The IRS MATH Act, just signed into law in December 2025, requires the Internal Revenue Service to provide much clearer, more detailed notices when it finds a “math or clerical error” on a taxpayer’s return. Instead of vague, generic letters, taxpayers will now receive plain-language explanations that pinpoint exactly what the issue is — including the line on the […]
IRS Math and Taxpayer Help Act of 2025: What Does It Mean? Read More »
Each year the IRS adjusts many tax numbers — like deductions, credits, and income-bracket thresholds — to keep up with inflation. This year’s updates cover more than 60 tax provisions and incorporate changes from the One, Big, Beautiful Bill Act (OBBBA). These changes help prevent what’s called “bracket creep” (where inflation pushes you into a higher tax
2025 Tax Year: Adjustments to Consider from the OBBBA (H.R.1) Read More »
On September 23rd, 2025, the IRS announced that starting September 30th, 2025, they will begin phasing out paper checks for tax refunds to individual taxpayers. This is part of a broader federal push under Executive Order 14247, which mandates that federal disbursements and receipts move toward electronic payments wherever legally possible. What’s Changing and Why:
Refunds Go Digital: IRS Phases Out Paper Checks Read More »
The One Big Beautiful Bill Act (OBBBA), which became public law on July 4th, 2025, will bring a lot of changes and/or updates to federal tax law for individuals and businesses. It is important to stay up-to-date with the latest provisions in order to better prepare yourself for the upcoming 2026 tax season. Some updates and
As a small business owner, maintaining meticulous records is essential to ensuring the financial health of your business, and one of the most critical elements of this practice is keeping your receipts. Why is it important to keep receipts? Best Practices for Managing Receipts: By implementing these simple yet effective habits, you can keep your
The Power of Receipts: Why Keeping Track of Every Expense Matters for Your Business Read More »
As an employer, offering educational assistance to your employees is not only a great way to support their professional development but also an opportunity to provide tax-advantaged benefits that benefit both your employees and your business. Under IRS guidelines, employers can offer an Educational Assistance Program (EAP), which allows employees to receive up to $5,250
Understanding the IRS Educational Assistance Program for Employees Read More »
On June 12th, 2025, the IRS officially acknowledged processing delays that have caused some taxpayers to receive notices claiming a balance due—even when payments were made timely and electronically. Why It’s Happening: Who’s Affected IRS Guidance for Taxpayers Challenges Facing the IRS This issue highlights broader operational challenges: While the IRS works through its backlog,
IRS Acknowledges Processing Delays Leading to Balance-Due Notices Read More »
In today’s digital age, cybersecurity isn’t just a concern for large corporations—it’s a critical issue for small business owners too. In fact, small and medium-sized businesses (SMBs) are increasingly targeted by cybercriminals because they often lack the robust defenses of larger companies. Nearly half of cyberattacks are aimed at small businesses and whether it’s phishing
Cybersecurity for Small Business Owners: Why It Matters More Than Ever Read More »
Cryptocurrency has become an increasingly popular investment, but with it comes the responsibility of understanding its tax implications. Whether you have bought, sold, or simply traded cryptocurrency, it is essential to understand how the IRS views these transactions and what your reporting requirements are. The IRS treats cryptocurrency as property, not currency. This means that any
Cryptocurrency and Its Tax Implications Read More »
The IRS has ramped up its enforcement efforts, and this means more letters and notices are being sent out to taxpayers. These communications may relate to a variety of matters, such as: unreported income, missing or incomplete tax filings, outstanding balances, verification requests, etc. The increase in IRS activity could mean you might receive one
IRS Enforcement Activity on the Rise – What You Need to Know Read More »
