The IRS recently announced the production shutdown and acknowledgment retrieval schedule for the Modernized e-File (MeF) system to prepare for the upcoming tax filing season. The schedule is as follows: The shutdown for “Send Submissions” will begin at 11:59 a.m. Eastern Time on Friday, Dec. 26, 2025. Transmitters may continue to use all other service […]
Modernized e-File Production Shutdown Schedule Read More »
https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500
401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500 Read More »
https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-first-quarter-of-2026
Interest rates remain the same for the first quarter of 2026 Read More »
The IRS recently announced that it ended Direct File, a program that allowed eligible taxpayers to file tax returns directly with the IRS for free. The Direct File online pilot program launched in 2023 in 12 states and expanded to 25 states for tax year 2024. Nearly 300,000 taxpayers used the program to file 2024
IRS Ends Direct File Program Read More »
https://www.irs.gov/newsroom/treasury-irs-provide-penalty-relief-for-tax-year-2025-for-information-reporting-on-tips-and-overtime-under-the-one-big-beautiful-bill
By: Emily D. Cokeley, Ph.D., CPA, and Shelby Follis, CPA In the previous issue, we reviewed changes to the tax code introduced or extended by the One Big Beautiful Bill (OBBB), focusing on individual taxpayers. In this issue, we turn to the provisions affecting businesses. As before, our discussion is intended to assist practitioners advising
Unpacking the One Big Beautiful Bill (Part 2: Businesses) Read More »
By: Michelle Freeman, Ed.D., CPA, and Heath McConnell, M.Acc., CPA Legislation H.R. 1, P.L. 119-21, better known as the One Big Beautiful Bill Act (OBBBA), was signed into law by President Donald Trump on July 4, 2025. In some respects, this bill is a “Tax Cuts and Jobs Act 2.0” since it extends or permanently
Overview of OBBBA Tax Provisions for Individuals and Tax Form Implementation Read More »
The Social Security Administration (SSA) recently announced that individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026. The updated amount is an increase from $176,100 in 2025. This amount is the wage base limit that applies to earnings subject to the 6.2% OASDI tax (old age, survivors
Social Security Wage Base, COLA Set for 2026 Read More »
https://www.irs.gov/newsroom/irs-issues-faqs-on-form-1099-k-threshold-under-the-one-big-beautiful-bill-dollar-limit-reverts-to-20000
The U.S. Senate recently passed the Internal Revenue Service Math and Taxpayer Help Act, H.R. 998. Among other changes, the bill requires the IRS to provide taxpayers with specific information on notices related to a math or clerical error. Approved by the House earlier this year, the bill now goes to President Donald Trump for his
Congress Passes Internal Revenue Service Math and Taxpayer Help Act Read More »