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ACA Compliance Software Critical for U.S. Restaurants to Avoid Penalties

ACA Compliance Software Critical for U.S. Restaurants to Avoid Penalties

ACA Compliance Software Critical for U.S. Restaurants to Avoid Penalties
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IRS Finalizes Regulations for New Car-Loan Interest Deduction, Benefiting Over 1.4 Million Taxpayers

IRS Finalizes Regulations for New Car-Loan Interest Deduction, Benefiting Over 1.4 Million Taxpayers

The IRS has finalized regulations for a new car-loan interest deduction, part of the Working Families Tax Cuts. This provision allows taxpayers to deduct up to $10,000 annually in interest paid on qualifying loans for new passenger vehicles. The deduction is available for tax years 2025 through 2028 and begins to phase out at $100,000 in modified adjusted gross income for individuals and $200,000 for married couples filing jointly. To qualify, vehicles must be purchased for personal use and have undergone final assembly in the United States. Eligible vehicles include cars, pickup trucks, SUVs, vans, minivans, and motorcycles. A significant aspect of this deduction is its availability even to taxpayers who do not itemize, meaning households taking the standard deduction can still claim it. According to Treasury data released by the U.S. House Ways and Means Committee, over 1.4 million Americans have already claimed this deduction, with the average deduction exceeding $1,800. The final rules also clarify rep...
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BBB and IRS Warn of Widespread $1,400 Stimulus Check Text Scams

BBB and IRS Warn of Widespread $1,400 Stimulus Check Text Scams

The Better Business Bureau (BBB) and the IRS are issuing warnings about a prevalent scam involving fake text messages that claim recipients are eligible for a $1,400 IRS stimulus check. These fraudulent messages often appear official, sometimes incorporating IRS logos or brackets around the word 'IRS,' and typically include a link. The link urges individuals to click and confirm personal details to process the supposed payment. However, the IRS has explicitly stated that it does not communicate with taxpayers via text messages, email, or social media regarding stimulus payments or any tax-related matters. The Greene County Sheriff’s Office has also shared information about these texts on social media, reinforcing the warnings. Recipients are advised to immediately delete any unsolicited IRS messages and, crucially, to avoid clicking on any embedded links to prevent potential identity theft or financial fraud.
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Federal Tax Credit Program Offers Significant Scholarship Funding for K-12 Education

Federal Tax Credit Program Offers Significant Scholarship Funding for K-12 Education

Beginning in 2027, a new federal tax credit program will allow individuals to claim a tax credit of up to $1,700 for contributions made to qualifying scholarship-granting organizations. These organizations will then use the funds to provide scholarships for eligible K-12 students, including those attending Jewish day schools. Unlike a charitable deduction, which reduces taxable income, this credit directly reduces a donor's tax bill dollar-for-dollar. While the credit is nonrefundable and cannot be combined with a charitable deduction for the same contribution, any unused amount can generally be carried forward. The program is projected to generate substantial scholarship funds, with one estimate suggesting $18.8 billion if 10% of eligible donors participate. However, states must choose to participate and submit lists of qualified scholarship organizations for their residents to benefit. As of a September 14 update from the IRS, states with significant Jewish communities and day schools, such as New York, ...
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Baker Tilly US Seeks State Local Tax Senior for Income Tax Residency in Fresno, CA

Baker Tilly US Seeks State Local Tax Senior for Income Tax Residency in Fresno, CA

Baker Tilly US Seeks State Local Tax Senior for Income Tax Residency in Fresno, CA
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U.S. Supreme Court's Wayfair Decision Continues to Reshape Multi-State Tax Nexus for SaaS Companies

U.S. Supreme Court's Wayfair Decision Continues to Reshape Multi-State Tax Nexus for SaaS Companies

U.S. Supreme Court's Wayfair Decision Continues to Reshape Multi-State Tax Nexus for SaaS Companies
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Self-Directed IRAs Offer Broader Investment Options Beyond Traditional Brokerage Menus

Self-Directed IRAs Offer Broader Investment Options Beyond Traditional Brokerage Menus

Self-Directed IRAs Offer Broader Investment Options Beyond Traditional Brokerage Menus
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CohnReznick Seeks Manager for U.S. Federal and State Tax Engagements in India

CohnReznick Seeks Manager for U.S. Federal and State Tax Engagements in India

CohnReznick Seeks Manager for U.S. Federal and State Tax Engagements in India
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Many homeowners have a major insurance gap

Many homeowners have a major insurance gap

Most homeowners never read the part of their insurance contract that matters most.
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Workday Launches AI Solution to Streamline Employee Benefits Administration for U.S. Customers

Workday Launches AI Solution to Streamline Employee Benefits Administration for U.S. Customers

Workday Launches AI Solution to Streamline Employee Benefits Administration for U.S. Customers
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OFAC Consolidates Sanctions Penalty Provisions into New Federal Regulations

OFAC Consolidates Sanctions Penalty Provisions into New Federal Regulations

The Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a final rule, effective September 25, 2026, adding a new part 505, the Sanctions Penalties Regulations, to title 31 of the Code of Federal Regulations (CFR). This rule consolidates penalty information that applies to multiple sanctions programs, which was previously scattered across individual parts of 31 CFR chapter V. OFAC states that the rule makes no substantive changes to these penalty provisions but aims to standardize them and ease compliance with the Federal Civil Penalties Inflation Adjustment Act of 1990. The initial version of the regulations covers penalties for violations of sanctions issued under the International Emergency Economic Powers Act (IEEPA) and the United Nations Participation Act (UNPA). The rule outlines enforcement procedures, including the issuance of a written Pre-Penalty Notice, a 30-day response period for alleged violators, and the process for challenging a Penalty Notice in federal district court.
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IRS Transitioning from FIRE to IRIS for 1099 E-Filing in 2027

IRS Transitioning from FIRE to IRIS for 1099 E-Filing in 2027

IRS Transitioning from FIRE to IRIS for 1099 E-Filing in 2027