Many investors are surprised to learn that claiming a loss from a partnership today can pave the way to a tax liability in a future year. It is a common scenario: an investor receives a Schedule K-1 reporting a tax loss, the loss is deducted on the investor’s individual income tax return and is used … Read more
Many growing businesses unknowingly create state filing obligations long before they open an office or hire employees in a new state. Remote workers, online sales, service revenue, and third-party fulfillment providers, as examples, can all create state income tax nexus and unexpected filing requirements. State Income Tax “Nexus” is the connection between a business and … Read more
The Qualified Opportunity Zone (QOZ) program provides tax incentives to invest in designated low-income communities across the United States. Tax law changes enacted last year made the program permanent and altered it, with implications for investors under both the original and renewed programs. With proposed, and eventually final, regulations on the way, the IRS has … Read more
The IRS has made a midyear increase in the standard mileage rate for business vehicle use, including for cars, SUVs, vans, pickup trucks and panel trucks. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. But whether the rate increase will impact your business depends on the vehicle expense … Read more
IRS Direct Pay is a free and secure service that allows individual taxpayers to make federal tax payments directly from a checking or savings account without creating an IRS online account. The guidance below is intended to help you make common individual income tax payments, including a balance due with your annual Form 1040 income … Read more
The One Big Beautiful Bill Act (OBBBA) created a new tax-advantaged savings and investment account for children. The account, commonly referred to as “Trump Accounts”, is scheduled to roll out beginning in 2026 with the first contributions to the account being allowed after July 4, 2026. Who Is Eligible? Any minor who has not attained … Read more
A recent federal court decision, Kwong v. United States, may create an opportunity for some taxpayers to seek refunds or other relief for certain IRS penalties and interest connected to the COVID-19 period. While the law in this area is still developing, July 10, 2026 may be a critical deadline for preserving those claims or … Read more
Annual gifts can be a powerful tool for trimming down a future estate. When structured correctly, they can pass to recipients without triggering gift taxes, thanks to the annual exclusion as well as the separate exclusions for qualified education and medical expenses. Annual Gift Tax Exclusion For 2026, the Federal annual gift tax exclusion is … Read more
Last year, a new income tax deduction for qualified cash tips went into effect under the One Big Beautiful Bill Act (OBBBA). The break is scheduled to expire after 2028. In September 2025, the IRS released proposed regulations to provide guidance for taxpayers. The IRS has now published final regs that largely mirror the proposed regs … Read more
With the April 15 tax filing deadline in the rearview mirror, you’re likely to turn your attention to other things. But before you do, it’s in your best interest to tie up a few tax-related loose ends. IRS statute of limitations Generally, the IRS’s statute of limitations for auditing a tax return is three years from the … Read more