Certain taxpayers will claim deductions made available by the One Big Beautiful Bill Act on a new tax form. These include new deductions for seniors, those who earn tips or overtime, and taxpayers who...

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Recently, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki updated a U.S. House Financial Services subcommittee on Corporate Transparency Act requirements. In March 2025, FinCEN suspended a mandate for U.S. companies and individuals to...

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The IRS has issued final regulations to address SECURE 2.0 Act provisions related to “catch-up” contributions. Eligible taxpayers age 50 or older can make additional catch-up contributions to employer-sponsored 401(k), 403(b), or 457 plans,...

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If you’re leaving a job soon and you have a 401(k), you may want to roll it over into an IRA. However, beware of a potentially costly tax trap before you act. To keep...

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There’s a bill in Congress to eliminate capital gains tax on the sale of primary residences. It’s unclear whether it might pass in the future. Until then, if you’re selling your principal home, you...

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What should you do if you’re victimized by a tax fraud scam? The IRS instructs defrauded taxpayers to first cut off all contact with the perpetrator. Then, take steps outlined on the Federal Trade...

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You may have heard the saying, “Don’t be caught unaware; be prepared.” It certainly applies to your taxes. Indeed, not paying enough taxes throughout the year can result in not only a bigger-than-expected tax...

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Despite frequent IRS warnings, taxpayers continue to fall victim to fraudulent tax scams spread on social media. The scams may relate to the Fuel Tax Credit, the Sick and Family Leave Credit, or another...

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Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable one-time federal tax credit that incentivizes employers to...

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The U.S. Treasury Dept. has released a draft list of occupations it proposes to be eligible for a federal tax break on tips. The list contains 68 jobs, broken into eight categories: 1) beverage/food...

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