From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com As the year closes, there are several things we need you to do now rather than in the spring, because they cannot be reconstructed later. The most important one is new this year. If any of your employees received tips or were paid overtime in 2026, their Forms W-2 must separately report those amounts, using new codes. Please read the payroll section below first – even if an outside service runs your payroll. P

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Every other year I give you a list of things AMERICANS don’t PAY Federal income tax on when received. There are exceptions to everything, but here is a pretty comprehensive list for 2026: Withdrawals of Roth contribution money (earnings exempt under additional rules) Minister’s housing allowance (but subject to SE) Combat pay & most VA benefits & service-related disability Peace Corps living allowance Long ter

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Over the years I have strongly urged our class attendees to run, not walk away from clients investing their IRA or 401k in a new business or franchise. Why? Although some of these investments are legal, many fail basic formation tests, and most fail IRS continuing compliance tests during business operation. What happens if the investment is not legal or does not comply with the formation or compliance rules? S