The IRS has released the yearly average currency exchange rates for 2025. These are the IRS-approved rates, country-by-country, to be used for certain foreign currency translations required in the preparation of U.S. tax returns. They exist to enable filers of U.S....
Taxpayers waiting for the IRS’s official Yearly Average Exchange Rates will need to hold on a little longer. As of now, the IRS has not yet published its annual table for the 2025 tax year. However, there is some good news for those preparing FBARs (FinCEN Form 114)...
The State and Local Tax (SALT) deduction has long been one of the most debated features of the U.S. tax code. For tax years commencing in 2025, the deduction has seen the most significant increase in several years. The cap has lifted from $10,000 to $40,000 for joint...
The U.S. tax system has a highly complex structure of retirement plans. One of these includes the Roth retirement account, where contributions to the account are made out of after-tax income. Beginning January 1, 2026, significant changes came into effect for certain...
The start of 2026 has brought an unsettling trend for taxpayers and tax professionals alike: a raft of incorrect notices being issued by the IRS. These include penalties related to Form 3520 and, more recently, a series of notices tied to 2024 Form 1040 filings. If...
