Legacy Professionals News
Recent Updates
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Strong portfolio performance can bring an unwelcome surprise: an additional 3.8% federal tax. The income thresholds for the net investment income tax (NIIT) aren’t annually
- Individual Tax Alerts
President Trump recently signed the Doug LaMalfa Federal Disaster Tax Relief Certainty Act (LaMalfa Act) into law. Among other things, it extends tax relief for
- Individual Tax Alerts
A successful fundraising campaign can generate commitments that stretch well beyond the current year. Those pledges can help your nonprofit plan ahead. But when should
- Nonprofit Updates
Board minutes are more than an administrative formality. They provide the official record of how your nonprofit’s governing body exercised its authority — and may
- Nonprofit Updates
Legacy Payroll Compliance Audit Principals Jim Kemperas, Terry Truesdale, and John Kerulis attended the International Foundation of Employee Benefit Plans’ Annual Collection Procedures Institute Sept
- Employee Benefit Plan News, Out and About
A conflict of interest doesn’t necessarily indicate wrongdoing. But when nonprofit leaders fail to disclose and properly manage personal financial interests, even a well-intentioned decision
- Nonprofit Updates
Contributing as much as possible to tax-deferred retirement accounts such as traditional 401(k)s and IRAs is a common recommendation. Contributions generally are pretax or deductible,
- Individual Tax Alerts
Making Form 1040 payments through EFTPS is anticipated to cease permanently in 2026, possibly sometime in September, for all individual account access. If you currently
- Individual Tax Alerts, News, News Flashes
A higher education is expensive, and many parents spend years saving up. Others haven’t had the financial bandwidth to save or have hit unexpected financial
- Individual Tax Alerts
The IRS has made a midyear increase in the standard mileage rate for business vehicle use, including for cars, SUVs, vans, pickup trucks and panel
- Emerging Tax and Regulations Alert, Individual Tax Alerts, News Flashes
It’s easy to focus on the excitement of a big win. But federal tax law generally treats lottery prizes, gambling winnings and other awards as
- Individual Tax Alerts
The business mileage reimbursement rate increased effective 7/1/26. The 2026 IRS business mileage rate is now 76 cents per mile for eligible travel beginning July
- News Flashes
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