New England Taxes

03/25/2026

02/08/2026

https://www.facebook.com/share/1BFWdAXP7V/?mibextid=wwXIfr

The IRS has no business snooping on Americans just for splitting rent or selling an old couch.

President Trump just wiped out Biden’s 1099-K disaster with the Working Families Tax Cut Act.

No more surprise tax forms for Americans using Venmo, Cash App, or Facebook Marketplace—finally, some sanity.

This is real tax relief for working families—protecting YOUR money from Biden’s IRS.

02/07/2026

https://trumprx.gov/

Delivering the lowest prescription prices in the world for Americans.

02/04/2026

You’ve likely seen the headlines—“no tax on overtime,” “no tax on tips,” “no tax on Social Security”. In the tax world, we know these are media-friendly labels. The reality is more nuanced. These provisions introduce new deductions with specific definitions, limits, and documentation requirements, and you can rely on us to explain what’s changed and how it applies to you.

Key highlights you should be prepared for:

Overtime deduction: This new deduction comes with complexity. Some employers are reporting overtime on W-2s, while others are not. In many cases, year-end pay statements will be needed to properly identify overtime pay. The deductible amount is based on the “half” portion of time-and-a-half pay (effectively about one-third of total overtime pay).
*Accuracy here matters.*

Tip income deduction: Tips may be reported on the W-2 or self-reported on Form 4137. While income and filing-status limits apply—as with many deductions—this change will benefit millions of hospitality and service-industry workers.

Senior deduction: This is an above-the-line deduction that shields a portion of income.

Read More Straight from the Source:

The One, Big, Beautiful Bill Act has a significant effect on your taxes, credits and deductions.

02/03/2026

We specialize in cannabis tax returns, 280E compliance, and cost accounting for licensed operators.

If your business touches the plant, your taxes shouldn’t be handled by a generalist.

01/28/2026

Your Tax Industry Update

The One Big Beautiful Bill Act (OBBBA), recently signed into law, introduces significant new tax benefits aimed at helping working Americans and seniors reduce their tax liability starting in tax year 2025:

👵 For Seniors (Age 65+):

Eligible seniors can claim an additional $6,000 standard deduction on top of the existing senior deduction.

Married couples filing jointly can receive up to $12,000 in added deductions if both spouses are age 65 or older.

Income limits apply:

$75,000 for single or head-of-household filers

$150,000 for married couples filing jointly

The added deduction is temporary and will be in effect for four tax years (2025–2028).

👷 For Workers (with overtime or tip income):

Workers earning overtime pay or tips may also benefit from expanded above-the-line deductions, helping to reduce their taxable income directly.

These changes are designed to put more money back in the pockets of working-class Americans and seniors living on fixed incomes, especially in the face of inflation and rising living costs.

👉 Read the full IRS release here:

https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/26/2026

🌟 Important tax reminder:
If you earned any overtime in 2025, please be sure to bring in your final paystub of the year. Employers are not required to report overtime separately, and many do not.

Also note: not all taxpayers qualify for “no tax on overtime.” Eligibility depends on the rest of your tax return.

Providing your last paystub helps ensure your return is prepared accurately.

01/16/2026

The IRS now expects everyone to stop paying by check and receiving paper checks.

IRS Executive Order 14247.

Failure to provide direct deposit information will delay tax refunds by at least SIX weeks. A IRS Notice CP53E will be mailed requesting direct deposit information.

If you are unwilling/unable to provide banking information or if you qualify for a limited exception, a statement is now expected to be attached to your tax return.

01/13/2026

The Internal Revenue Service has announced that Monday, January 26, 2026, marks the opening of the nation’s 2026 individual filing season.
Please send your friends to our website and click on ‘new clients’ while our book of business is open.

See below for the full press release:

https://www.irs.gov/newsroom/irs-announces-first-day-of-2026-filing-season-online-tools-and-resources-help-with-tax-filingdckibe

01/08/2026

Your Tax Industry Update

1099-K Reporting Threshold Returns to $20,000/200 Transactions
The IRS reversed course on Form 1099-K reporting. Now, payment platforms (like PayPal, Venmo, eBay, etc.) only have to issue a 1099-K if a taxpayer receives over $20,000 and more than 200 transactions per year. This undoes the much lower $600 threshold from the American Rescue Plan.
�Why it matters: Less confusion – there has been a lot of media reports about additional compliance requirements that have been relieved. Fewer will get unexpected tax forms from casual online sales or side gigs.