Employers that offer 401(k) plans and allow catch-up contributions need to prepare for some changes in 2025. The SECURE 2.0 Act allows 401(k) plan participants who will be 60, 61, 62 or 63 in...

Read more

The Corporate Transparency Act ("CTA") and its implementing regulations were preliminarily blocked nationwide by a Texas federal court earlier this week. This preliminary injunction prohibits the federal government from enforcing the CTA. While this injunction...

Read more

Would you like to get a jumpstart on your 2024 federal tax return? You can create or access an IRS Online Account (https://bit.ly/4fpNBjW  ) to review your historical tax records, request a personal identification number...

Read more

Planning a holiday party for your employees? Keep tax deductions in mind. Most entertainment expenses currently aren’t deductible and you can generally deduct 50% of the cost of business meals. But under certain conditions,...

Read more

If charitable giving is on your mind, consider a tax reduction strategy called “bunching.” Only donations to IRS-approved charities are deductible, and only if you itemize. However, itemizing is less common since the standard...

Read more

The U.S. Supreme Court has declined to review a decision in which a taxpayer who filed for Chapter 7 bankruptcy sought to discharge his tax liabilities. According to the Bankruptcy Code, tax debts are...

Read more

As part of International Fraud Awareness Week, the IRS is reminding taxpayers that they can anonymously report tax-related fraud. How? The public can file Form 3949-A, Information Report Referral, to identify possible fraud of...

Read more

Members of the U.S. Armed Forces are eligible for several special tax breaks to help ease the financial burden on them and their families. For example, combat pay is partially or fully tax-free, and...

Read more

With the holiday season about to kick off, many are turning their thoughts to making charitable donations. Suppose you own or are a beneficiary of an IRA and you’re at least 70½ years old....

Read more

The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024...

Read more