With Notice 2025–67, the IRS has issued its 2026 inflation-adjusted retirement plan contribution limits. Although the changes are more modest than in recent years, most retirement-plan-related limits will still increase for 2026. Depending on your plan, these adjustments may provide extra room to boost your retirement savings. Type of limitation 2025 limit 2026 limit Elective … Read more
The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the most tried-and-true tax-reduction measures. It also creates new opportunities for businesses to reduce their 2025 tax liability before December 31. Here are potentially some of the most beneficial ones. Investments in capital assets … Read more
H2R CPA Consulting Manager, Mike Clark, CPA, recently wrote an article published in the Nov/Dec 2025 issue of Breaking Ground magazine, a publication of the Master Builders Association of Western Pennsylvania. The article, “Cut Costs, Gain Expertise: Why construction companies are turning to outsourced accounting” can be found on page 43 of the issue. How can you … Read more
On March 25, 2025, President Donald Trump issued Executive Order 14247, mandating that all federal payments, including tax payments made to the IRS, be made via electronic funds transfer. This requirement was generally to go into effect for payments made after September 30, 2025. Currently, trusts and estates cannot use IRS Direct Pay, which is … Read more
A Required Minimum Distribution (RMD) is part of the federal tax code for tax-deferred retirement accounts, indicating the minimum amount that must be withdrawn annually from certain retirement accounts, such as traditional IRAs (including SEP or SIMPLE IRAs), 401(k)s, 403(b)s, or other pre-tax workplace retirement plans. RMDs are not required for Roth IRAs or Roth … Read more