Accounting Associates Inc.

06/11/2026

The U.S. Treasury has launched the Trump Accounts app, which families can use to activate and manage savings accounts for eligible children before the program officially begins on July 4, 2026.
• The app is available on major mobile app stores.
• It is the primary platform for managing Trump Accounts (also called 530A plans).
• These accounts are a new type of tax-advantaged savings account for children, created under the One Big Beautiful Bill Act.
• Parents or legal guardians who have already chosen to open an account by submitting IRS Form 4547 will receive activation emails.
• Account setup can be completed through the app or online via the official Trump Accounts website.

“The Treasury Department says Trump Account activation emails will be sent out gradually, but accounts cannot receive any contributions until July 4, 2026. This includes money from family members, employers, charities, governments, and the Treasury's planned $1,000 contribution for eligible children.”

The government is also warning families about potential scams during the rollout:
• Official activation emails will come only from [email protected].
• Treasury will not call or text families about activation.
• Unexpected calls or texts claiming to help activate an account should be treated as scams.
• Families should use only the official app or manually enter the Trump Accounts website address rather than relying on search results, which may contain fake sites or misleading ads.
• Opening and activating a Trump Account is free, and no one should pay a third party for assistance.

For more information we encourage you to go online to the https://www.irs.gov/trumpaccounts website and learn more about it!

Trump Accounts are a historic new savings tool created under the One Big Beautiful Bill to give children in America a real financial head start.

04/28/2026

Where's My Refund?

Are you wondering the status of your tax refund? If you are owed a tax refund you can go to the following websites or call to check on your refund. You will need to know your social security number, the year of the tax return, how you filed such as single, married filing jointly, or head of household, and the amount of your refund with no decimals or cents.

For federal returns
www.irs.gov, Where's My Refund? or call 800-829-4477.

For state returns
www.revenue.wi.gov, Where's My Refund? or call 866-947-7363.

Accounting Associates would also be happy to help you look up the information.

04/11/2026

Need more time to file? Don’t panic. Ask your tax preparer to request an extension.

The April 15 deadline to file federal income tax returns is coming up fast. Taxpayers who need more time to file, should request an extension by the filing due date. An extension gives people until October 15 to file without penalties.

It’s important to know, the extension is only for filing a return and not for extra time to pay, if taxes are owed. Taxpayers are still obligated to pay taxes due on April 15, 2026, to avoid penalties and interest.

People who can’t pay the full balance owed by April 15 should still pay what they can and apply for a payment plan, also called an installment agreement or online payment agreement. Most applicants receive immediate notification of approval or denial, without having to call or write to the IRS.

Remember; it is better to file an accurate tax return with an extension than to file an incorrect return you will have to fix later. Your tax preparer will be happy to help you file an extension if needed.

03/04/2026

Parents and families may be eligible for one or more available tax credits that could reduce their tax bill.
To qualify for any of the various credits, the child and taxpayer must have a valid social security number.

The Child Tax Credit
A qualifying child must be:
• A son, daughter, stepchild, eligible foster child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, a grandchild, niece, or nephew) who can be claimed as a dependent on the taxpayer’s return
• Under age 17 at the end of the year
• A U.S. citizen, U.S. national or U.S. resident alien
In addition, the taxpayer’s annual income can’t exceed $200,000 ($400,000 if filing a joint return). Parents and guardians with higher incomes may be eligible to claim part of the credit. For 2025, the amount of the Child Tax Credit is up to $2,200 per qualifying child. For 2025, up to $1,700 per qualifying child may be refundable.

Adoption Tax Credit
The Adoption Tax Credit is available to taxpayers who finalized an adoption in 2025 or started the adoption process before 2025.
A qualifying child must be:
• Under age 18, or
• Physically or mentally incapable of self-care
Eligible expenses:
• Reasonable and necessary adoption fees
• Court costs and legal fees
• Adoption related travel expenses like meals and lodging
• Other expenses directly related to the legal adoption of an eligible child
The maximum amount, for 2025, is $17,280 per eligible child. Additionally, there’s been changes to the Adoption Tax Credit under the One, Big, Beautiful Bill. The credit is now partially refundable, meaning taxpayers may get back more than what is owed in taxes. The refundable amount is up to $5,000 per qualifying child for tax years 2025 and after. However, any nonrefundable amount carried forward can’t be used to calculate a refundable portion for future tax years.

For more information go to irs.gov or consult your tax professional.

02/07/2026

We would like to welcome Morgan Chappell to the Accounting Associates team. She is our newest staff accountant with a Bachelor's degree in Accounting and Marketing, and is excited to begin working with clients.
Morgan is a self-motivated, entrepreneur and is passionate about horses. In her free time she travels the U.S. attending various rodeos.

Welcome aboard, Morgan!

01/27/2026

It's Here! Tax Season is Here!

Tax season has arrived, and boy are we excited! Monday, Jan. 26, 2026 is opening day for the 2026 tax filing season. This is when taxpayers can begin filing their 2025 federal tax returns. Organized tax records make preparing a complete and accurate tax return easier. Some examples of tax records can include:

Forms W-2 from your employer(s)
Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, pension, annuity or retirement plan distributions
Form 1099-K, 1099-MISC, W-2 or other income statements
Form 1099-INT if you were paid interest
Property tax statements
Tuition or student loan interest
Marketplace Health Insurance
IRS letters you may have received
Your banking routing and account numbers for direct deposit.
If you purchased a home or property, bring in your closing papers

Don't forget to schedule your appointment with your favorite tax preparer. We are ready, willing, and able to assist you during the tax season.

01/14/2026

Maximizing your 401k contributions is a great way to secure your financial future after retirement. The IRS is raising retirement plan contribution limits in 2026, allowing Americans to put more money in their tax-preferred 401(k) and individual retirement accounts.
• Employees with 401(k), 403(b) and 457 plans, as well as those who participate in the federal Thrift Savings Plan, can contribute a maximum of $24,500 to those accounts next year, up from $23,500 in the current year.
• For workers 50 and older, the catch-up contribution limit for these accounts will climb to $8,000 in 2026, a $500 increase from this year's $7,500 cap.
• Annual contributions to IRAs will be capped at $7,500 in 2026, up from $7,000 this year.
• The IRA catch-up contribution for people 50 and older will include a cost-of-living adjustment of $1,100, up from $1,000 in 2025.

Many employers offer matching contributions, boosting your retirement savings. When you are young, retirement seems so far away. Starting a savings plan and maximizing your contributions now, can keep you on track for a comfortable, financial future.

www.irs.gov
www.cnbc.com

01/06/2026

OH NO, NOT AGAIN!

Again, we are experiencing phone complications. Although, it is not happening with all incoming calls. When you call in, we can hear you but you cannot hear us.
Please know, your phone call is important to us, and we apologize for any inconvenience this may be causing. You can also email us at [email protected]. We appreciate your patience, and will return your call/email as soon as we possibly can.

12/31/2025

Happy New Year!

We will be closing today on December 31st at noon, and will be closed on January 1, 2026. We will resume regular business hours of 8:00 am to 4:30 pm on Friday, January 2nd.

We would like to wish everyone a Happy New Year. May 2026 be filled with love, laughter, and success.

12/29/2025

PHONE ISSUES

We are having phone complications and sincerely apologize for the inconvenience. When you call, we can hear you but you cannot hear us. We WILL call you back. That seems to be working. You can also email us at [email protected]. We appreciate your patience, and will return your call/email as soon as possible.

Thank you again.

The AAI Team