Barb's Bookkeeping and Tax Service

06/19/2026

Give me a call for all your accounting and tax needs.

06/04/2026

Trump Accounts Get Online Access and Mobile App

The IRS has introduced an online tool that allows taxpayers to view and submit Trump Account elections through their IRS individual online account. In addition, the Treasury Department and IRS have launched the Trump Accounts mobile app. The app provides parents and guardians with convenient access to account information and updates related to their child’s Trump Account.

Practitioners should encourage clients to use official IRS resources when establishing or managing a Trump Account and to review eligibility requirements before submitting an election.

06/02/2026

IR-2026-70, May 29, 2026

WASHINGTON — The Internal Revenue Service today announced the release of a new calculator to help businesses working on large, multi-year construction or manufacturing projects more easily figure interest related to those contracts.

“The IRS is focused on improving and enhancing how we serve taxpayers,” said IRS Chief Executive Officer Frank J. Bisignano. “We are transforming the IRS into a digital-first agency that provides the best possible experience for taxpayers, and tools like this calculator are an important step in that effort.”

The Excel-based Percentage-of-Completion Method (PCM) Look-Back Interest Calculator XLSX supports calculations required for Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts PDF.

Tax professionals including certified public accountants, enrolled agents, and other tax preparers working with long-term construction and manufacturing contracts may find the calculator useful when computing look-back interest. Practitioners should review the calculator output carefully, consider each taxpayer’s specific circumstances, and ensure compliance.

The look-back interest is determined using a three-step process:

Hypothetically reallocating income to prior years based on actual revenues and costs
Computing the hypothetical overpayment or underpayment of tax, and
Calculating interest on the underpayment or overpayment of tax.
The calculator is designed to assist with the interest computation step by providing a structured framework to perform the computations.

However, the IRS emphasizes that using the calculator does not guarantee compliance with the law and does not replace authoritative guidance, as the tool does not address all fact patterns or complexities associated with look-back interest calculations. Taxpayers should therefore ensure the calculations agree with applicable authorities, including I.R.C. Section 460 and Treasury Regulations Section 1.460-6.

Taxpayers and practitioners may submit feedback about the calculator, by emailing Stakeholder Liaison and including "Look-Back Interest Workbook Feedback" in the subject line.

More information including detailed instructions for completing Form 8697 PDF is available on

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.

12/19/2025

WASHINGTON — The Internal Revenue Service encourages taxpayers to take steps now to prepare for the upcoming filing season by visiting IRS.gov/GetReady for tips on what is new and what to consider before filing. This is the first in a series of special IRS "Get Ready" reminders to help taxpayers prepare in early 2026 for the upcoming tax filing season. A little advance work preparing paperwork and organizing information now can help with filing tax returns quickly and accurately.

It is important for taxpayers to get ready now because the One, Big, Beautiful Bill can significantly affect federal taxes, credits and deductions. The IRS and Treasury are working to implement the new legislation, including providing information on the new tax deductions, such as no tax on tips, no tax on overtime, no tax on car loan interest, the new temporary deduction for seniors and others. The IRS will release new information as it becomes available.

Gather and organize tax records
Having organized tax records helps taxpayers file complete and accurate tax returns and avoid errors that could delay refunds. Start by collecting:

Bank account information.
Forms W-2 from your employer(s).
Forms 1099 from banks and other payers.
Records of digital asset transactions.
Taxpayers should wait to file until they have received all their tax records. Keeping documents organized can also make it easier to locate information needed to claim deductions or credits.

Online Account
An IRS online account allows taxpayers to access personal tax information, including recently filed returns, securely. Through this tool, taxpayers can:

View tax records, including adjusted gross income and transcripts.
Make, schedule and view payments.
Get or view their Identity Protection PIN (IP PIN).
Authorize a tax professional to access their tax records digitally.
Access available Forms W-2 and certain 1099s.
Speed tax refunds with direct deposit

Direct deposit is the fastest way to receive a refund. Additionally, in accordance with Executive Order 14247, the IRS began phasing out paper tax refund checks on Sept. 30, 2025, which means most taxpayers must provide routing and account numbers to get their refunds directly deposited into their bank accounts.

Taxpayers without a bank account can learn how to open one at an FDIC insured bank or through the National Credit Union Locator Tool. Veterans, see the Veterans Benefits Banking Program for financial services options at participating banks.

Prepaid debit cards, digital wallets or mobile apps may support direct deposit. To use these options, taxpayers must have routing and account numbers associated with their personal accounts. Check with the mobile app provider or financial institution to confirm which numbers to use.

Get ready to file your taxes. See tips that can make filing taxes easier next year. Learn about tax law changes, how to view your tax account information online, and ways to get help.

11/27/2025

Our office will be closed December 1st through December 5th for more continuing education classes.