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...
The Internal Revenue Service has reported the recovery of approximately $10 billion tied to tax‑related crimes, marking a significant milestone as the agency sharpens its focus on criminal enforcement. The figure reflects a broader push by the IRS to combat tax...
On December 4, 2025, the IRS and the Treasury Department issued Notice 2025-68 Notice of Intent to Issue Regulations with Respect to section 530A Trump accounts (‘Notice’). The Notice: * provides an overview of how Trump accounts will operate; * sets out questions...
IRS Will Automatically Issue First‑Time Penalty Relief Starting in 2026 For decades, many taxpayers have been penalized by the IRS for simple one‑time mistakes—filing a return late, paying after the deadline, or missing a payroll deposit—often without realizing that...
