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 […]

Your 2025 W-2 Is Coming—Here’s When

When should employees expect to receive their 2025 Form W-2? Most years, employers must either directly provide or mail W-2s by Jan. 31. But Jan. 31 falls on a Saturday in 2026, so the deadline this year is Monday, Feb. 2. If your employer mails your W-2, you should receive it within a week of […]

Got a CP24 Notice From the IRS? We Can Help

You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from what you originally claimed. This often happens because the IRS corrected a math error, applied a payment or credit differently, or offset a refund to pay another tax liability. The notice explains what changed […]

IRS Updates FAQs on Premium Tax Credits After ACA Enhancements Expire

The Affordable Care Act’s enhanced premium tax credits (PTCs) have now expired. The IRS recently updated its FAQs on PTCs. In a nutshell, a taxpayer can elect to have the federal government pay an advanced PTC directly to the insurer based on his or her estimated annual income. The advanced PTC is then reconciled with […]

New Car Loan? You May Be Able to Deduct the Interest

Have you taken out a new car loan? The IRS has unveiled proposed regulations on the car loan interest deduction provision under the One Big Beautiful Bill Act. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal purposes, taxpayers may be able to deduct up to $10,000 annually […]