Changes to 401K plans
For workers aged 50 and older, new 401(k) changes for 2025 include increased “super catch-up” contribution limits for certain age brackets and a future requirement for high earners to make all catch-up contributions on a Roth (after-tax) basis. These changes are part of the SECURE 2.0 Act. Changes to 401(k) catch-up contributions for 2025 Age […]
IRS is phasing out paper check refunds paid to individuals
Paper refund checks for individual taxpayers will be phased out beginning on September 30, 2025. (IR-2025-94) This latest announcement by the IRS is the first step in implementing President Trump’s Executive Order 14274, which directed the U.S. Treasury to stop issuing paper checks by September 30, 2025, as well as mandating all payments to the federal […]
The House Passed the One Big Beautiful Bill Act: What It Means for You
Congress has passed the final version of the One Big Beautiful Bill Act, and it’s now headed to President Trump for signature. The law includes major tax changes, many of which are permanent, affecting individuals, families, and small businesses. Here’s what you need to know: Key Tax Changes for Individuals Tax Brackets and Standard Deduction SALT […]
As Bitcoin Surges, IRS Steps Up Oversight
A new rule on how you track and report your crypto investments reflects the tax agency’s increasing focus on digital assets. If you’re one of the 65 million Americans who own cryptocurrency, it’s time to update how you track your investments. The IRS has introduced a new form and rule this year that changes how […]
IRS Audit Red Flags for 2024: Key items that could trigger your audit risk
Each year, the IRS sends out thousands of notices to taxpayers informing them they’ve been selected for audit. Understanding the factors that raise red flags can help you reduce the likelihood of facing one. Let’s start with the bottom line: If your tax return is accurate, well-documented, and clearly explains all positions taken, the risk […]
Preparing for Potential Tax Changes: What Kamala Harris’ Policies Could Mean for You
With the news dropping this weekend that Biden is out of the race, we will most likely see Kamala Harris as the Democratic candidate.
The Biggest Errors/Missed Items on Tax Returns
Overlooked business deductions One of the most frequently missed opportunities on tax returns involves failing to take advantage of various business deductions. This could include deductions for home office expenses, vehicle costs, travel and entertainment expenses, or even overlooking business meals deduction. Thoroughly reviewing your client’s business activities and expenditures can uncover significant tax savings. […]
7 Warning Signs of an IRS Scam
Were You Targeted by an IRS Scam? Here’s What To Do If a tax scammer got to you, time is of the essence. First, call your financial institutions to notify them of the fraud, and place a credit freeze with all three major credit bureaus — Experian, Equifax, and TransUnion. This prevents scammers from opening […]
10 IRS Scams You Need To Avoid This Tax Season
Scammers are out again this tax season. Learn how to spot the most common IRS scams this year and how to stay safe while filing your taxes. Do You Know How To Identify a Tax Scam? When an IRS agent called Wendy Weaver claiming that she was under criminal investigation, Wendy was rightfully suspicious. But […]
IRS REFUNDS DOWN 30% FOR 2023 FILING SEASON, so far
Did you end up unexpectedly owing money on your taxes this year? Statistics from the Internal Revenue Service (IRS) ending on March 1 indicate you’re not alone. Compared with a similar point in the tax season the previous year, there have been nearly 6 million fewer refunds. IRS records show. There is a big reason […]
