

Did you receive a notice from the IRS?

Received an IRS letter or notice after filing your tax return? Don’t panic, but don’t ignore it. The IRS often sends letters or notices to request information, notify a taxpayer of changes, verify a taxpayer’s identity or seek payment. If action is needed, follow the instructions and respond by the specified due date. If a […]

Direct Deposit your refund

To avoid tax refund delays, be sure to include your bank account and routing numbers on your tax return. The IRS is moving away from paper checks, and approximately 830,000 taxpayers are experiencing refund delays after filing without direct deposit information. The IRS has already sent 530,000 notices, with another 300,000 expected, to those who […]

What’s my filing date if I’m on active duty?

Military members living in the United States or Puerto Rico have a 2025 tax filing deadline of April 15. For those on active duty outside the United States or Puerto Rico, the IRS generally allows a two-month filing extension (to June 15) without requesting one. Even with the extension, interest will apply to any 2025 […]

Do I qualify forHead of Household status?

Choosing the head of household (HOH) tax filing status may reduce your 2025 tax bill. HOH status offers a higher standard deduction, and in some cases, more favorable tax brackets than if you were to file as single. To qualify, you must have been unmarried (or considered unmarried) on Dec. 31, 2025; have paid more […]

Guidance issued on qualified production property

The IRS issued interim guidance on the new special depreciation allowance for qualified production property under the One Big Beautiful Bill Act. It defines qualified production property and activities (such as certain manufacturing, chemical production and agricultural production), explains how to determine the allowance, and outlines how and when to elect it. The guidance also […]

Divorce & the Home Sale Exclusion: Avoiding Costly Mistakes

The home sale gain exclusion can be tricky in a divorce. Generally, single taxpayers can exclude up to $250,000 of gain from the sale of a principal residence, while married couples filing jointly may exclude up to $500,000. To qualify, you must have owned and used the home as your principal residence for at least […]

Less Than 3% Scanned: IRS Falls Behind on Zero Paper Goals

A recent report (https://bit.ly/3MoKW0h ) released by the Treasury Inspector General for Tax Administration (TIGTA) warns that the IRS may miss a 2030 deadline to digitize all historical tax records. Contractors had scanned less than 3% of an estimated 1 billion pages of documents. The agency had also fallen behind the Trump administration’s Zero Paper […]