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Social Security wage base and COLA announced for 2026
Individual taxable earnings of up to $184,500 annually will be subject to full Social Security tax in 2026, the Social Security Administration (SSA) released in October 22, 2025. The amount, a full $8,400, 4.7% increase from $176,100 in 2025, is the wage base limit that applies to earnings subject to the 6.2% OASDI tax (old age, survivors, and disability insurance).
Inflation-adjusted tax provisions: 2026 updates
Discover the latest inflation-adjusted tax changes for the 2026 tax year, driven by the One, Big, Beautiful Bill Act (OBBBA). From standard deduction hikes and modified marginal tax rate thresholds to expanded credits for adoption and employer-provided childcare, these updates can significantly influence your financial planning. Delve into how these modifications could impact your taxes and optimize your strategy for the upcoming year.
Nonprofits face challenges due to government funding cuts
Government funding cuts disrupted nonprofits reliant on government support during the first half of 2025.
FASB modernizes the accounting for internal-use software costs
This ASU modernizes the accounting for internal-use software costs to reflect the evolution of software development practices and address stakeholder concerns about the operability and relevance of existing guidance.
Cost Analysis: Turning Hidden Numbers into Smarter Decisions
Want to know where your profit is really going? Here's a practical, business-owner-friendly approach to cost analysis, showing how to uncover hidden inefficiencies, assign overhead accurately, and make confident decisions with your numbers. Whether you’re looking to price smarter, cut waste, or prepare for growth, it all starts here.
Using POD and TOD Accounts in Your Estate Plan
Discover how Payable-on-Death (POD) and Transfer-on-Death (TOD) accounts streamline the inheritance process, enabling beneficiaries to bypass probate and access assets swiftly. While these tools offer speed and cost-effectiveness, they come with potential pitfalls that could disrupt your estate plan if not carefully coordinated. Explore their benefits and drawbacks to ensure seamless asset distribution among your loved ones.
Final regulations released on increased catch-up contributions under SECURE 2.0
The latest IRS final regulations under the SECURE 2.0 Act increase catch-up contribution limits for individuals aged 60 to 63 and require Roth contributions for higher-income earners. These changes aim to enhance retirement readiness but require plan administrators to navigate new operational complexities. Explore how these rules reshape retirement strategies and the paths to compliance.
Bitcoin and Texas Franchise Tax: Key Insights into Intangible Property Ruling
Texas treats bitcoin as intangible property. Taxpayers buying and selling bitcoin cannot use the COGs deduction and must source bitcoin sales to the payor location.
Partnership Basis: What Is It & How Does It Work?
Gain insight into partnership basis, track decisions to optimize ownership, and maintain compliance to avoid costly tax consequences.
Tax breaks for tipped workers: qualifying for the new deduction
Discover how the groundbreaking "no tax on tips" provision in the new One, Big, Beautiful Bill (OBBBA) could transform the take-home pay for millions of tip-reliant workers starting in 2025. Learn which occupations qualify, the specific conditions required, and how to prepare for maximized savings under this potentially game-changing deduction.
Preparing for the end of federal paper checks
Executive Order 14247 directs federal agencies to phase out paper checks for refunds, benefits, and contracts. Here’s who’s affected and how to prepare.
Building a budget and forecast system for your business
The harsh reality is that many business failures are caused by poor financial planning and cash flow management. Despite this, surprisingly few companies invest in building robust systems for forecasting and tracking their financial future. Learn the fundamentals of building and maintaining a budget and forecast for your business.
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Johnson & Sheldon, PLLC
Amarillo Location
500 S Taylor St Suite 200
Amarillo, TX 79101
Phone: 806-371-7661
Fax: 806-371-0529
Email: ebaten@amacpas.com
Johnson & Sheldon, PLLC
Pampa Location
2004 N. Hobart
Pampa, TX 79065
Johnson & Sheldon, PLLC
Hereford Location
119 E 4th St
Hereford TX 79045
Phone: 806-364-4686
Fax: 806-364-0826
Email: khollingsworth@amacpas.com
We are clients of the RSM Professional Services+ Practice. As a client, we have access to the Professional Services+ Collaborative, a globally connected community that provides access to an ecosystem of capabilities, collaboration and camaraderie to help professional services firms grow and thrive in a rapidly changing business environment. As a participant in the PS+ Collaborative, we have the opportunity to interact and share best practices with other professional services firms across the U.S. and Canada.