A New Savings Vehicle for Children A major new savings initiative called Trump Accounts is set to debut in 2026, offering a unique investment vehicle designed to help American families build long-term financial security for children. Established under the federal One Big Beautiful Bill Act (OBBBA), these accounts are a distinct type of individual retirement
Mailbox Rule The mailbox rule is a long-standing tax principle that treats certain tax documents and payments as filed or made on the date they are mailed, rather than the date they are received by the IRS. Under Internal Revenue Code Section 7502, a document is generally considered timely if it bears a U.S. postmark
A significant shift is underway in how the federal government will deliver some tax refunds and benefit payments. Starting September 30, 2025, paper checks from the IRS, Social Security Administration (SSA), and other federal agencies will become a thing of the past. The move toward a fully electronic system aims to cut costs, minimize fraud,
PROPERTY TAX VALUE FOR TORNADO DAMAGE The Department of Revenue, Property Assessment Division, in Nebraska, reminds real property owners who have suffered significant damage to their property between January 1 and July 1, 2024, that they can file a Report of Destroyed Real Property (Form 425). This report allows the county board of equalization to
There are three approaches to valuing a business: the cost, market, and income approaches. In this article, we focus on the market approach, which the International Glossary of Business Valuation Terms defines as: A general way of determining a value indication of a business, business ownership interest, security, or intangible asset by using one or more methods that
A “100% penalty” can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren’t handed over to the government.
The American Rescue Plan Act (ARPA) significantly liberalizes the rules for the federal child tax credit, which means more money in the pockets of eligible parents this year. However, the liberalization is only for the 2021 tax year. Here’s the story.
The pandemic has adversely affected many sectors of the U.S. economy, causing widespread job losses. At the start of the national emergency, Congress created a novel tax break – the Employee Retention Credit (ERC) – to entice employers to retain employees.
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