Seikel & Company

10/08/2026

Reprinted from Kiplinger Tax Letter:

A retirement tax break is getting a makeover.

2026 is the last year for the saver’s credit. This tax credit rewards low- and middle-incomers who contribute money to an IRA, 401(k), 403(b), SEP or similar retirement plan. The maximum credit of $2,000 for joint filers and $1,000 for other filers is capped at 50%, 20% or 10% of contributions, depending on the filer’s adjusted gross income. For 2026, the saver’s credit fully phases out at AGIs of $40,250 for single filers, $60,375 for household heads and $80,500 for married couples filing a joint return.

A new incentive for low- and middle-income retirement savers begins in 2027.

The saver’s credit is replaced with a 50% government match on up to $2,000 of payins per person, with the amount contributed into the saver’s retirement account. This results in a nontaxable $1,000 maximum government match per individual. For married couples filing a joint return, the saver’s match applies to each spouse. Eligible retirement contributions include payins to a traditional and Roth IRA, and elective deferrals or contributions to 401(k)s and other workplace retirement plans. Starting in 2027, people without an IRA or other retirement plan can go to TrumpIRA.gov for help in finding an IRA. The saver’s match was enacted in 2022’s SECURE 2.0 Act.

The saver’s match begins to phase out at modified AGIs over $41,000 for joint filers, $30,750 for head-of-household filers and $20,500 for single filers. The break ends at modified AGIs of $71,000, $53,250 and $35,500, respectively. These modified AGI figures will be annually adjusted for inflation beginning in 2028.

Eligible taxpayers will claim saver’s match contributions on Form 8880-A and attach it to their Form 1040s that they will file in 2028 and subsequent years. Note that a filer needn’t have tax liability to claim the saver’s match contribution in any year. That’s because the break is a government match, and not a tax credit. But they must file a tax return to get the saver’s match, even if their taxable income is less than that required to file a return. The filer will direct on Form 8880-A that the saver’s match be made to his or her retirement account. The government will pay the match directly to the saver’s retirement account as soon as practicable after the taxpayer files his or her return. However, if the claimed saver’s match is less than $100, the filer can report it as a refundable tax credit on his or her return. Notice 2026-48 has complete details on this new saver’s match contribution.

10/08/2026

At an Oval Office event Wednesday, President Trump marked the automatic enrollment of every child under 18 with a Social Security number into a Trump Account. These are savings accounts for kids. The White House says 70 million accounts have been set up since the program launched in July.

Michael and Susan Dell joined him. They’ve pledged $250 each to 25 million children and said those accounts would be funded by the end of the week. Trump said Uber, Intel, Nvidia, and Steak n Shake have also contributed, and he urged more companies to join.

Automatic enrollment doesn’t mean the money reaches the child. A parent or guardian has to claim the account to manage it, take outside contributions, and get the one time $1,000 federal deposit for eligible children. Until then, BNY Mellon holds it as trustee. The New York Post reports that only about 8 million accounts had been opened, roughly 10 percent of eligible children. The money stays locked until January 1 of the year a child turns 18. After that, it can be withdrawn penalty free for things like buying a home or paying for college.

09/25/2026

https://www.journalofaccountancy.com/news/2026/sep/irs-raises-per-diem-rates-for-business-travel-effective-oct-1/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=25Sep2026

In its annual update, the IRS increased the special per diem rates taxpayers may use to substantiate business travel expenses for the upcoming travel year and updated its list of high-cost localities.

07/13/2026

📢 Big news for working families and small businesses!The official Trump Accounts savings program is now live!
Designed under the One Big Beautiful Bill Act, these tax-deferred investment profiles allow kids to build an early foothold in the American economy.

The Quick Facts:
Qualifiers get a $1,000 government seed to start.
Funds grow tax-deferred until the child turns 18.
Companies can use these profiles to contribute to their employees' family savings as a retention tool.

Learn more about how to set up an account and verify your eligibility via the U.S. Small Business Administration updates.

07/09/2026

Well deserved ranking!

Ohio tops CNBC's rankings for the first time in 2026, with the Buckeye State culminating a yearslong climb as the place to do business in America.

07/04/2026

06/10/2026

Public service Announcement:

There have been a number of bills coming out from the city of Akron requesting payment on 2026 second quarter estimates. We've compared those with some of our clients estimates for the 2026 city income tax year and what we've come to find out is that the city of Akron has been sending these out erroneously and, to add insult to injury, quite a few of them are incorrect.
We had one of the individuals down at the city admit to us that there was a glitch in the system and then another one told us that these errors could continue in the third quarter and fourth quarter. Not sure what's going on down in the city of Akron tax department but they're creating an awful lot of needless work for the tax preparers in the area.
So please be advised if you get a bill for your second quarter estimates to the city check it against the 2026 estimate you used on your 2025 Tax return.

03/05/2026

The IRS published Schedule 1-A (Form 1040), Additional Deductions, along with updated instructions for Form 1040, U.S. Individual Income Tax Return, that explain how taxpayers can claim the new deductions for tips, overtime, and car loan interest, and the enhanced deduction for seniors.

Schedule 1-A does not differ from the draft version issued last year for calculating the four deductions enacted by H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act, on a single form. The instructions do provide details on how all four apply, however.

12/15/2025

Reprinted from CPA Practice Advisor:

The Treasury Department and the IRS provided guidance in Notice 2026-05 on Dec. 9 on new tax benefits for health savings account participants under this summer’s One Big Beautiful Bill Act.

These changes expand HSA eligibility, which allows more people to save and to pay for healthcare costs through tax-free HSAs.

Specifically, the Trump tax law, which was enacted last July, expands access to HSAs by making the following changes:

Telehealth and remote care services: The OBBBA made permanent the ability to receive telehealth and other remote care services before meeting the high-deductible health plan deductible while remaining eligible to contribute to an HSA, effective for plan years beginning on or after Jan. 1, 2025.
Bronze and catastrophic plans treated as HDHPs: As of Jan. 1, 2026, bronze and catastrophic plans available through an exchange are considered HSA-compatible, regardless of whether the plans satisfy the general definition of an HDHP. This expands the ability of people enrolled in these plans to contribute to HSAs, which they generally haven’t been able to do in the past. Notice 2026-05 clarifies that bronze and catastrophic plans don’t have to be purchased through an exchange to qualify for the new relief.
Direct primary care service arrangements: Beginning Jan. 1, 2026, an otherwise eligible individual enrolled in certain direct primary care service arrangements may contribute to an HSA. In addition, they may use their HSA funds tax-free to pay periodic DPC fees.
For calendar-year 2026 the annual contribution limit for an individual with self-only coverage under a HDHP will be $4,400, up $100 from $4,300 in 2025. Last year, the amount climbed $150 from $4,150 in 2024.

For an individual with family coverage, the amount is $8,750, an increase of $200 from $8,550 in 2025 and $450 from $8,300 in 2024.

For calendar-year 2026, a “high-deductible health plan” is defined by the IRS as a health plan with an annual deductible no less than $1,700 for self-only coverage or $3,400 for family coverage, and for which the annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) don’t exceed $8,500 for self-only coverage or $17,000 for family coverage.

12/09/2025

The IRS has issued guidance for the tax-deferred investment program under IRC Sec. 530A, "Trump Accounts," enacted as part of the 2025 Act (formerly known as the One Big Beautiful Bill or OBBB). Notice 2025-68 provides information about new Form 4547 , Trump Account Election(s) , and provides a link to the website taxpayers can use to elect to have an account established for eligible minors. Further, the notice clarifies what investments qualify, when and how distributions may be made, reporting requirements, and tax treatment. Trump Accounts may be opened for a U.S. citizen born between 2025 and 2028, with the government contributing the initial $1,000. Parents and relatives may contribute up to $5,000 per year and employers may contribute $2,500 per year to the account of an employee or employee dependent. Funds in the account must be invested in a qualified mutual fund or exchange-traded fund and held until the beneficiary turns 18, after which the account is treated as a traditional IRA. The IRS intends to issue proposed regulations and is seeking taxpayer feedback through 2/20/26.