2025 post-filing season update
The 2025 tax filing season passed without much fanfare. Congress took no significant direct action, although the foundation has been laid for tax legislation to be moved before the end of the year.
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ArticleComplianceTax & AccountingMay 20, 2025
New reporting requirement for Qualified Charitable Distributions: Code Y required in Box 7 of IRS Form 1099-R
Beginning in 2025, IRA custodians must include Code Y in Box 7 of Form 1099-R to report Qualified Charitable Distributions (QCDs). The distribution must be made directly to a qualified charity and meet all IRS QCD requirements. -
ArticleComplianceTax & AccountingMay 16, 2025
Health Savings Accounts: 2026 cost-of-living adjustments
Earlier in May, the Internal Revenue Service released the 2026 Health Savings Accounts COLAs. Contribution limits and amounts that determine whether a health plan is an HSA-eligible high-deductible health plan will again increase. -
ArticleTax & AccountingMay 15, 2025
Federal payments go paperless: Key provisions of the recent executive order
Tax preparers and their clients will soon be impacted by Executive Order 14247 which eliminates paper refund checks. Read to learn more. -
ArticleTax & AccountingMay 13, 2025
Innovating tax workflows: The AI-driven flywheel effect
By leveraging AI-enabled systems, firms can create a flywheel effect that continuously improves and accelerates their tax workflows. -
ArticleTax & AccountingMay 12, 2025
A closer look: Discussion and analysis of current accounting and reporting issues related to tariffs
Recent significant changes in tariffs initiated by the U.S. government have consumed global news and introduced significant uncertainty into business operations and financial markets. -
Case studyComplianceTax & AccountingMay 09, 2025
Enhancing tax compliance and research with CCH® AnswerConnect at Zell Family Office
The Zell Family Office, directed by Susan Schwolow, has embraced CCH® AnswerConnect to streamline tax compliance and bolster its advisory services. -
ArticleTax & AccountingMay 06, 2025
How cloud-based tax and accounting software can save your accounting firm when disaster strikes
Cloud-based tax and accounting software helped save Wolters Kluwer customer Lepper & Company from complete disaster after a devastating fire. Learn how your firm can ensure business continuity. -
ArticleComplianceTax & AccountingMay 06, 2025
Tax relief for victims of Virginia severe winter storms and flooding: IRA and HSA deadlines postponed
Due to destruction caused by severe winter storms that took place in parts of Virginia beginning February 10, 2025, the IRS has announced that affected taxpayers will receive tax relief. As a result, certain IRA and HSA deadlines are extended.
