The U.S. Postal Service is changing its postmark date system effective December 24, 2025 — and the update could impact whether your tax return or payment is considered filed on time. Because the new rule ties the postmark date to automated processing rather than drop-off, delays could create unexpected filing issues. Learn what this USPS postmark rule change means for your tax deadlines and how to protect yourself.
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The IRS retirement plan changes for 2026 include higher contribution limits and updated income phase-out ranges for IRAs and workplace retirement plans. The Internal Revenue Service has issued a release explaining changes in retirement plan limits for 2026. The provisions can be complex, so current and prospective plan participants should work with a financial professional.
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The Illinois Tax Delinquency Amnesty Act allows eligible taxpayers to pay outstanding state tax liabilities and receive a waiver of certain penalties and interest during the amnesty period.
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Beginning October 1, 2025, federal tax payments and refunds will move fully electronic under Executive Order 14247. This significant shift impacts how taxpayers submit estimated tax payments and how the IRS issues refunds.
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BOI reporting is now enforceable.The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Recently, FinCEN sent out a notice indicating a new deadline of March 21, 2025, for small businesses to comply with its beneficial ownership information (BOI) reporting requirement.
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All over the business world, accountants, lawyers, financial executives, and journalists are scrambling to keep up with the latest soap opera in the financial community: what’s happening with the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting rules. The big question many businesses are asking right now is: Is BOI reporting on hold?
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As part of the Anti-Money Laundering Act of 2020 and the Corporate Transparency Act (CTA), the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) was authorized to collect Beneficial Ownership Information (BOI) and establish Beneficial Ownership Information reporting requirements for certain corporations, limited liability companies, and similar entities created in or registered to do business in the U.S.
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Starting in 2024, this new law will guarantee all workers in Illinois 40 hours of paid leave each year.
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