April 15 Individuals must file (or extend) their 2025 personal returns and pay any tax due. Individuals, trusts and calendar-year corporations must pay first-quarter 2026 estimated taxes. Individuals must file a 2025 gift tax return or file for an extension and pay any gift tax due. Calendar-year trusts and estates must file 2025 returns or […]
Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans. Catch-up contribution basics For years, taxpayers age 50 or older […]
If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS. While these rules don’t change how digital assets are taxed, they significantly impact information reporting, increasing transparency and scrutiny. Tax treatment For […]
If your business conducts research or product development, a significant tax law change could unlock meaningful tax savings. The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses. This change reversed a key provision of the Tax Cuts and […]
Here’s a sampling of some significant tax law changes going into effect this year: Increase of the Section 179 expensing limit to $2.56 million and the phaseout threshold to $4.09 million (up from $2.5 million and $4 million, respectively, for 2025). Expansion of the income ranges over which the Section 199A qualified business income deduction […]
Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through 2025. Fortunately for those with larger estates, in 2025, legislation was signed into law that increases the exemption to $15 million for 2026, […]