IRS Provides Information on Expanded Health Savings Accounts Due to New Tax Law
IRS Update on Health Savings Accounts (HSAs) The IRS has put out new information regarding changes to Health Savings Accounts (HSAs) as part of the One Big Beautiful Bill Act (OBBBA). This legislation broadens the eligibility criteria for HSAs and modifies the rules surrounding high-deductible health plans (HDHPs). This guidance outlines recent changes and clarifies […]
IRS stops Direct File. What are my options for filing my taxes for free now?
Direct File, the free tax filing tool from the IRS that didn’t last long, is set to shut down less than two years after it began, all due to changing priorities in Washington. During its brief existence, Direct File gave taxpayers a straightforward, no-upsell option for submitting their federal taxes for free. By the 2024 […]
IRS agents might need to monitor OnlyFans due to uncertainty about Trump’s tax policy on tips.
It seems like there’s going to be a real eye-opener regarding pornography. IRS officials may find themselves needing to keep an eye on OnlyFans to figure out what falls under the category of “pornographic activity” as opposed to what might be exempt from President Trump’s tip tax exemption. In July, the president signed the One […]
IRS discontinues well-liked free service before the 2026 tax season: What happens now?
IRS Shuts Down Direct File Tax Service The Internal Revenue Service has discontinued a widely used service that allowed taxpayers to file their taxes directly without cost. This initiative, known as Direct File, was launched by the U.S. Treasury and the IRS in early 2024, aiming to help people file taxes independently and save money. […]
IRS releases alert: Take this action before the year’s conclusion
Taxes tend to be a yearly headache for many in the U.S., and the IRS is sending a pretty clear message as we approach filing season: Don’t procrastinate. “It’s really never too early to get ready for the 2026 tax season,” the agency recently mentioned in a statement. They’re urging taxpayers to begin gathering their […]
IRS agents will have to monitor OnlyFans under new law about tips not being taxed.
IRS employees are now expected to view adult content on OnlyFans to determine if it qualifies for a tax exemption under the “tip tax exemption” law, part of President Donald Trump’s Big Beautiful Act, which was enacted on July 4, 2025. This legislation aimed to encourage tipping by cutting taxes, but it explicitly states that […]
Essential tasks to complete before the year ends, according to the IRS
The Internal Revenue Service hasn’t yet revealed when tax season officially kicks off. This typically happens around mid-January when they begin processing returns and distributing refunds. You don’t actually need to wait for that signal or the start of the new year to start tackling your taxes. The IRS has several suggestions for things you […]
IRS issues instructions on Trump’s ‘no tax on tips’ and overtime deductions: Key information to understand
IRS Provides Guidance on New Tax Provisions The IRS has issued new guidance regarding the “no tax on tips” and “no tax on overtime” provisions included in the One Big Beautiful Bill Act (OBBBA) for workers eligible to claim credits for the 2025 tax year. Signed into law by President Donald Trump in July, the […]
Understanding Trump’s ‘no tax on tips’ as new IRS guidance on overtime rules is issued
IRS Guidance on One Big Beautiful Bill Act Tax Provisions The IRS has issued new information regarding the tax-free and overtime provisions under the One Big Beautiful Bill Act (OBBBA), which workers can use for the 2025 tax year. OBBBA was signed into law by President Donald Trump in July, following its passage through Congress […]
IRS issues updated guidance on tips and overtime deductions being tax-free
IRS Offers Guidance on New Tax Provisions for Tips and Overtime The IRS has issued new guidance concerning the “no tax on tips” and “no tax on overtime” provisions outlined in the One Big Beautiful Bill Act (OBBBA), which will be relevant for workers claiming credits for the 2025 tax year. This law, signed by […]