At the end of May 2026, the IRS released IR-2026-68, which provided instructions on how to view and submit Trump Account elections, making it easier for families to get started with these tax-advantaged accounts. Created under the One Big Beautiful Bill and governed by IRC § 530A, Trump Accounts allow parents, guardians, and other authorized individuals
Last Wednesday, Jeff Bezos said in a CNBC interview that the bottom 50% of Americans should not pay federal income taxes. That comment generated headlines in outlets like Fortune, CNBC, Forbes, CPA Practice Advisor, and many others that I read over Memorial Day weekend (and last Thursday I listened to the entire interview – link
At the end of April 2026, the federal government took a major step by moving FDA‑approved marijuana products and marijuana sold under qualifying state medical marijuana licenses from Schedule I to Schedule III of the Controlled Substances Act. This change recognizes accepted medical use and makes it easier to conduct clinical research, but it does
New Jersey has long required minors to have working papers before they can start a job, but the current system and rules were modernized in 2023. As of June 1, 2023, a new law shifted the working‑papers process from local schools to the New Jersey Department of Labor and moved everything to an online portal.
Back in February 2026, New Jersey announced an important update to its state-sponsored retirement program. On February 6, 2026, the RetireReady NJ Program was officially amended to expand its reach to more employers across the state. While the program originally launched in June 2024, this latest change lowers the employer participation threshold. The state has
We've been fielding a number of calls from clients asking whether they're entitled to tariff refunds following the Supreme Court's February 2026 ruling that invalidated tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The short answer: if you're an importer who paid these tariffs since January 2025, you likely qualify for a refund
State boards of accountancy and tax practitioners are reporting highly convincing fake IRS notices, including those referring to CP53E (failed direct deposit) and CP5071/5071C (identity verification). Some of these letters ask you to “verify” or provide bank account information (even when you owed tax, not a refund) and include QR codes or shortened/odd‑looking website addresses.
When a U.S. person or business owns a foreign entity, the tax issue is often disclosure, not just income. U.S. tax law requires detailed reporting and strict recordkeeping, even when there is little or no current U.S. tax due, and penalties for getting it wrong can be severe. U.S. Businesses with Foreign Ownership: Form 5472 If
Recent budget proposals in Washington include a roughly $1.4 billion reduction to the IRS’s annual funding, with a significant portion targeted at enforcement activities. The administration has framed this as a way to streamline operations and trim “inefficiency and duplicative spending,” while House appropriators have advanced a funding bill that would lower enforcement dollars well
Recent data show that Americans are steadily moving out of some higher‑tax, higher‑cost states into jurisdictions with lower overall tax burdens and housing costs. While the decision to move is never only about taxes, migration trends are making it clear: tax policy and cost of living matter more than ever for both individuals and business
