The Kwong Case, COVID 19 Penalty Refund Claims, and Why Taxpayers Should Proceed Carefully
The Kwong case has created interest in COVID 19 tax penalty refund claims. Learn the IRS position, protective claim rules, and why First Time Abatement or reasonable cause relief may be better options.
Trump Accounts: A New Way to Build Wealth for Your Children
Learn how Trump Accounts work, who qualifies for the $1,000 Treasury contribution, and why parents and grandparents may want to open one for a child even without the government match.
Selling a C Corporation With Appreciated Assets Can Trigger Catastrophic Tax Liability
A new Federal Circuit case shows how selling appreciated assets inside a C corporation can trigger massive transferee liability, penalties, and interest. Learn the tax risks business owners need to understand.
New $1,000 Federal Retirement Match for Self Employed and Small Business Owners
Self employed taxpayers and small business owners may qualify for a new $1,000 federal retirement match through qualifying IRA contributions under SECURE 2.0 and TrumpIRA.gov.
IRS Cracking Down on Conservation Easement Tax Deductions: What Landowners and Investors Need to Know
The IRS continues aggressive audits of conservation easement tax deductions and syndicated easement deals. Learn how recent Tax Court losses, inflated appraisals, and 40% penalties are affecting landowners and investors.
Trust Distribution Tax Rules: What Beneficiaries Need to Know Before Taking Money From a Trust
Learn how trust distributions are taxed, when beneficiaries owe income tax, how DNI works, and why timing matters for trust distribution planning.
IRS Data Reveals Where High Income Taxpayers Pay the Most Tax (2026 Update)
IRS 2026 filing season data shows where high income taxpayers pay the most tax and where the IRS is focusing audits. Learn key planning opportunities and risks.
New Tax Deduction for Tip Income: Who Qualifies and How Much You Can Deduct
Service workers may qualify for a new tax deduction on tip income. Learn who qualifies, what counts as tips, eligible professions, and how to maximize your deduction under current IRS rules.
The Tax Traps of Life Insurance Contracts
Life insurance policy loans can create unexpected taxable income when policies lapse. Learn the risks, Tax Court guidance, and how to avoid costly tax surprises.
Do Husband and Wife LLCs Have to File Form 1065? Tax Filing Rules Explained
Do husband and wife LLCs need to file Form 1065? Learn the federal tax classification rules, including differences between community property and separate property states and when partnership filing is required.
How to Reimburse Business Expenses Without Triggering Payroll Tax or Guaranteed Payments
Business owners often reimburse expenses incorrectly. Learn how S corporations and partnerships can reimburse expenses without triggering payroll tax, guaranteed payments, or audit risk.
Proposed Student Loan Rules Could Limit Graduate Borrowing and Redefine Which Degrees Qualify as Professional
Proposed Department of Education rules could cap graduate student loans and redefine which degrees qualify as professional. Learn how the changes may affect education financing and tax planning.
When Government Related Bonds Are Truly Tax Exempt and When They Are Not
Revenue Ruling 2026-4 explains when government related bonds qualify as tax exempt and why many do not. Learn how IRS rules affect bond interest.
Why Most Homeowners Associations Cannot Qualify as Tax Exempt Social Clubs
The IRS explains why most homeowners associations do not qualify as tax exempt social clubs. Learn what activities disqualify HOAs and how tax exposure arises.
Why the IRS Shut Down a Mental Health Charity: A Warning for Nonprofits and Donors
The IRS denied 501(c)(3) status to a mental health charity after finding improper private benefit to for profit providers. Learn what triggered the ruling and how nonprofits and donors can avoid costly mistakes.
Your Tax Preparer Lied on Your Return and the IRS Can Still Come After You
A federal appeals court ruled that the IRS can assess tax decades later if a tax preparer committed fraud, even when the taxpayer acted in good faith. Learn what this means for you.
How W2 Wages Can Increase or Reduce Your Section 199A Deduction
Learn how W2 wages interact with the Section 199A Qualified Business Income deduction. Understand income thresholds, wage limitations, and planning considerations for S corporations, partnerships, and other business owners.
Who Qualifies for the Qualified Overtime Compensation Deduction and What the IRS Rules Say
Understand who qualifies for the qualified overtime compensation deduction, including federal employees, income limits, and IRS eligibility rules.
New Rural Opportunity Zone Tax Break: 50% Improvement Rule Explained for Business Owners
IRS Notice 2025-50 reduces the Opportunity Zone improvement requirement to 50% for rural projects. Learn how business owners and real estate investors can qualify with less capital.
Why Most IRS Issues Never Become Audits and How a Strained IRS Resolves Them
Most IRS notices and delays are resolved without audits. Learn why enforcement is rare and how proactive tax planning keeps taxpayers out of enforcement and speeds resolution.