Switzer, Roy & Jones

06/03/2026

An employer-sponsored retirement plan can be a valuable investment for many organizations. But if employees don’t fully understand and appreciate your plan, the return on that investment may fall short. Many workers want help with retirement planning. This includes detailed guidance on how the plan works, as well as broader education on setting objectives, choosing investments and finding ways to save in the current economic environment. You can support them by offering clear, ongoing learning opportunities in multiple formats, such as emails, printed materials, seminars and lunch-and-learns. Contact us for help assessing the financial, tax and strategic implications of your retirement plan.

06/02/2026

Taxpayers can now access their Section 530A accounts (also known as “Trump Accounts”) and submit and view the status of Form 4547, “Trump Account Election(s),” through their IRS individual online accounts. A Sec. 530A account can be set up for any U.S. citizen who’ll be under age 18 at the end of the tax year and who has a Social Security number. Generally, annual contributions of up to $5,000 can be made until the year the beneficiary turns age 18. U.S.-citizen children born from Jan. 1, 2025, through Dec. 31, 2028, can potentially qualify for an initial $1,000 government-funded deposit. Contributions aren’t deductible, but earnings grow tax-deferred as long as they’re in the account. Contact us for details.

06/01/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many owners are eligible without realizing it because of various deductions for the self-employed.

A Roth IRA offers potential advantages over tax-deferred accounts. Although Roth contributions aren’t deductible, qualified withdrawals won’t be taxed. And you aren’t required to take withdrawals from your Roth IRA, meaning the account can continue to grow tax-free. Your heirs can also take tax-free withdrawals.

For help evaluating your Roth IRA eligibility and developing a long-term retirement strategy that aligns with your personal and financial goals, contact us.

05/29/2026

Hiring can be expensive, time-consuming and uncertain. That’s why employers should strive to identify and develop their organization’s high-potential employees. To help guard against bias, create an objective, data-based process. Look for traits such as initiative, resilience, engagement, adaptability and natural leadership. Skills tests and validated assessments may be beneficial if used fairly and consistently. Once you identify high-potential employees, tailor development plans to their strengths, interests and growth needs through formal and on-the-job training, rotations, and mentorships. Contact us for help evaluating the financial and operational impact of workforce development.

05/28/2026

In 2024 and 2025, the IRS prevented $7 billion in fraudulent tax refunds and used identity theft filters to flag about 7.5 million tax returns for additional review, according to a May 13 audit report from the Treasury Inspector General for Tax Administration (TIGTA). Advanced filters and manual reviews help identify suspicious tax filings while minimizing disruptions to legitimate returns. TIGTA recommended moving up the March 31 filing deadline for certain information returns, such as many 1099 forms and Form W-2G, “Certain Gambling Winnings.” The IRS agreed, estimating that an earlier deadline could help protect an additional $944 million in revenue for fiscal years 2025 through 2034.

05/26/2026

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Contact us to talk taxes before or after a home renovation.

05/25/2026

05/22/2026

Is your business paying for insurance coverage you don’t need — or missing protection where risk may be significant? You may have many options to choose from, depending on your organization’s operations and risks. General liability is the most basic policy, and it’s often paired with product liability, professional liability and property coverage. Other products include employment practices liability, business interruption, key person and cyberinsurance policies. Work with an independent broker to learn more about each type. We can also help you evaluate potential coverage gaps and manage business risk cost-effectively.

05/21/2026

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice specifically instructs you to do so, but keep a copy for your records. If you need to call the IRS, use the number in the upper right corner of the notice and have the letter and a copy of your tax return on hand. If you have questions, contact us. We can help you understand the notice and determine whether any action is needed. For more information from the IRS: https://bit.ly/4nv6ZQJ