B & A Financial Services

10/01/2026

Special Rules for Family Caregivers

Clients who are paid to take care of family members may have tax responsibilities. This depends on whether they are considered an employee or provide their services as their own business.

Caregivers who perform in-home services for elderly or disabled individuals are generally considered an employee and the person being cared for is considered the employer. This could make them responsible for employment taxes. Even if they don't owe employment taxes, they're still required to report the caregiver's compensation on Form W-2.

When caregivers aren't considered employees, they may still be required to report the compensation as income. They may also be required to pay self-employment tax depending on the facts and circumstances.

If the caregiver is engaged in a trade or business providing care services, they're required to pay self-employment tax.

See the recent IRS tax tip here: https://www.irs.gov/newsroom/caring-for-a-family-member-or-relative-understand-the-special-tax-rules for additional rules and examples.

Tax Tip 2026-70, Sept. 22, 2026 — Family members who are paid to take care of a loved one may have tax responsibilities. This depends on whether they are considered an employee or provide their services as their own business.

09/29/2026

https://content.govdelivery.com/accounts/USIRS/bulletins/42d0aa9?reqfrom=share

Issue Number: Tax Tip 2026-71
New IRS app gives taxpayers a new way to access services

Taxpayers now have a new way to securely access IRS tools and account services through their mobile devices. The new IRS app has replaced the former IRS2Go app. There are several features and self-service options available to help taxpayers access their tax information with ease.

Tax Tip 2026-71: New IRS app gives taxpayers a new way to access services Internal Revenue Service (IRS) sent this bulletin at 09/29/2026 12:17 PM EDT IRS Tax Tips Sept. 29, 2026 Issue Number: Tax Tip 2026-71 New IRS app gives taxpayers a new way to access services Key app features for taxpayers How...

07/15/2026

https://www.irs.gov/newsroom/irs-simplifies-penalty-relief-introduces-automatic-process-for-eligible-taxpayers

IR-2026-83, July 8, 2026 — The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance.

07/15/2026

2026 Standard Mileage Rate Change (After July 1, 2026)
Announcement 2026-11

This announcement informs taxpayers that the Internal Revenue Service is modifying Notice 2026-10, 2026-4 I.R.B. 378, by revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed substantiated. This modification results from recent increases in the price of fuel.

The revised standard mileage rates are:

(1) Business 76 cents per mile

(2) Medical and moving 23.5 cents per mile

The mileage rate that applies to the deduction for charitable contributions is fixed under § 170(i) of the Internal Revenue Code at 14 cents per mile.

The revised standard mileage rates set forth in this announcement apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes on or after July 1, 2026, and to mileage allowances that are paid both (1) to an employee on or after July 1, 2026, and (2) for transportation expenses paid or incurred by the employee on or after July 1, 2026.

The standard mileage rates set forth in Notice 2026-10 continue to apply to deductible transportation expenses paid or incurred for business, medical, or moving expense purposes before July 1, 2026, and to mileage allowances paid (1) to an employee before July 1, 2026, or (2) with respect to transportation expenses paid or incurred by the employee before July 1, 2026.

07/14/2026

https://www.msn.com/en-us/money/personalfinance/the-hsa-tax-trick-retirees-swear-by-and-5-other-reasons-to-use-it-for-retirement/ar-AA27T4hW?ocid=socialshare

A health savings account has unique advantages that make it the ideal place to park at least some of your retirement money.

07/08/2026

Did you pay any tax penalties and interest on tax returns that you filed during the COVID-19 disaster relief period or are you due a refund on unfiled tax returns for tax years 2019 through 2022? If yes, then you have until Friday, July 10, 2026, to file your refund claim! Click on the link below for more information.

You can now file for COVID-related tax refunds online. But the IRS deadline to claim your money is July 10. So, act fast.

06/26/2026

IRS Tax Tips
Mid-year is the perfect time for a quick tax check

It's halfway through the year, which is a great time for taxpayers to do a quick check to make sure they're on a smooth track to next filing season. Here are some tips:

Keep good tax records. Taxpayers should keep all important tax records in one place. They can use electronic recordkeeping software or clearly labeled paper folders and add documents as they receive them. Organized records make tax return preparation easier and may help taxpayers identify deductions or credits they might otherwise miss.

Identify filing status. A taxpayer's filing status affects their tax requirements, deductions, credits, and tax liability. Life changes such as marriage, divorce, birth, or death may affect filing status and eligibility for certain tax benefits. Taxpayers can use the IRS's Interactive Tax Assistant, What is my filing status?, to get help choosing the best one for their tax situation.

Understand adjusted gross income. AGI is income from all sources minus any adjustments. A higher AGI generally means a higher tax rate. Tax planning may help lower AGI and reduce taxes owed.

Check withholding. Taxpayers need to pay their tax as they receive their income, and they do this through withholding. The IRS Tax Withholding Estimator is a free, easy-to-use tool that helps workers and retirees estimate the amount of federal income tax to withhold from their paychecks now for the taxes they will owe next year.
The estimator now reflects the changes to credits and deductions under the One, Big, Beautiful Bill. This includes the deductions for tips, overtime, car loan interest and enhanced deduction for seniors. It also accounts for updates tied to family-related credits, homeownership, and charitable giving.

Make address and name changes. Taxpayers should promptly report address changes to the USPS, employers, and the IRS using Form 8822, Change of Address. They should also report name changes to the Social Security Administration. Keeping this information current can make filing a tax return easier.

Save for retirement. Saving for retirement can also lower a taxpayer's AGI. Certain contributions to a retirement plan at work and to a traditional IRA may also reduce taxable income.

06/06/2026

Clients can now view and submit Trump Account elections in their IRS Individual Account

New IRS Individual Account features allow clients to view and submit Trump Account elections. Through IRS Individual Account, clients can securely access their tax information and complete common tasks online, such as:

Viewing the latest submission status of their Form 4547, Trump Account Election(s), including next steps; and

Submitting Form 4547, Trump Account Election(s), electronically.

Electronic submissions improve accuracy, speed up processing times, and reduce delays associated with paper forms.

A one-time $1,000 pilot program contribution from the Department of the Treasury is available for eligible children born between Jan. 1, 2025, and Dec. 31, 2028, who are U.S. citizens with a valid Social Security number.

Tax professionals and their clients can learn more about Trump Accounts at trumpaccounts.gov.

06/06/2026

Eligible taxpayers may be able to resolve tax debt through an offer in compromise

There are options available to taxpayers if they can't pay their tax debt in full or if doing so would cause financial hardship. One of them is called an offer in compromise. Factors such as income, expenses, asset equity and ability to pay are considered when a taxpayer applies for this option.

What's an offer in compromise
This is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed.

The goal is a compromise that's in the best interest of both the taxpayer and the IRS. The OIC application requires a fee of $205 and an initial payment. Qualifying low-income taxpayers don't have to pay either the fee or the initial payment. Taxpayers should review the instructions for Form 656-B, Offer in Compromise, to see if they meet the qualifications to have these initial costs waived.

Who's eligible
Taxpayers can use the Offer in Compromise Pre-Qualifier Tool to check their eligibility to file an OIC and prepare a preliminary proposal. Individual taxpayers can make OIC payments online through their Individual Online Account. Eligible taxpayers who use Business Tax Account can now make their OIC payments through BTA. However, they can't apply or submit an offer through BTA.

Review the Offer in Compromise Booklet
Eligible taxpayers should download and review the latest version of the OIC Booklet to avoid processing delays. This booklet covers everything a taxpayer needs to know about submitting an OIC including:

Eligibility
Costs to apply
Application process
Forms

04/17/2026

IRS launches new online tool to help taxpayers resolve tax debt

IR-2026-53, April 16, 2026

WASHINGTON — The Internal Revenue Service today announced a new online tool to help taxpayers understand and resolve tax debt.

The Tax Debt Help tool on https://www.irs.gov/payments/get-help-with-tax-debt provides individuals and businesses with a simple, accessible way to explore payment options and identify next steps based on their situation. The tool is part of the IRS's broader effort to expand digital services and make it easier for taxpayers to meet their obligations.

The Tax Debt Help tool walks users through a series of straightforward questions about their financial situation and tax debt. Based on taxpayer responses, the tool will guide them to potential payment and resolution options available through the IRS.

These options may include payment plans, temporary delay of collections, or an offer in compromise for those who qualify. By presenting options in a clear, structured format, the tool helps taxpayers make informed decisions about how to resolve their tax debt.

Designed for simplicity and privacy The tool is designed to be easy to use and accessible to a wide range of taxpayers. It does not require specialized knowledge and can be used at any time.

To protect taxpayer privacy, the tool does not require taxpayers to enter personally identifiable information. Taxpayers can explore available options without providing details such as Social Security numbers, names, or addresses. By expanding self-service options, the IRS is helping taxpayers resolve issues faster while reducing the need for phone calls or in-person visits.

If you owe a tax debt that you can't pay in full, we can help. You have options to resolve it.