Entries by admin-wxc

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Important Tax Notice for W-2 Employees

Changes to Taxes on Overtime If you received a W-2 for tax year 2025 and worked overtime, an additional review may be required. Under the new tax laws, part of the One Big Beautiful Bill, overtime pay is not taxable up to $12,500. Important to know: Only the premium portion of overtime pay qualifies. This […]

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Questions about the One, Big, Beautiful Bill

WASHINGTON — Taxpayers may be able to take advantage of new deductions that could reduce taxable income and increase refunds due to the One, Big, Beautiful Bill, passed by Congress in July 2025. Provisions from the new law can have a significant effect on federal taxes, credits and deductions. The legislation includes four prominent provisions for […]

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IRS opens 2026 filing season

WASHINGTON — The Internal Revenue Service today opened the 2026 tax filing season and began accepting and processing federal individual income tax returns for tax year 2025. The IRS expects about 164 million individual tax returns for tax year 2025 to be filed ahead of the Wednesday, April 15, federal deadline. Taxpayers can find a […]

Get Ready for tax season with key updates, essential tips

WASHINGTON — With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take a few simple steps now to prepare for filing their 2025 federal income tax returns. Visit Get Ready on IRS.gov for checklists, updates and no-cost filing options. One of the most important steps taxpayers can take is […]

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Important Reminder: W-4 Form Updates

Employees and employers are reminded of the importance of keeping the W-4 Form up to date whenever there are changes in an employee’s personal or tax-related information. The W-4 Form is used to determine the correct amount of federal income tax withheld from an employee’s paycheck. Failure to update the form when needed may result […]

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Updates to Questions and Answers about the Premium Tax Credit

What is the Premium Tax Credit? (updated Dec. 23, 2025) The Premium Tax Credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange. The size of your Premium Tax Credit is based on […]

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Guidance on new tax benefits for health savings account

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-05 PDF providing guidance on new tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes expand HSA eligibility, which allows more people to save and to pay for healthcare costs through tax-free HSAs. Expansion of HSA […]

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IRS sets 2026 business standard mileage rate

The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments. Optional standard mileage rates are used to […]

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IRS provide penalty relief for tax year 2025

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation under the One, Big, Beautiful Bill. Transition penalty relief for tax year 2025 Notice 2025-62 PDF […]