Treasury, IRS provide guidance for individuals who received tips or overtime during tax year 2025
The IRS is in the process of updating income tax forms and instructions for taxpayers to use this filing season that will assist them in claiming these deductions.
401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025.
IRS issues FAQs on Form 1099-K threshold under the One, Big, Beautiful Bill; dollar limit reverts to $20,000
The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08.
IRS releases tax inflation adjustments for tax year 2026, including amendments from the One, Big, Beautiful Bill
See post for an overview of the adjustment and amendments.
USDA Issues Second Economic Assistance Payment to Agricultural Producers
Payments will automatically be made to eligible producers with approved ECAP applications who received an initial payment. See post for more information.
Treasury, IRS provide guidance for Opportunity Zone investments in rural areas under the One, Big, Beautiful Bill
Taxpayers who invest in QOZs receive certain tax benefits for their investments as an incentive to improve economic growth and job creation in these underserved communities.
By law, every taxpayer has the right to representation when working with the IRS
Taxpayers have the right to retain an authorized representative of their choice to represent them when they are dealing with the IRS. They also have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.
Individual retirement accounts offer benefits now and in the future
Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards their financial future.
The Work Opportunity Tax Credit is available until the end of 2025
Finding a job can be a challenge and for certain groups, it can be even harder. The Work Opportunity Tax Credit is a federal tax credit available to employers for hiring individual from certain groups who consistently face significant barriers to employment.
Employers may help with college expenses through educational assistance programs
Employers can continue to use educational assistance programs to help employees with undergraduate or graduate-level student loan debt and other education expenses tax-free.