WASHINGTON — As hurricane season peaks and wildfire risks remain high, the IRS urges individuals and businesses to create or update their emergency preparedness plans as part of National Preparedness Month. Disaster readiness starts with safeguarding critical documents, recording valuables and knowing how to access IRS support. Keeping updated records can speed up recovery and…
Read More...FAQs for modification of sections 25C, 25D, 25E, 30C, 30D, 45L, 45W, AND 179D under Public Law 119-21, 139 Stat. 72 (July 4, 2025), commonly known as the One, Big, Beautiful Bill Act (OBBB).
FS-2025-05, Aug. 21, 2025 This fact sheet provides answers to frequently asked questions (FAQs) related to § 45Z of the Internal Revenue Code. These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously as possible. Accordingly, these FAQs may not address any particular taxpayer’s specific facts and circumstances, and…
Read More...Security Summit: Protect against tax identity theft with multi-factor IDs, Identity Protection PINs, IRS Online Accounts
WASHINGTON — In the fourth installment of a special summer series, the Security Summit partners today remind tax professionals and taxpayers about the IRS Identity Protection PIN and the IRS Online Accounts that can help protect against tax-related identity theft. The IRS and Security Summit also remind tax professionals that using multi-factor authentication is a best practice…
Read More...One Big, Beautiful Tax Act has passed
Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. “No Tax on Tips” New deduction: Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received in occupations that are listed…
Read More...Extension deadline is quickly approaching
For those who filed an extension for 2024 tax filing, the deadline is quickly approaching. October 15 is a Wednesday and is the last day to file with no additional penalties. Please note, I will not be available October 6 – October 11, so plan your schedule accordingly. I still can prepare your past taxes…
Read More...5 Reasons Why You Need to Open a Virtual Bank Account
Have you ever found yourself rushing to the bank during lunch hour, only to wait in line for a simple transaction? Thanks to virtual banking, those days are becoming history. Whether you’re a busy professional, an entrepreneur, or someone who simply values convenience, virtual bank accounts are revolutionising how we manage money in the digital age.…
Read More...Year-round tax planning tips for taxpayers
Here are some simple things taxpayers can do throughout the year to make next filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files…
Read More...Summer activities that could impact next year’s tax return
Summer is a time for fun but it’s never the wrong time to be thinking about taxes – and some summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for tax season. Marriage Wedding season is upon us, and newlyweds can make their tax…
Read More...Business owners: Make sure emergency preparedness plans include financial records
When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annually Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. Ready.gov has resources…
Read More...IRS reminder: Protect important records in case a natural disaster strikes
WASHINGTON — The Internal Revenue Service reminds taxpayers that disaster preparation season kicks off soon with National Wildfire Awareness Month in May and National Hurricane Preparedness Week, May 4-10. With tax season over and peak periods for disasters approaching, now is a good time for taxpayers to think about protecting important tax and financial information…
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