Frye & Company, CPAs

01/30/2026

12/18/2025

Despite the Eleventh Circuit holding that the Corporate Transparency Act is constitutional, an interim rule from Treasury means that domestic companies are not subject to beneficial ownership information reporting requirements.

12/02/2025

The IRS Math and Taxpayer Help Act (IRS MATH Act, H.R. 998) is a new bipartisan law signed in December 2025 that requires the IRS to clearly explain math or clerical errors on tax returns, show exactly what was changed, and inform taxpayers of their right to challenge those changes within 60 days.

What the IRS MATH Act Does

• Transparency in notices: The IRS must identify the specific line item on a tax return that was altered, explain the mathematical or clerical change, and state why a refund or liability is different.
• Taxpayer rights: Taxpayers now have a 60-day window to dispute IRS math error assessments, which was often unclear or omitted in past notices.
• Modernized procedures: The law amends Section 6213(b) of the Internal Revenue Code to ensure taxpayers are notified of adjustments and given time to challenge them.
• Pilot program: The IRS must implement a pilot program for sending clearer math error notices.
• Support from advocates: The American Institute of CPAs and the National Taxpayer Advocate strongly backed the bill, saying it “levels the playing field” for taxpayers.

Legislative Background

• Introduced: February 2025 by Rep. Randy Feenstra (R-IA) and Rep. Brad Schneider (D-IL).
• Senate champions: Senators Elizabeth Warren (D-MA) and Bill Cassidy (R-LA) co-authored the Senate version.
• Passed: House in April 2025, Senate in October 2025.
• Signed into law: December 1, 2025, by President Donald Trump.
• Effective date: December 1, 2026.

Summary of H.R.998 - 119th Congress (2025-2026): Internal Revenue Service Math and Taxpayer Help Act

11/14/2025

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2026 in Notice 2025-67 PDF, posted today on IRS.gov.

Highlights of changes for 2026

The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $24,500, up from $23,500 for 2025. The limit on annual contributions to an IRA is increased to $7,500 from $7,000. The IRA catch‑up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost‑of‑living adjustment is increased to $1,100, up from $1,000 for 2025.

The catch-up contribution limit that generally applies for employees aged 50 and over who participate in most 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $8,000, up from $7,500 for 2025. Therefore, participants in most 401(k), 403(b), governmental 457 plans and the federal government’s Thrift Savings Plan who are 50 and older generally can contribute up to $32,500 each year, starting in 2026. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63 who participate in these plans. For 2026, this higher catch-up contribution limit remains $11,250 instead of the $8,000 noted above.

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2026.

Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or the taxpayer’s spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. (If neither the taxpayer nor the spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply.)

Other phases our ranges apply for 2026 as follows:

https://www.irs.gov/newsroom/401k-limit-increases-to-24500-for-2026-ira-limit-increases-to-7500 #:~:text=The%20annual%20contribution%20limit%20for%20employees%20who%20participate,an%20IRA%20is%20increased%20to%20%247%2C500%20from%20%247%2C000.

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07/04/2025

The Social Security Administration (SSA) is celebrating the passage of the One Big, Beautiful Bill, a landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans while doesn’t directly change how Social Security benefits are calculated or distributed.

The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation's economy.

“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano. “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned."

The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.

Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.

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04/02/2025

Frye & Company, CPAs is a progressive and growing public accounting firm in need of a qualified staff accountant experienced in both tax and accounting services to join our team. CPAs and CPA candidates with a minimum of 1-3 years of experience in accounting and corporate and individual tax preparation are encouraged to apply. Proficiency with Microsoft Office Suite and QuickBooks is required. Experience with Lacerte tax software is preferred. Applicants must have exceptional written and verbal skills as you will be interfacing directly with clients. Candidates must have the ability to efficiently multi-task, be self-motivated, dependable and technically competent. We offer a competitive salary and attractive benefits package to include health insurance, 401(k) plan, profit sharing, bonuses, paid time off, and tuition reimbursement.

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02/17/2025

Celebrating my 25 years in business and 14th year on Facebook. Thank you for your continuing support. I could never have made it without you. 🙏🤗🎉

12/29/2024

Growth and persistence!