IRS rolls out new automatic penalty relief program for eligible taxpayers
This summer, the IRS’s new Automatic Exemption from Penalty or AEP will replace the long-standing First Time Abate administrative relief. AEP is designed to eliminate the need to contact the IRS to request relief and reduce burden for those with a timely compliance history. Eligibility AEP applies to eligible original returns beginning with tax year 2025 and 2026 quarterly returns and future tax periods. Taxpayers qualify if they have a history of filing on time and paying
Virginia Legislation Expands RetirePath Program
Beginning July 1, 2026, Virginia businesses are required to register and facilitate RetirePath if they have five or more employees, have operated for at least two years, and do not offer a qualified employer‑sponsored retirement plan. The new state law lowers the eligible employer threshold from employers with 25 employees to five employees and includes part-time workers, allowing more small businesses and workers to participate starting in 2026. Approximately 35,000 elig