IRA issues guidance on changes to first-year depreciation

On Jan. 14, the IRS released guidance on changes to the additional first-year depreciation deduction. Also known as bonus depreciation, this break was increased to 100% and made permanent by the One Big Beautiful Bill Act (OBBBA), signed into law in July 2025. Notice 2026-11 explains how to determine whether depreciable property qualifies and how […]

Don’t Let Identity Thieves Steal Your Tax Refund

The IRS and the Security Summit are warning taxpayers that, as tax filing season begins, identity thieves are poised to scam people into sharing personal information to file false tax returns and steal refunds. Specific threats include phishing emails and smishing texts, where the thief impersonates a legitimate organization in the tax community, such as […]

Health Care in the Spotlight, Tax Reform on the Sidelines

Congress is back in session. Addressing health care seems to be high on the priority list. Last week, the House passed a three-year extension of the Affordable Care Act’s expired enhanced premium tax credits (PTCs). The bill’s fate in the Senate is uncertain, with Senate Majority Leader John Thune (R-SD) saying there’s “no appetite” for […]

PayPal, Venmo, and eBay: IRS Proposes Updated Withholding Rules

The IRS has proposed updates to the regulations for when certain third-party settlement organizations (TPSOs), such as PayPal, eBay and Venmo, must perform backup withholding. The updates are needed to comply with changes under the One Big Beautiful Bill Act. The proposed regulations clarify that TPSOs generally aren’t required to perform backup withholding on payments […]

IRS Filing Season Opens Jan. 26 — Are You Ready?

Mark your calendar: The IRS will start accepting tax returns on Jan. 26. You have until April 15 to file your 2025 return and pay any taxes you owe. The IRS expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically. While IRS.gov offers useful resources, changes under […]

Are Your Business Records Audit-Ready?

Small businesses don’t always have the human or financial resources to devote to tax recordkeeping. Nevertheless, owners and independent contractors need to ensure their recordkeeping will enable them to substantiate their income and deductions when they file tax returns. A simple, yet comprehensive recordkeeping system will also help you make strategic decisions about budgeting and […]

Scam Alert: Seniors Are Being Targeted by Fake IRS Calls

Americans age 65 and older are disproportionately targeted by tax fraud schemes. The IRS warns seniors about impersonation scams where criminals call and claim to be IRS employees or other government officials. Scammers may tell would-be victims they owe tax and must pay immediately or be arrested. It’s important to know that most legitimate IRS […]

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 […]