Tax Exempt organizations exemptions under fire

Tax-exempt status means that qualified not-for-profit organizations are exempt from paying federal income and property taxes. It also enables donors to nonprofits to potentially deduct their contributions. Recently, President Trump called for the IRS to rescind Harvard University’s tax-exempt status. Historically, both Republicans and Democrats have declared that certain nonprofits should lose their exemptions. But […]

2026 Federal Budget Proposal released

President Trump has released his 2026 federal budget proposal. It allocates $1.7 trillion in spending, including increases to defense and homeland security. It cuts $163 billion from other agencies, including double-digit percentages to Labor, Agriculture, the Small Business Administration and Commerce, as well as from scientific research and safety net programs. The IRS would lose […]

National Wildfire Awareness Month

May is National Wildfire Awareness Month, and the week of May 4 is National Hurricane Preparedness Week. Fast fact: So far in 2025, FEMA has issued 12 major disaster declarations in nine states impacted by winter storms, flooding, tornadoes and wildfires. With tax season over and peak season for disasters approaching, the IRS is reminding […]

HSA limits updated for 2025

If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA) up to certain limits. Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts HSA and HDHP contribution limits for inflation. For 2026, the maximum HSA contribution amount for individuals will […]

IRS highlights tools during last week’s Small Business Week

During National Small Business Week (May 4–10), the IRS features tools and resources designed to help small business owners, employers and the self-employed understand their tax obligations. Among the tools is a list of best practices for business success, such as choosing the right entity for your company and securing an Employer Identification Number through […]

A Best Practice is to Get the W-9 upfront

In a tight labor market, employers may seek to fill the gaps by turning to independent contractors. If this is your plan, and you expect to pay the contractor at least $600, be sure to collect a completed Form W-9 (Request for Taxpayer Identification Number and Certification). The W-9 is necessary to ensure correct identification […]

Tariff on Carmakers eased

On April 29, 2025, President Trump signed an executive order designed to ease the effect of tariffs on U.S. carmakers. The order removes levies that vehicle manufacturers have complained would raise the cost of production, force them to increase prices and harm company profitability. The executive order says manufacturers that pay a 25% tariff on […]

Tax legislation to extend TCJA progresses

According to U.S. Treasury Secretary Scott Bessent, congressional Republicans will have a “substantial agreement” regarding tax legislation by July 4, 2025. Speaker of the House Mike Johnson (R-LA) has taken a more aggressive stance, claiming “we can pass [the legislation] by Memorial Day.” Either way, the tax package is expected to extend many Tax Cuts […]

Offer in Compromise

If taxpayers can’t pay the tax they owe in full, one option is to seek an offer in compromise (OIC) from the IRS. That’s a way to potentially settle the debt for less than you owe. The IRS states it will generally accept a reasonable offer. Be aware, the tax agency will first do a […]

Should nonprofits lose their tax breaks?