IRS Gives Guidance on Getting Ready for the 2026 Tax Season The IRS Get Ready campaign offers tips, reminders and new information on what you need to prepare for the 2026 tax filing season. Among the changes and additions...
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A New $6,000 Tax Break for Seniors The One Big Beautiful Bill Act, signed in July, creates a special deduction for Americans age 65 and older. It provides a deduction worth up to $6,000 a year in tax years...
Social Security Fairness Act and Your Benefits The Social Security Fairness Act, signed into law by President Joe Biden on Jan. 5, 2025, repeals two long-standing provisions: the Government Pension Offset and the Windfall Elimination Provision. The repeal of...
Understanding the New Tax Break for Overtime Pay By law, nonexempt employees — whether paid hourly or salaried — must be paid at least 1.5 times their regular rate of pay for all hours worked over 40 in a...
New Federal Tax Break for Tipped Workers The One Big Beautiful Bill Act allows certain employees to deduct a portion of their reported tip income from federal income tax. The law provides an above-the-line deduction of up to $25,000...
The SECURE — Setting Every Community Up for Retirement Enhancement — Act was passed in 2019. After that, SECURE Act 2.0 was passed in December 2022 and went into effect Jan. 1, 2023. The secondary SECURE Act establishes new...
It is somewhat unusual to highlight 2026 taxes in 2024, but we are in an unusual situation: Many of the provisions in 2017’s Tax Cuts and Jobs Act will expire at the end of 2025 unless Congress acts to...
Dear Esteemed Client! The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S....
Tax seasons often come with their fair share of alterations and updates, and the year 2023 has introduced a range of changes that taxpayers should be mindful of when filing their returns. These shifts encompass various aspects, from deductions...