Matt Seliga, Tax Accounting Services

10/09/2026

Will A.I. take my job? I guess the answer is yes. The next question is, how long do I have?

10/07/2026

In a letter to Secretary of the Treasury Scott Bessent, Ranking Members Neal and Wyden called out the Administration’s actions as a blatant attempt to circumvent the clear rules established by Congress to funnel even more taxpayer funds away from public education and use it to subsidize the private school education.

Section 25F(b)(1) states, as plainly as can be, “[t]he credit allowed under subsection (a) to any taxpayer for any taxable year shall not exceed $1,700.”1 The Treasury Department interpreted that clear statutory rule thusly: The Treasury Department and the IRS interpret section 25F to limit the credit amount that may be claimed to $1,700 per individual taxpayer, allowing married couples filing jointly to potentially claim up to $3,400 on their joint tax return provided that each spouse has made qualified contributions of up to $1,700. The justification for this violation of Federal law was simply that “[t]his interpretation is consistent with other instances in which a joint return is treated as consisting of two individual taxpayers.”

WASHINGTON, DC— House Ways and Means Committee Ranking Member Richard E. Neal (D-MA) and Senate Finance Committee Ranking Member Ron Wyden (D-OR) today objected to the Treasury Department’s recently issued proposed regulations on new Internal Revenue Code section 25F that further Republican atte...

10/03/2026

RETURNING BIDEN OVERCHARGES TO WORKING FAMILIES: Today, President Donald J. Trump announced that the federal government will return to the American

10/03/2026

10/03/2026

Many investors believe the backdoor Roth is always tax-free. You put in an after-tax contribution to a traditional IRA, convert it quickly, and move on. For some, it works exactly like that. For many others, it does not. The IRS has a rule that changes the math if you have any pre-tax money in a traditional IRA, SEP IRA, or SIMPLE IRA on December 31 of the year you convert.

The key concept is simple: the backdoor Roth is only tax-free when your total pre-tax IRA balance is $0 at year-end. If you have any pre-tax IRA money—perhaps from an old 401(k) rollover—your conversion becomes a mix of pre-tax and after-tax dollars.

Backdoor Roth IRAs are popular with high earners who make too much to contribute directly to a Roth. The idea sounds simple: put money into a traditional

10/02/2026

More than 60 million American children under age 18 have been automatically enrolled in Trump Accounts, the U.S. Department of the Treasury said Thursday

The Treasury will automatically enroll millions of children, dramatically expanding Trump Accounts and their role in the benefits landscape.

10/01/2026

Beginning in 2027, the Education Freedom Tax Credit will expand educational opportunity by encouraging private contributions to participating Scholarship Granting Organizations (SGOs). Individual taxpayers may claim a nonrefundable federal income tax credit of up to $1,700 for qualified cash contributions to eligible SGOs and married taxpayers filing jointly may claim a combined credit of up to $3,400, which will use those funds to provide scholarships to eligible elementary and secondary school students.

IR-2026-117, Oct. 1, 2026 — The Department of the Treasury and the IRS issued proposed regulations to implement the new Federal Scholarship Tax Credit under section 25F, commonly known as the Education Freedom Tax Credit, the first federal tax credit supporting private contributions for K-12 schol...

10/01/2026

The appellate court ruled in favor of the Internal Revenue Service in a case involving the hedge fund Soroban Capital, affirming that the "limited partner exception" for self-employment and Medicare payroll taxes does not apply to hedge fund managers who are limited in name only.
The ruling directly impacted current U.S. Treasury Secretary Scott Bessent, whose former hedge fund, Key Square Group, operated within the Second Circuit's jurisdiction. Bessent had previously used this specific tax maneuver to avoid paying an estimated $910,000 in payroll taxes.

Finance Democrats Demand Scott Bessent Pay Back Unpaid Payroll Taxes

09/29/2026

​A business sale, a real estate disposition and the sale of corporate shares all create an unavoidable second transaction: funding the resulting tax bill.​