OneSource Accounting & Tax

OneSource Accounting & Tax CFO Consulting, Tax & Accounting for medium to small business's. Over 25 years CFO experience. What sets us apart from other accounting professionals?

For over 25 years, we have successfully managed companies and clients in minimizing taxes and maximizing profits. This includes not only small to medium companies but also large business’s (over 100 million in sales). Our services include Strategic Planning, Full service bookkeeping, Accounting and Tax services for individuals, partnerships, corporations, LLCs, trusts and estates. Services: Accoun

ting, Bookkeeping, Income Tax Preparation for Business and Personal, Payroll, Tax Problem Resolution, Sales Tax, Merchant Account, Incorporation and LLC set-up

Software Experience: QuickBooks Proadvisor, Peachtree, Timberline, Sage Products, Simply Accounting, Great Plains, Primavera project management software, to list a few. Experience in the following industries: Advertising, Construction, Health Care, Retail, Restaurants, Manufacturing, and Distribution. Specialty: Construction, Business start-up, Financial Planning, ISO 9001:2000 Internal Auditor. We also can help you with retirement, social security and estate planning to maximize your retirement income and minimize your income tax and estate tax burden. Anyone can crunch the numbers, but you also get: Personable, friendly service, quick problem solving, reasonable fees, experience, flexibility, reliability and most importantly real-world experience! CALL US TODAY!

08/27/2026

Paid Family and Medical Leave Tax Credit Opportunities Expanded for Employers

Employers have expanded opportunities to claim the paid family and medical leave tax credit under IRC §45S beginning in 2026. Notice 2026-28 provides guidance on changes that made the credit permanent and added a method for calculating it using qualifying paid leave insurance premiums.

Eligible employers may calculate the credit using qualifying wages paid during family and medical leave or premiums paid for qualifying coverage. Employers can use both methods for different leave but cannot claim both for the same benefits. When an insurance policy combines qualifying and nonqualifying coverage, premiums must be allocated using a reasonable, consistently applied method supported by well-kept records.

The rules also allow employers to elect a six-month employment requirement for qualifying employees who customarily work at least 20 hours per week.

08/27/2026

IRS Adds Digital Authentication to Reports

Taxpayers have a more secure way to verify their federal tax compliance. The IRS now offers a digitally authenticated tax compliance report through IRS Individual Online Accounts. Individuals and sole proprietors can download Letter 6201 or Letter 6574 for businesses when applying for a job, loan, government benefit or another service that requires tax compliance information.

The report provides a status of filing and payment compliance issues. Also included is the taxpayer’s filing history, amounts owed and certain late filing or payment information. It protects taxpayer privacy by excluding unnecessary return information, including income, dependents and filing status.

Each downloaded report includes an IRS-issued digital certificate that allows financial institutions, government agencies and other organizations to verify its authenticity. Tax pros should remind clients to share the original PDF they downloaded. Screenshots, scanned copies and files created using “Print to PDF” don’t retain the digitally authenticated document.

08/20/2026

Paper Return Processing Delays Increase in 2026

According to a Government Accountability Office (GAO) report, during the 2026 filing season, the IRS took longer to process paper tax returns as staffing losses and technology delays affected processing operations.

Individual paper income tax returns took an average of 30 days to process, compared with the IRS goal of 13 working days. Paper Forms 941, Employer’s Quarterly Federal Tax Return, averaged 72 days, up from 45 days in 2025 and 25 days in 2024.

GAO reported the two systems used to convert paper returns into electronically readable formats were not ready when filing season began. The IRS also ended the filing season with 8,111 submission processing employees, an 18% decrease from 2025. To help manage the workload, approximately 3.7 million business paper returns were sent to outside vendors for scanning.

08/20/2026

Proposed Rules Clarify Eligibility for Refundable Credits

The IRS and Treasury have proposed regulations applying the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) to the refunded portion of four income tax credits: the adoption tax credit, child tax credit, American opportunity tax credit and earned income tax credit.

Under the proposal, refunded amounts exceeding a taxpayer’s income tax liability would be treated as public benefits. To receive the refundable portion, a taxpayer must be a U.S. citizen, U.S. national or qualified alien when filing the return that first claims the credit. Qualified aliens include lawful permanent residents, asylees, refugees and other individuals specified under PRWORA. Taxpayers must declare their eligibility on the return under penalty of perjury. For joint returns, only one spouse must meet the requirement.

08/13/2026

IRS Highlights 2026 Dirty Dozen Tax Scams

The IRS has released its annual Dirty Dozen list to help taxpayers and tax professionals recognize common scams that can lead to identity theft and fraudulent tax filings.

The 2026 Dirty Dozen includes:

Phishing and smishing scams
AI-enabled phone scams (robocalls, voice mimicry, spoofed caller ID)
Fake charities
Fuel tax credit claims
Credits for sick leave and family leave
Bogus self-employment tax credits
Improper household employment taxes
False withholding claims
Misleading social media tax advice
Ghost tax return preparers
New client spear phishing targeting tax professionals
Offer in compromise "mills"

08/13/2026

Expanded Paid Family and Medical Leave Credit Guidance

The IRS has issued Notice 2026-28, offering interim guidance on the employer credit for paid family and medical leave under §45S. The notice reflects recent legislative changes that permanently extend the credit and introduce a new option for employers to calculate it using qualifying insurance premiums that fund paid family and medical leave benefits.

Employers may continue using the traditional wage-based calculation or elect the premium-based method for eligible leave benefits. However, the same leave cannot generate a credit under both methods. To qualify under the premium method, employers must identify the portion of insurance premiums attributable to qualifying paid family and medical leave and exclude amounts related to nonqualifying employees, mandated state, or local leave programs or other ineligible benefits. Any allocation of blended premiums must be reasonable, consistently applied and supported by adequate records.

Business clients with insured paid leave programs that previously did not qualify for the §45S credit may now be eligible. Reviewing clients' leave policies, insurance arrangements and documentation practices can help identify potential tax savings.

08/13/2026

Updated Guidance on Qualified Overtime Deduction

The IRS has released Fact Sheet 2026-13, providing expanded guidance on the qualified overtime compensation deduction, commonly referred to as No Tax on Overtime. The new fact sheet replaces the FAQs issued in January and includes several updates. The revised guidance clarifies the deduction's limits and timing and removes information that applied only to the 2025 tax year.

07/07/2026

Starting July 4, 2026, the IRS will begin accepting contributions to Trump Accounts, a new type of tax-advantaged savings account for kids.
Formally known as Section 530A accounts, they give parents, grandparents, employers and even the federal government a fresh way to build long-term savings for children under age 18. Here's what you need to know before the questions start rolling in.

What is a Trump Account?
A Trump Account is a new type of traditional individual retirement account (IRA) created under the Working Families Tax Cuts Act for the exclusive benefit of an eligible child who's under age 18 and has a valid Social Security number. The IRS treats it as an IRA with special rules that apply only during the "growth period," which runs until Jan. 1 of the year the child turns 18. After that, traditional IRA rules generally take over.

The $1,000 pilot program
For U.S. citizen children born between Jan. 1, 2025, and Dec. 31, 2028, who hold a valid Social Security number, the federal government will deposit a one-time $1,000 contribution under §6434. It's a meaningful head start, and it costs the family nothing.

03/03/2026

Employee tips for 2025

Because Forms W-2 issued for 2025 will not separately list cash tips, the IRS will allow taxpayers to meet the reporting requirement if the tips are properly reflected in Box 7 on the W-2 or reported through the employee’s Form 4137. The notice outlines three acceptable methods for calculating total qualified tips:

Use the amount in Box 7 representing Social Security tips
Use all tip amounts reported on Forms 4070, Employee’s Report of Tips to Employer, or other employer- required monthly tip reports
Use amounts reported in Box 14 if provided by the employer
Use voluntary employer disclosures in Box 14 or a supplemental statement if provided
Note: Form 4070 is no longer downloadable from the IRS website. It had historically been included in Publication 1244, Employee’s Daily Record of Tips and Report to Employer, which has been made obsolete and is no longer available.

In addition, any amount the employee reports as unreported tips on Form 4137 may be included in the total.

Taxpayer’s responsibility

A key responsibility remains with the taxpayer. Employees must still determine whether their occupation was one that customarily and regularly received tips before 2025. They can use the list which was included in the September 2025 regulations for reference. Taxpayers may rely on this list until final regulations are issued.

Employers may voluntarily supply occupation information in Box 14, but they are not required to do so for 2025.

The statute normally prohibits the deduction if the tips are tied to an SSTB. The Treasury Department acknowledges that most employers have never evaluated whether their business is a specified service activity for this purpose. Accordingly, until final regulations are issued and effective, the IRS will treat an occupation that appears on the proposed list as eligible, without requiring the employer to determine its specified service status. This enforcement relief applies to both employees and non-employees.

02/22/2026

A new era of SSN-based eligibility: the core rule

OBBBA establishes a uniform principle across several major credits: the SSN must be valid for employment and issued by the due date of the return, including extensions. This requirement applies not only to the individual claiming the credit but, depending on the provision, also to the qualifying dependent.

This represents a tightening of standards for several benefits. For example:

American opportunity tax credit (AOTC): Effective after Dec. 31, 2025, the AOTC requires the taxpayer to have a valid for employment SSN; an individual taxpayer identification number (ITIN) is no longer acceptable.

Child tax credit (CTC): Before OBBBA, the emphasis was placed primarily on the child’s SSN. The new rule requires the taxpayer claiming the credit to have a valid-for-employment SSN, with a married couple needing at least one spouse to meet that requirement.

$6,000 senior deduction: Eligibility is now conditioned not only on age, but on the presence of an employment-authorized SSN.

These requirements are no longer evaluated in the post-filing audit environment. They are assessed electronically before the return is even accepted. Under OBBBA’s targeted identification provisions, the IRS cross-checks SSN validity and work authorization status as part of the e-file intake process.

A mismatch or expired work authorization will prevent the return from being accepted at all.

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