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Managing your tax information has become significantly easier in today’s digital world. To help reduce long phone wait times and delays with mailed correspondence, the IRS created secure online accounts that allow taxpayers to access key information anytime, anywhere. With an IRS online account, you can view your tax transcripts and payment history, check your account balance, receive important IRS notices, make payments, set up payment plans, and update personal information without the delays associated with paper mail. As more [...]

On March 25, 2025, President Donald Trump signed Executive Order 14247, which requires all federal disbursements and receipts to be made electronically. This includes tax payments and refunds! In August, the U.S. Treasury announced that the government would stop issuing paper checks for most federal payments after Sept. 30, 2025. For now, the IRS continues to accept paper checks, but is encouraging everyone to transition to electronic payments. Last year, approximately 10 million individual taxpayers received their tax refunds by [...]

If you inherited an IRA from someone other than your spouse, required minimum distributions (RMDs) must be withdrawn from the IRA in 2025 and future years, if the original account owner had already begun taking RMDs before their death. Failing to take these required annual distributions can result in significant IRS penalties. The SECURE Act of 2019 introduced the 10-year withdrawal rule, requiring most non-spouse beneficiaries to withdraw the entire balance of an inherited IRA within 10 years of the [...]

As we approach the end of 2025, it’s time to take a fresh look at your tax picture. The tax landscape changed significantly with the enactment of the One Big Beautiful Bill (OBBB) in July 2025. Many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) were originally scheduled to expire after 2025, but OBBB replaced or modified a number of those rules — creating unique opportunities and nuances for 2025 year-end planning, particularly for state income taxes, charitable [...]

As we noted in our prior blog post, the IRS recently released long-awaited procedures for elections and accounting method changes under the One Big Beautiful Bill (OBBB) Act, which reinstated immediate expensing of domestic R&E expenditures.  The IRS is expected to issue updated guidance on Research and Experimental (R&E) expense following the recently issued guidance in Rev. Proc. 2025-28. Under the OBBB Act, small businesses—those with average annual gross receipts of $31 million or less—may elect to retroactively deduct R&E [...]

The IRS has released highly anticipated guidance on R&E expenditures.  New procedures have been issued for the elections and accounting method changes related to the One Big Beautiful Bill (OBBB) Act which re-instated immediate expensing of domestic R&E expenditures.  Small businesses with average annual gross receipts of $31 million or less are permitted by the OBBB Act to elect to take the R&E deductions retroactively for the years 2022 through 2024. Immediate expensing starts for all other taxpayers as of [...]

Save the stamp and make your Federal tax payments electronically with IRS Direct Pay via the IRS’ website at https://www.irs.gov/Payments/Direct-Pay.  This service is for individuals only and offers a free, secure electronic payment method through the IRS’ website.  IRS Direct Pay requires the individual to provide information from a on previously filed return and answer questions aimed to authenticate the individual.  Payments can be scheduled up to 30 days in advance and payments can be modified or cancelled until two [...]