IRS issues guidance for Trump accounts
Trump accounts are a new type of education savings vehicle created under the One Big Beautiful Bill Act (OBBBA). These accounts are intended to help families save for qualified education expenses and are subject to specific statutory and regulatory rules. The IRS has issued preliminary guidance on Trump accounts in Notice 2025‑68, which outlines initial…
Fourth Quarter Estimated Tax Payment
The final estimated tax payment for the 2025 tax year is due on January 15, 2026. This deadline applies to clergy and represents the fourth and final quarterly estimated payment for the year. Why Estimated Taxes Exist The U.S. tax system is a pay‑as‑you‑go system. The IRS expects taxes to be paid as income is earned,…
Tax Season Scams: How to Avoid Identity Theft and Tax Scams
As we begin a new year, tax season is quickly approaching—and unfortunately, it’s also a peak time for criminal activity. During tax season, scammers and identity thieves increase their efforts to trick individuals into sharing sensitive personal and financial information, such as Social Security numbers, dates of birth, and tax records. With this information, criminals…
