2026 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 […]

Summer camp can count toward federal Child and Dependent Care Credit

Most kids will soon be out of school for the summer and many will head to summer camp. Sending your child to a summer day camp while you work may count as an expense toward the federal Child and Dependent Care Credit. Under current law, this credit ranges in value from 20% to 35% of […]

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 […]

Budget Reconciliation: Tracking the 2025 Trump Tax Cut

Budget Reconciliation: Tracking the 2025 Trump Tax Cuts https://bit.ly/444euqe

Do you have a high-deductible health plan?

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 Funds can be withdrawn tax-free to pay qualified medical expenses.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 featuring small business tools and resources as part of National 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 […]

Reminder to collect W-9 information before payment is made

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 US 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 package moving forward

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 […]

GAO study released

The Government Accountability Office (GAO) found that an estimated $15.9 billion in Earned Income Tax Credit claims were erroneously paid out in 2024. Could artificial intelligence (AI) be used to combat such improper payments? A GAO study reports that AI-enabled tools could help by sifting through large volumes of data to find anomalous patterns or […]