CPN Accounting

06/04/2026

If you are in Massachusetts and are selling your house, there is a new withholding tax that was implemented in Nov 2025. It is requiring sellers to put aside a withholding amount on the proceeds of the home if the home sells for more than $1 million.

Technically it is supposed to apply to owners of property that live outside of MA and those moving out of MA, but every seller should be aware of it.

Consult an accountant before submitting this Transferor Certificate as the form on the surface can be misleading. Most taxpayers would not likely have to pay 4% in tax on the sale of a property especially if it is a primary residence. Even if you are selling a second home, there are still cost factors to consider.

06/04/2026

Now taxpayers can elect the savings accounts for their children right through their own IRS logon. It is great way for your children to receive free money to start their savings.

New features in Individual Accounts allow you to view and submit Trump Account elections, making it easier than ever to invest in these tax-advantaged accounts. You can use your IRS Individual Account to submit Form 4547, Trump Account Election(s), and view its submission status. For more info, read: https://ow.ly/jpse50Z5ISc

05/08/2026

If you are unsure whether an IRS notice is legit, I always advise my clients to log into their IRS account and check for notices or messages there first. However, as the article mentions the IRS is doing away with paper check refunds and will require an account be submitted when claiming a refund.

Taxpayers and practitioners are unsure whether the CP53E notices they have received are scams or simply sent in error, a confusion heightened by the inclusion of a QR code.