Professional Accounting & Financial Services

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

https://finance.yahoo.com/markets/currencies/articles/boxing-champion-floyd-money-mayweather-113500894.html

Boxing champion Floyd ‘Money’ Mayweather steps into the ring with IRS over $7.3M tax lien. Juke your own tax knockout Mayweather isn’t known for resting on his laurels.

https://www.fool.com/retirement/2026/07/03/legal-way-to-avoid-rmds-without-angering-irs/

The Totally Legal Way to Avoid Your RMDs Without Angering the IRS | The Motley Fool This could be just what you need to keep your taxable income manageable this year.

If you haven’t set up your IRS log in yet, do it this week. You will be able to make payments and many other things.

Using an online account is an easy, secure way to access personal, business or client tax information, view or schedule payments and more.

Check it out: www.irs.gov/accounts

The Financial Crimes Enforcement Network (FinCEN) issued a final rule on August 11, 2026 (effective August 14, 2026), that permanently eliminates Beneficial Ownership Information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act. [1]

Key Details of the FinCEN Announcement

• No U.S. Filings: Domestic U.S. small businesses and entities are permanently exempt and do not need to file BOI reports. [1, 2]

• Deletion of Data: FinCEN announced it will permanently delete previously submitted BOI data related to U.S. persons and domestic entities from its database. [1, 2]

• No Updates Needed: U.S. persons who previously obtained a FinCEN ID no longer need to update or correct their information. [1, 2]

• Foreign Entities Exception: Certain foreign companies registered to do business in the United States may still have limited reporting requirements regarding foreign beneficial owners, though they are exempt from reporting U.S. persons. [1, 2]

The warns of an evolving digital assets scam where fraudsters are sending fake IRS letters that direct you to enroll your cryptocurrency in a “Digital Asset Compliance Portal” by a certain deadline. No such portal exists.

If you receive this notice, do not scan the QR code or provide any personal or financial information. Scammers are trying to steal your information and digital assets.

Stay alert and report these scams at www.irs.gov/scams

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