Taxes

IRS Introduces Automatic Penalty Relief Process

✅ IRS Introduces Automatic Penalty Relief Process

• • IRS, Taxes

For years, taxpayers who qualified for First Time Abate (FTA) relief generally needed to contact the IRS and request that certain penalties be removed. While many eligible taxpayers ultimately received relief, the process often required lengthy phone calls, written correspondence, and significant processing time. The IRS has now begun implementing a new administrative process known […]

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Trump Accounts: Early Rollout Brings New Opportunities—and Some Challenges

👶 Trump Accounts: Early Rollout Brings New Opportunities—and Some Challenges

• • Investment, IRS, Taxes

One of the newest savings opportunities available to families is the Trump Account program, created under recent federal legislation. These accounts are designed to encourage long-term savings for eligible children through tax-advantaged investment accounts, with additional guidance continuing to be released by the Treasury Department and the IRS. Eligible children born between January 1, 2025, and

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Reminder: Q2 2026 Estimated Tax Payments Due June 15

Reminder: Q2 2026 Estimated Tax Payments Due June 15

• • Business, IRS, Taxes

The second quarter estimated tax payment for tax year 2026 is due on June 15, 2026. Estimated tax payments are generally required for individuals who expect to owe at least $1,000 in federal income tax after withholding and credits. This commonly includes: – Self-employed individuals– Independent contractors– Gig workers– Rental property owners– Investors with significant income not subject to

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New for 2026: The Trumps Account App is Now Available

New for 2026: The Trumps Account App is Now Available

• • Investment, Taxes

The U.S. Department of the Treasury recently launched the new Trump Accounts mobile app, giving families a centralized way to enroll in, activate, and manage Trump Accounts for eligible children. The app became available nationwide in late May 2026 and serves as the primary interface for the program ahead of its full rollout on July

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IRS Notices & Letters: What to Do When You Receive One 

• • Business, IRS, Taxes

Receiving a letter from the IRS can feel stressful for both individuals and business owners. Fortunately, most IRS notices are routine and can often be resolved quickly when handled promptly and correctly. The most important thing to remember: don’t ignore IRS correspondence. Why the IRS Sends Notices The IRS sends letters and notices for many reasons, including,

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Washington State May Introduce an Income Tax for Individuals: What You Should Know

Washington State May Introduce an Income Tax for Individuals: What You Should Know

• • Taxes

For decades, Washington has stood out as one of the few U.S. states without a personal income tax. That could change soon. In early 2026, state lawmakers introduced legislation proposing a new income tax on households earning over $1 million annually, often referred to as the “Millionaires Tax.” Key Details of the Proposal: If the proposed Washington State

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Traveling for Business? Read This First

Traveling for Business? Read This First

• • Business, Investment, Taxes

If you’re planning any business travel this year — conferences, client meetings, networking events, or even scouting new opportunities — this is something you’ll want to review first. Business travel can create valuable tax deductions… but only when it’s handled correctly. We regularly see business owners miss deductions because they didn’t keep proper documentation — or

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Your Quarterly Business Roadmap for an Improved Fiscal Year

Your Quarterly Business Roadmap for an Improved Fiscal Year

• • Business, Taxes

Running a business requires more than just staying busy — it requires staying proactive. One of the biggest differences we see between businesses that feel in control and those that feel constantly behind is simple: they work on their business quarterly, not just during tax season. To help you stay ahead, we have created a simple Quarterly

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Preparing Your Financial Records for Tax Season: Are You Ready to File?

💡Preparing Your Financial Records for Tax Season: Are You Ready to File? 

• • Business, Taxes

February is an ideal time for both individuals and business owners to review financial records and make sure everything is complete and accurate before tax returns are filed. While many key deadlines fall in January, important cleanup and confirmation work often happens in February — and taking care of it now can help prevent delays,

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