The Internal Revenue Service has announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent. Read more…
The Department of the Treasury and the Internal Revenue Service has issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA) for eligible children. The Working Families Tax Read more…
The Internal Revenue Service have issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025. Specifically, the IRS clarified for workers how to determine the amount of their deduction without receiving Read more…
The Internal Revenue Service has announced that the amount that individuals can contribute to their 401(k) plans, 403(b) plans, governmental 457 plans, and the federal government’s Thrift Savings Plan plans in 2026 has increased to $24,500, up from $23,500 for Read more…
Recent legislation retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021 (ARPA) so that third party settlement organizations are not required to file Forms 1099-K unless the gross amount of Read more…
The Internal Revenue Service has announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Notable changes The tax year 2026 adjustments described below generally apply to Read more…
The IRS issued final regulations on September 15 addressing the new Roth IRA catch-up contribution rule enacted as part of the SECURE 2.0 Act in December 2022. These final regulations generally follow the proposed regulations issued in January 2025, with Read more…
It’s back to school season, and with that comes potential out-of-pockets costs for educators. The Educator Expense Deduction lets eligible teachers and administrators deduct certain expenses from their taxes. Eligible educators To qualify, you must be a kindergarten through grade Read more…
Last month we took a look at all of the changes introduced by the passage of Public Law 119-21 (commonly known as the One Big Beautiful Bill Act). There were a lot of details in our summary, and some of Read more…
You have probably heard of the “One Big Beautiful Bill Act” which recently passed Congress and was signed by the President. This law has far-reaching effects in taxation for individuals, businesses, and beyond. This month we’re taking a close look Read more…