Author: jphillips@pplcpa.com

Breaking even on gambling may no longer mean breaking even at tax time. Beginning with the 2026 tax year, the federal tax rules for deducting gambling losses have changed. The change could create an unexpected tax bill for some taxpayers. What was the old rule? Before 2026, taxpayers who itemized their deductions could generally deductRead more…

  Employers may be able to contribute to these accounts for employees’ eligible dependents through a Section 128 plan.  IRS and Treasury guidance is still developing, so employers should be cautious about finalizing a plan until additional rules are released. Employers may contribute up to $2,500 per employee, not per dependent child. Contributions made through aRead more…