With retirement security becoming a growing concern for many Americans, a new federal incentive aims to make saving easier and more rewarding. Beginning in 2027, eligible low- and moderate-income workers can take advantage of the Saver’s Match, a program that allows the federal government to match up to 50% of their retirement contributions, with a […]
Issue Number: IR-2026-88 WASHINGTON — The Internal Revenue Service today updated frequently asked questions about the deductions for qualified overtime compensation. The frequently asked questions are incorporated into this news release by reference.
Dear Taxware Client, As a company that has proudly supported tax professionals for more than 45 years, we value the relationships we have built and want to make sure you have the information needed to continue using Taxware with confidence. As part of our ongoing commitment to keeping our software, policies, and client resources current, […]
Issue Number: IR-2026-68 The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts.
If you are currently filing or interested in electronic filing information returns (i.e. 1099’s), the IRS requires that a new TCC number be obtained for the IRIS (Information Returns Intake System)(If you have already obtained an IRIS TCC number disregard this email). The current FIRE system will be retired in December 2026. TCC numbers issued for the FIRE system will […]
Issue Number: Tax Tip 2026-06 The One, Big, Beautiful Bill has a significant effect on federal taxes, credits and deductions. Millions of taxpayers reported earning tips and overtime on their tax returns, many of them are veterans and people working in lower wage jobs. This relief will impact most of these taxpayers and they can start taking […]
At Taxware Systems, the security of our tax professional clients and their data is a top priority. As preparations begin for the 2026 tax season, we want to make sure you are aware of important security warnings being shared by the IRS and its partners. From December 1-5, 2025, the IRS, state tax agencies, and […]
The One Big Beautiful Bill Act (signed July 2025) introduced Trump Accounts – a new tax-advantaged savings account for children under 18. Think of them as a hybrid between a traditional IRA and a 529 plan, with a one-time $1,000 federal seed deposit for eligible newborns.
IR-2025-103, Oct. 9, 2025 WASHINGTON — The Internal Revenue Service today announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 provides details about these annual adjustments.
IR-2025-94, Sept. 23, 2025 WASHINGTON — The Internal Revenue Service, working with the U.S. Department of the Treasury, today announced that paper tax refund checks for individual taxpayers will be phased out beginning on Sept. 30, 2025, as required by Executive Order 14247 to the extent permitted by law. This marks the first step of the […]
