Planning for retirement gets a small boost in 2026. The IRS has released new contribution limits for popular retirement plans, reflecting inflation-based adjustments that help taxpayers save more each year. Here’s a simple breakdown of what’s changing and how it may affect your planning. Workplace Retirement Plans: Higher Limits Ahead Employees contributing to 401(k), 403(b), governmental 457 plans or the Thrift Savings Plan can save up to $24,500 in 2026. That’s an increase

No one wants to get that letter from the IRS. Even when you’ve done everything right, the thought of an audit can cause unnecessary stress. The truth is, most audits can be avoided with careful planning, accurate reporting, and consistent recordkeeping. At Kamish & Associates, we help clients build habits that keep them audit-ready all year long. Here’s what you need to know about what triggers an audit, and how to reduce your risk. What Typically Triggers an Audit Most IRS a

At Kamish & Associates, we believe clarity and fairness should always be part of the tax process. That’s why we’re encouraged by the recent passage of the Internal Revenue Service Math and Taxpayer Help Act (IRS MATH Act). With this new law in place, the communication you receive from the Internal Revenue Service will become more transparent, and that’s good news. Here’s what you should know: When the IRS identifies a math or clerical error on your return, they’re now require

As the federal government shutdown continues, many IRS operations are on hold. Since October 8, the agency has been under a broad furlough, leaving only a fraction of employees on duty. This means taxpayers and professionals can expect longer wait times, slower responses, and possible delays with return processing or issue resolution. Currently, about 39,000 IRS employees, those considered essential for core tax law operations, are still working. That’s less than half of the

If you own rental property, understanding how to categorize and deduct your expenses can make a big difference at tax time. Some costs can be deducted right away, while others must be capitalized and depreciated over time. Knowing the difference between ordinary expenses  and fixed assets , and how depreciation fits in, is key to maximizing your deductions and staying compliant. Ordinary (Current) Expenses Ordinary expenses are the everyday costs of operating and maintaining

The Internal Revenue Service has announced that most of its operations are now closed as the federal government shutdown continues past the agency’s initial contingency plan period. In a notice posted Wednesday, the IRS stated that it began furloughing a significant portion of its workforce on October 8, 2025. Only employees identified as “excepted” or “exempt” will continue working. The agency had been able to operate for the first few days of the shutdown using leftover fun

If you own rental property or are thinking about investing in real estate, it’s important to understand how your income and losses are...

Business owners and employees who rely on per diem allowances for business travel can breathe a little easier, at least for now. The IRS...

If you’ve ever waited weeks for a paper refund check in the mail (or worse, had one misplaced), there’s some news you’ll want to know:...

The IRS has recently handed out more than $162 million in penalties to taxpayers who followed misleading tax advice they found on social...

Starting in 2026, families will have much more flexibility when using 529 plan funds, thanks to the One Big Beautiful Bill Act (OBBBA)....

If you use a Bank of America account connected to QuickBooks Online, there’s an important update coming soon. Bank of America is rolling...

The Treasury Department has revealed a preliminary list of 68 occupations that could qualify for the groundbreaking "No Tax on Tips"...

The IRS has just released a draft of the 2026 Form W‑2 , designed to capture newly eligible tax deductions for tips and overtime, under...

At Kamish & Associates, we believe tax planning isn’t just about saving money, it’s about setting your business and personal finances up...

If you think filing a partnership return on Form 1065 isn’t risky, it’s time to think again. The IRS has made significant changes in how...

The end of 2025 is shaping up to be a pivotal moment for taxpayers. Several valuable tax credits and provisions are set to expire, and...

Buying an aircraft is an exciting milestone, whether for personal use or business. But in Florida, that excitement can quickly hit...

What’s Changed? Thanks to the One Big Beautiful Bill Act (OBBBA), passed on July 4, 2025, there's a significant and welcome change in...

The IRS has confirmed that taxpayers and tax professionals will not see new withholding tables or updated Form W-2 instructions in 2025...