Blog Archives | Page 3 of 74 | Wheeler Accountants, LLP

IRS Expands Digital Asset Reporting with New Form 1099-DA

Photo by Matthew_Henry from Freerange Stock

If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS.

Don’t Let the AMT Catch You Off Guard

Photo by Matt_Moloney from Freerange Stock

Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability.

AMT Tax Law tax planning Tax Strategy

What’s New for Retirement Catch-Up Contributions in 2026

Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.

catch up contributions retire Retirement retirement planning Retirement Savings savings account

Taking Control with Self-Directed IRAs

You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA.

investment IRA Retirement Savings stocks tax savings

If You’re Closing Your Business, Don’t Forget These Tax Steps

Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks.

business closure tax checklist tax planning

Which Parent Gets the Tax Breaks After Divorce?

IRS rules determine who can claim many child-related federal income tax breaks after parents divorce or legally separate.

divorce tax breaks tax credit tax planning

New: IRS Direct Pay for Businesses

Photo by Chance Agrella from Freerange Stock

The IRS has expanded its Direct Pay system to allow businesses to make certain federal tax payments online directly from a bank account — without enrolling in EFTPS.

This new option offers a simpler, streamlined way for businesses to submit payments securely through the IRS website.

What Is IRS Direct Pay for Businesses?

IRS Direct Pay allows businesses to:

Make federal tax payments directly from a checking or savings account
Schedule payments in advance
Receive immediate confirmation of payment
Avoid the enrollment requirements associated with EFTPS

Payments are made through the official IRS website:
https://directpay.irs.gov/directpay/businesspayment

Key Benefits

No registration required
Free to use
Secure IRS platform
Immediate confirmation receipt

When This May Be Helpful

IRS Direct Pay can be especially useful for:

Estimated tax payments
Balance due payments
Extension payments
Certain other business-related tax liabilities

Important Considerations

Payment availability depends on the tax type and entity type.
EFTPS remains available and may still be preferred for recurring or payroll-related deposits.
As with all tax payments, timely submission is critical to avoid penalties and interest.

If you would like assistance in determining the best payment method for your business or need help scheduling a payment, please contact our office. We are happy to help ensure everything is handled accurately and on time.

Contact Us

408-252-1800