Failure to pay employment taxes can lead to serious consequences, including passport denial or revocation. The IRS may certify seriously delinquent tax debt over $66,000 in 2026 to the State Department via Notice CP508C. Learn how federal tax liens and levies trigger enforcement and what business owners should do to avoid these penalties.

The IRS mileage rate for 2026 has increased to $7.25 per mile, offering higher deductions for business use of personal vehicles. Learn how to choose between actual expenses and the standard rate, apply accountable plan reimbursements, and follow proper recordkeeping to support deductions and maximize tax benefits for business driving.

New tax updates include an enhanced deduction for seniors age 65+, offering up to $6,000 per individual through 2028, subject to income limits. Learn eligibility rules, phase-outs, and how it applies whether you itemize or take the standard deduction, plus key updates on Earned Income Tax Credit thresholds and Social Security considerations for better planning.

Your marital status as of December 31, 2024, determines your tax filing options for the entire year. A change in marital status impacts filing requirements, deductions, and eligibility for credits.

Starting from January 1, 2024, businesses are mandated by the Internal Revenue Service (IRS) to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of submitting paper returns.