Weiss & Thompson, PC, CPA's

07/23/2026

https://content.govdelivery.com/accounts/ILDOR/bulletins/421ccdf

July Tune‑Up: Keep Your Taxes on Track Illinois Department of Revenue sent this bulletin at 07/23/2026 01:21 PM CDT View as a webpage / Share. IDOR News & Updates - July 23, 2026 Easy Mid‑Year Moves to Keep Your Taxes on Track It is July, and the Illinois Department of Revenue (IDOR) is recommen...

07/23/2026

This recently came across my desk...

“Eat a live frog first thing every morning, and nothing worse will happen to you the rest of the day.” - Mark Twain

07/14/2026

https://www.kiplinger.com/retirement/ways-to-catch-up-on-retirement-savings

If you’re in your highest-earning years, you can make up for lost time.

06/29/2026

New to a 529 account? Link to details on what you can use it for, etc.

You’ve done the saving, and now it’s time to put your Bright Directions funds to use. Those funds can go toward more than just college tuition, they can be used for a wide range of qualified expenses at eligible institutions.

04/25/2026

For Roth IRA fans...

You can lower your tax bill by taking advantage of tax breaks at the office—like employer-funded health care and retirement plans. But while many workers can take advantage of a retirement account, the Mega Backdoor Roth is a strategy designed for high earners who have already maxed out their standard 401(k) contributions. It works by allowing after-tax contributions to a 401(k) (beyond the usual deferral limits) and then converting those funds into a Roth account. If structured correctly, this can allow up to $47,500 per year to be shifted into a tax-favored account—well above the limit for traditional Roth IRAs and without income restrictions.

That kind of contribution capacity can make a meaningful difference over time, especially for those concerned about future tax rates, required minimum distributions, and overall retirement flexibility. However, not all employer plans allow after-tax contributions or in-service conversions, so eligibility depends on plan design. When available, though, the Mega Backdoor Roth can be a highly effective way to build a sizable pool of tax-free income alongside other retirement savings.

03/26/2026

Unclaimed Refunds Will Expire This Year

In a recent federal court decision, The IRS is reminding taxpayers and tax professionals that time is running out to claim approximately $1.2 billion in unclaimed refunds for tax year 2022, with a firm deadline of April 15, 2026. More than 1.3 million individuals have yet to file a 2022 federal income tax return, leaving potentially significant refunds unclaimed.

These refunds generally belong to taxpayers who did not file Form 1040, U.S. Individual Income Tax Return, for 2022, often because they were not required to file or were unaware they were eligible. The IRS estimates the median refund is $686. Taxpayers could receive more, especially if they qualify for credits such as the earned income tax credit.

Refunds may be delayed or applied to outstanding debts and taxpayers must be current with more recent filings. Once the three-year window closes, unclaimed refunds become property of the U.S. Treasury, making timely action essential.

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