The IRS’s new Automatic Exemption from Penalty (AEP) is meant to help “good” taxpayers—but it also takes away some useful flexibility and control that we’ve had under First‑Time Abatement (FTA). What AEP does, in plain English Starting with 2025 returns and 2026 quarterly payroll returns, the IRS will automatically skip certain penalties—failure to file, failure
As you might be aware, if you work in certain industries and receive tips, those tips might not be subject to taxes. The IRS released a preliminary document with several major categories: Beverage & Food Service Entertainment & Events Hospitality & Guest Services Home Services Personal Services Personal Appearance & Wellness Recreation & Instruction Transportation
Back in 2022, the Secure Act 2.0 was passed and made numerous changes in retirement plans and individual retirement plans, included in the over 90 provisions, there was a Saver's credit to be applicable from 2027. The interesting part about this provision is that from 2027, "... by making annual contributions of up to $2,000
