Boucher, Morgan and Young, a P.C.

10/02/2026

Year end is an important time to check required minimum distributions (RMDs). If you’re age 74 or older in 2026 and already subject to the RMD rules, you generally must take your 2026 RMD from traditional IRAs and applicable employer retirement plans by Dec. 31, 2026. If you turned — or will turn — 73 this year and 2026 is your first RMD year, you can delay your first RMD until April 1, 2027. But that will mean taking two RMDs in 2027, potentially increasing your taxable income enough to push you into a higher tax bracket and/or negatively affect other tax items. We’re here if you have questions or need help evaluating the tax consequences and determining the best timing for your situation.

09/29/2026

Small business owners may be unsure about the proper tax classification of equipment repairs, facility renovations and replacements of worn building components. As you plan for the end of the 2026 tax year, it’s important to review the rules.

09/24/2026

Does your business receive advance payments from customers? For federal tax purposes, these payments generally are taxable in the year received. But accrual-basis businesses may have another option. If certain requirements are met, these businesses can defer some or all eligible advance payments to the next tax year. That means qualifying payments received in 2026 can be deferred to 2027. Gift cards, software licenses, warranty contracts and subscriptions are examples of payments that may qualify for deferral — if the income won’t be recognized for financial reporting purposes until next year. Contact us to discuss whether advance payment deferral can be part of your year-end tax strategy.

09/23/2026

09/21/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created under the One Big Beautiful Bill Act. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Contact us for help preparing for the new requirements.

09/16/2026

The IRS’s Tax Withholding Estimator (https://bit.ly/4Af0hEz ) can help you assess how much income tax to have your employer withhold from your paychecks. This tool can be useful if you have additional income not subject to withholding — such as from investments or gig work — and haven’t made estimated tax payments in 2026. Increasing your withholding by Dec. 31 could help prevent a large tax bill and underpayment penalties later. Unlike estimated payments, withholding is considered to have been paid ratably throughout the year, reducing underpayment penalty risk. Contact us for help determining appropriate withholding, given your income from all sources and potential deductions and credits.

08/27/2026

Recent tax law changes made the New Markets Tax Credit permanent. This program encourages private investment in economically distressed communities by offering federal income tax credits to qualifying investors.

If your business invests in a certified community development entity (CDE), you may be eligible for a credit equal to 39% of your investment over seven years. Alternatively, your business may benefit indirectly by receiving CDE financing for renovations, equipment, expansion or other eligible projects in qualifying low-income communities.

Contact us to learn more. We can help you estimate the potential tax or financing benefits and comply with the applicable requirements.

08/24/2026

Capital investments might be on your radar as you consider year-end tax strategies or begin developing your 2027 budget. You may identify several promising opportunities, such as buying equipment, upgrading technology or launching a new product. Which projects do you have the cash flow, financing and staffing capacity to pursue today — and which ones can wait? A comprehensive financial analysis can enable you to make the best use of available resources. We can help you develop realistic financial projections and evaluate alternatives with capital budgeting tools, such as payback period, net present value and internal rate of return. Contact us for guidance on making smarter investment decisions.

08/20/2026

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like https://bit.ly/2qDnQsI The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets. If you receive one of these letters, don’t respond. Report any suspicious communication to the IRS immediately (https://bit.ly/4h71IOi). If you have questions about an IRS notice or digital asset reporting, we’re here to help.