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 reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200. […]
Read more...Blog
Inflation Adjustments for Tax Year 2026
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 tax returns filed in 2027. Of particular interest to many taxpayers: Standard Deduction. For tax […]
Read more...Final Regulations for Catch-up Contributinos
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 some changes made in response to comments the IRS received. The new rule generally requires […]
Read more...Educator Expense Deduction
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 12 teacher, instructor, counselor, principal or aide and work at least 900 hours a school […]
Read more...Spotlight: Individual Deductions
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 them were easy to overlook. So this month we’re going to shine a spotlight on […]
Read more...OBBB – Other Provisions
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 at the key changes, so that you can see how you might be affected by […]
Read more...OBBB – Business Provisions
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 at the key changes, so that you can see how you might be affected by […]
Read more...BBB – Individual Provisions
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 at the key changes, so that you can see how you might be affected by […]
Read more...Summer Activities and Your Tax Return
You might not realize it, but your summer fun could impact your taxes. Here are a few summertime activities and tips on how you should consider them for tax season. Marriage Wedding season is upon us, and newlyweds can make their tax filing easier by taking two simple steps now: First, report any name change […]
Read more...June 16 Deadline for Taxpayers Living Abroad
If you live and work abroad, you have until Monday, June 16, 2025, to file your 2024 federal income tax return and pay any tax due. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. In general, on the regular due date of their return, a U.S. citizen […]
Read more...