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
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(RMD) is part of the federal tax code for tax-deferred retirement accounts, indicating the minimum amount that must be withdrawn annually from certain retirement accounts, such as traditional IRAs (including SEP or SIMPLE IRAs), 401(k)s, 403(b)s, or other pre-tax workplace retirement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
The IRS recently issued Notice 2025-62 offering important guidance and penalty relief for businesses and employers navigating new information reporting requirements introduced by the One, Big, Beautiful Bill Act (OBBBA). These changes affect how tips and overtime compensation are reported for tax year 2025. Here’s what you need to know: Background: What Changed Under OBBBA? … Read more
Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year is the One Big Beautiful Bill Act (OBBBA), which significantly changes various tax laws. Here are some of the measures you can take now to reduce your 2025 taxes in … Read more
The IRS recently issued its 2026 cost-of-living adjustments for more than 60 tax provisions. The One Big Beautiful Bill Act (OBBBA) makes permanent or amends many provisions of the Tax Cuts and Jobs Act (TCJA). It also makes permanent most TCJA changes to various deductions and makes new changes to some deductions. OBBBA-affected changes have … Read more
Service Spotlight: Outsourced Accounting Services One of the most powerful features of QuickBooks® Online is its ability to connect to your bank and credit card accounts, enabling automatic transaction downloads and better financial management. Linking accounts is key to streamlining your business’s accounting processes. Once completed, transactions will be input into QuickBooks® in real-time, giving … Read more
Among its numerous tax provisions, the One Big Beautiful Bill Act (OBBBA) reinstated immediate deductions for research and experimental (R&E) expenditures under Internal Revenue Code Section 174, beginning in 2025. The IRS has recently issued transitional guidance (Revenue Procedure 2025-28) on how this change will be implemented. The guidance addresses several critical issues. Here’s what businesses of … Read more
Beginning September 30, 2025, the IRS will no longer accept paper checks for tax payments or issue refunds by mail. Instead, all payments and refunds will be processed electronically. This move is intended to modernize the tax system, reduce fraud, and improve efficiency for both taxpayers and the government. The federal government has identified significant costs and risks with … Read more