The IRS has updated the standard mileage rates for 2026, reflecting changes in costs and usage trends. These rates are used to calculate deductible expenses for business, medical, moving, and charitable purposes.

Start the year off right! Review your tax withholding and make any necessary updates. New hires and employees making changes should use the 2026 W-4 form.

If you paid $600 or more during the 2025 calendar year to individuals, independent contractors, or non-corporations for services, you are required to issue a Form 1099-NEC (Nonemployee Compensation).

Beginning January 1, 2026, catch-up contributions for employees aged 50+ earning more than $145,000 must be made as Roth (after-tax) contributions.

Beginning January 1, 2026, the IRS is increasing the reporting threshold for Form 1099-NEC and Form 1099-MISC from $600 to $2,000 per calendar year.

Starting January 1, 2026, the minimum wage in New York State will increase.

You can now deduct up to $10,000 in interest paid on a loan used to purchase a qualified personal-use vehicle.

Plan Ahead for 2026! Contribution limits for retirement plans are increasing—don’t miss out. The IRS has announced new contribution limits for retirement plans for the 2026 tax year, giving employees more opportunities to save for the future.

Effective for tax years 2025–2028, qualified tips earned by individuals may be claimed as a federal income tax deduction of up to $25,000. Tips include money received from customers in cash, by credit card, or through a tip-sharing arrangement—provided they are given voluntarily.