A family limited partnership (FLP) can be a powerful tool for consolidating and managing family wealth while reducing gift and estate taxes, in part through valuation discounts. However, the IRS closely scrutinizes these arrangements, especially when they involve...
The One Big Beautiful Bill Act (OBBBA) introduced or updated numerous business-related tax provisions. The changes that are likely to have a major impact on employers and payroll management companies include new information return and payroll tax reporting rules....
Effective September 30, 2025, the IRS will no longer issue refunds via paper checks. It is recommended that direct deposit be set up at the time of tax preparation services. This change is part of a new executive order aimed at modernizing the federal...
Effective September 30, 2025, the IRS will no longer accept paper checks for tax payments or issuerefund checks. This change is part of a new executive order aimed at modernizing the federal tax system.All payments and refunds must be processed electronically using...
The U.S. Senate passed its version of The One, Big, Beautiful Bill (OBBB) by a vote of 51 to 50 on July 1. (Vice President J.D. Vance provided the tiebreaking vote.) At its core, the massive bill is similar to the bill passed by the U.S. House of Representatives last...
The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Employees will be able to save a modest amount more in their HSAs next year. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the...
