The IRS has released new guidance that makes it easier for families to understand when contributions to Trump accounts will trigger gift tax reporting. This safe harbor can allow qualifying contributions to be covered by the annual exclusion and avoid the need to file Form 709, but only if specific conditions are met. The overview
Each year, the National Taxpayer Advocate reports to Congress on how the IRS is performing—and where taxpayers continue to face challenges. The most recent reports, released in January and June 2026, show that while the IRS is handling a high volume of returns efficiently, issues still arise when matters become more complex, and there is
Inside the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is a brand-new federal tax credit that most people haven't heard about yet — and it could put up to $1,700 back in your pocket from 2027 simply for donating to certain school scholarship funds. The catch? The rules aren't
From 2027, taxpayers will have access to a powerful new retirement tool: a federal matching contribution of up to $1,000 per year for eligible savers, if their employer (or themselves if self-employed) does not offer a 401(k) or similar plan (note that plenty of States have requirements for employers). This new option builds on the “Saver’s Match”
Who's Preparing Your Taxes? The Shocking Truth About Unregulated Tax Preparers Every year, millions of Americans hand their most sensitive financial information to a stranger and trust that person to file an accurate, honest tax return on their behalf. What most taxpayers don't realize is that virtually anyone can call themselves a "tax preparer" —
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
