Taylor Leali & Collins Accounting Services, LLC

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Taylor Leali & Collins Accounting Services, LLC

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15/06/2026

IRS Offer in Compromise Program – Did You Know?

People who cannot pay their tax bills in full may have options to resolve the situation. One of these options is the Offer in Compromise (OIC) program, which allows eligible taxpayers to settle their debts with the IRS for less than the full amount owed.

Anyone considering an OIC should first check whether they qualify using the IRS Pre-Qualifier tool online (link below). Eligible taxpayers may then submit an application. In most cases, the application must be accompanied by a $205 fee and an initial payment toward the tax debt, although these requirements may be waived for lower-income applicants.

An OIC application requires detailed financial information and must be carefully prepared. Beware of aggressive ads promising to settle tax debts quickly for a small fraction of the amount owed. Companies behind these ads, often referred to as OIC mills, may charge substantial fees while submitting applications for people who have little chance of qualifying. A trusted tax professional can help ensure that an OIC application is complete, accurate, and has a reasonable chance of acceptance.

OIC Pre-Qualifier Online Tool: https://irs.treasury.gov/oic_pre_qualifier/

02/02/2026

Tax Documents May Come in Different Formats This Filing Season

Keep an eye out over the next 2-3 weeks for important documents you will need to file a complete and accurate tax return. These documents may include Form W-2 (Wage and Tax Statement for employees), along with various 1099 forms showing interest, dividend, rental, royalty or self-employment income. Traditionally, these forms came in the mail or were distributed to employees at a workplace. However, they may now be sent digitally, or made available through an online system.

Gathering up needed forms may be different this tax season for people who qualify for the new "No Tax on Tips," "No Tax on Overtime" and/or "No Tax on Car Loan Interest" deductions. In the future, the information needed to claim these deductions will be included on W-2, 1099 or other standard IRS forms. This year, however, employers and lenders may use alternative reporting formats. For example, you may receive a form that does not look like a normal tax document, or instructions to log in to an online portal to access the figures you need.

In order to claim any of these deductions, or the enhanced deduction for seniors, you will need to file a new tax form just released by the IRS called Schedule 1-A. A tax professional can help you assemble all the needed information, complete this form and file your entire return electronically so you can receive your refund as quickly as possible.

28/01/2026

New Tax Form for Deductions Created by OBBBA – Did You Know?

The One Big Beautiful Bill Act (OBBBA) created multiple new deductions that people may take even if they do not itemize deductions on their tax returns. Unfortunately, traditional federal tax forms do not include space to claim these deductions. To address this problem, the IRS has introduced a new 2025 tax form called Schedule 1-A (Form 1040), Additional Deductions.

You will need to complete Schedule 1-A and include it with your return if you qualify for any of the following deductions:
- No Tax on Tips
- No Tax on Overtime
- No Tax on Car Loan Interest
- The Enhanced Deduction for Seniors (age 65 or older)

Several of these deductions require you to provide a significant amount of information about yourself and/or the basis for your deduction amount. A tax professional can help you properly file Schedule 1-A to take full advantage of every deduction available to you.

26/01/2026

Tax Filing Season Begins

The IRS has opened the 2026 tax filing season and is now accepting 2025 returns, with the federal filing deadline set for Wednesday, April 15, 2026. Most refunds are generally issued within 21 days, especially when e-filing and opting for direct deposit. Taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can expect most refunds by March 2, 2026, with projected deposit dates available through Where's My Refund? by February 21.

20/01/2026

2026 Standard Business Mileage Rates – Did You Know?

The IRS has announced that the standard mileage rate for business use of a vehicle will be:

Business: 72.5 cents per mile
Medical care or moving (certain active-duty military only): 20.5 cents per mile
Charitable: 14 cents per mile

Taxpayers may choose between the standard mileage rate or deducting actual vehicle expenses, but using actual expenses in the first year generally requires continuing that method in future years. A tax professional can help you determine whether you qualify to deduct business vehicle expenses, and if so, help you find the most advantageous strategy to figure your deduction.

12/01/2026

2026 Tax Filing Season Start

The IRS has announced that the individual federal tax filing season for the 2025 tax year will begin on January 26, 2026. The current deadline to file 2025 federal income tax returns and pay any taxes owed is April 15, 2026, unless an extension is requested or a taxpayer qualifies for additional relief.

Although IRS systems typically open for electronic processing on the official start date, taxpayers do not need to wait until then to begin preparing their returns. You can gather documents, organize income and deduction records, and even complete your tax return in advance so it is ready to file as soon as the IRS begins accepting submissions. Starting early may help reduce errors, speed up refunds, and provide more time to address unexpected issues, such as missing forms or questions about eligibility for credits and deductions.

05/01/2026

Health Savings Account Changes – Did You Know?

The One Big Beautiful Bill Act (OBBBA) made several changes to the eligibility rules for health savings accounts (HSAs). With an HSA, you can set aside money on a pre-tax basis to cover future healthcare costs, and later withdraw funds from the account tax-free to pay qualifying expenses. The new rules allow more people to create and contribute to HSAs.

In general, you must have health insurance classified as a high-deductible health plan (HDHP) in order to contribute to an HSA. However, beginning January 1, 2026, health insurance plans classified as bronze or catastrophic will generally be considered HSA-compatible. Therefore, people who participate in these plans may still be eligible to contribute to an HSA. This new rule applies both to plans purchased through the official Health Insurance Marketplace (also called the Exchanges) and those purchased elsewhere.

Similarly, as long as they meet other eligibility rules, people who enroll in direct primary care (DPC) arrangements may qualify to contribute to HSAs, and use HSA funds to pay DPC fees. In addition, the OBBBA extended rules enacted during the pandemic that allow HDHPs to cover telehealth and video doctor visits before a person has met their plan deductible. A tax professional can help you determine whether you qualify to contribute to an HSA, and if so, help you plan contributions and withdrawals to maximize tax benefits.

29/12/2025

IRS Issues Additional Guidance for "No Tax on Tips" Deduction – Did You Know?

The One Big Beautiful Bill Act (OBBBA) specifies that only tips separately reported on a year-end tax document like a W-2 or 1099 form qualify for the new "no tax on tips" deduction. However, the current versions of those forms do not necessarily allow for reporting that complies with the OBBBA requirement. Therefore, the IRS will allow eligible tipped employees and self-employed people to use alternative methods to figure the deduction for 2025.

Under these special, temporary rules, qualifying tip recipients may be able to use any of the following as the basis for their deduction:
- Tips shown in box 7 of Form W-2 (Social Security tips)
- Tips properly reported to an employer, even if the tips do not separately appear on a W-2 form
- Tips recorded separately in detailed records of self-employment income, even if the tips are not specifically reported on a Form 1099

If you are eligible to claim the "no tax on tips" deduction, the maximum annual deduction is $25,000, subject to income limits, with a phase-out range beginning at a modified adjusted gross income (MAGI) of $150,000 for individuals, or $300,000 for joint filers. A tax professional can help you determine whether you may deduct tip income on your tax return, and if so, help you properly compute your deduction amount.

22/12/2025

'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents Now

With a New Year fast approaching, tax filing season cannot be far behind. Taking a few simple steps to prepare over the next several weeks can significantly reduce stress when you complete your return. First, make sure you have important records readily at hand, like last year's return and receipts for deductible expenses or donations. Second, keep your eyes out for year-end income statements in January and early February. These documents may include:

- W-2 forms from employers
- Forms 1099-NEC and/or 1099-MISC showing your income from sources like rents, self-employment activities (such as gig work) and royalties
- Forms 1099-INT and 1099-DIV showing interest, dividends and other investment income

Other important forms you might receive include Forms 1095-A (Health Insurance Marketplace Statement) and 1098-T (Tuition Statement). Also remember that you must answer questions about your involvement with digital assets like crypto on your tax return, and report any resulting income. Make sure you have complete records of all your 2025 digital asset transactions, so you can meet these reporting requirements.

15/12/2025

Holiday Season Gift Card Scams – Did You Know?

Gift cards, both physical and digital, often make perfect holiday presents. Unfortunately, they are also very popular targets for scammers. The IRS recently issued a reminder to all Americans to stay vigilant about gift card fraud throughout this holiday season. Many scammers impersonate the IRS or other government agencies, and threaten people with arrest if they do not immediately obtain gift cards to pay fictitious tax penalties or fines.

Remember, the IRS will never call to demand a specific form of immediate payment such as gift cards, prepaid debit cards or wire transfers. The IRS also does not threaten to dispatch local police or immigration enforcement agencies to arrest someone who does not pay. In many cases, the IRS first sends a bill through the mail, with a letter acknowledging the person's right to appeal the judgment.

If you receive any request from someone you do not know to send gift cards or share the identifying numbers from those cards, do not respond. Hang up or delete the text, voicemail, email or social media message, and do not call back or click on any links.

Address

32 N. Washington Street
Rockdale, NSW

Website

http://www.tlc-accounting.com/

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