If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA). Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts...

Read more

If you need to speak to an IRS representative by phone, know that you’ll be required to verify your identity. You’ll be asked for your Social Security number, birth date and filing status. Also...

Read more

Last year, a new income tax deduction for qualified cash tips went into effect under the One Big Beautiful Bill Act (OBBBA). The break is scheduled to expire after 2028. In September 2025, the IRS...

Read more

Recently, the U.S. Treasury Dept. provided some details about the forthcoming revised IRS Form 990 (an information return used by tax-exempt organizations). Among other things, the new form will require clearer reporting on fiscal...

Read more

The New Jersey Department of Labor and Workforce Development has adopted new regulations clarifying how businesses must classify workers as either employees or independent contractors under state law. The updated rules apply to major labor...

Read more

The IRS and other federal agencies have proposed new rules that could expand employers’ ability to provide fertility benefits to employees as early as plan years starting Jan. 1, 2027. If finalized, the rules...

Read more

When a husband or wife dies, the surviving spouse may eventually face a higher income tax bill. Why? Filing status shifts from married filing jointly to single or head of household, triggering higher tax...

Read more

Is your parent or another elderly family member moving into a nursing home? There may be tax implications. For example, long-term care expenses may qualify as an itemized deduction if they, along with other...

Read more

Recently, the IRS has been generating confusion by issuing Notice CP53E to individual taxpayers who had a balance due on their 2025 tax returns. The notice asks recipients to submit bank account information so...

Read more

It may be a good time to access your IRS tax transcripts. Millions of taxpayers may qualify for refunds of COVID-era IRS penalties and interest — but these refunds aren’t automatic. Reviewing your IRS...

Read more