Adding Your Child to Your Home’s Title? Know the Tax Risks

Adding an adult child to the title of your home or other assets may seem like a way to simplify your estate plan. But joint ownership can create unexpected tax consequences. For example, adding your child as a joint tenant with right of survivorship may trigger gift tax reporting requirements and even gift tax liability. […]

Dyed Diesel Fuel Tax Relief: What Businesses Need to Know

The IRS has announced temporary nationwide tax penalty relief for the highway use of dyed diesel fuel. It’s retroactive to Oct. 1, 2026, and applies through Dec. 31, 2026. Dyed diesel fuel, normally used for heavy construction and farming equipment, generally triggers federal excise tax and penalties when used on public roads. During the relief […]

Sometimes how much is in tax-deferred retirement accounts may be too much

Contributing as much as possible to tax-deferred retirement accounts such as traditional 401(k)s and IRAs is a common recommendation. Contributions generally are pretax or deductible, and the power of tax-deferred compounding can help turbocharge growth. But some taxpayers can reach a point where maximizing tax deferral may become counterproductive. Potential downsides of tax-deferred saving After […]

IRS Denied Your Kwong Claim? You May Still Have Options

Did you file a refund or abatement claim based on Kwong v. United States? This case found that the IRS improperly assessed certain penalties and interest during the COVID-19 pandemic. The IRS has denied some Kwong claims, but that doesn’t necessarily end the matter. Litigation is ongoing. If you received a denial letter, keep your […]

Whistleblowers Can Help Expose Offshore Tax Fraud

Catching wealthy individual and corporate tax evaders often requires cross-border cooperation. That’s why the IRS has partnered with the UK on its whistleblower program, the Strengthened Reward Scheme. According to the IRS, financial crimes increasingly employ “offshore accounts, shell companies, and fraudulent transfers that are incredibly difficult for external investigators to trace.” Among other things, […]

The new-and-improved credit for employer-provided child care

Offering a broad menu of employee benefits can help your business attract and retain skilled workers. One benefit that’s popular among employees with families is employer-provided child care. Although this option hasn’t been financially feasible for many small businesses, recent tax law changes may give you a reason to reconsider opening (or upgrading) a child […]

New Baby? A Proposed Bill Could Boost Your HSA

Changes could be coming to your Health Savings Account (HSA). A new U.S. House bill would enable families to contribute additional funds to their HSAs in the year a child is born or adopted. In 2027, HSA participants normally will be able to contribute up to $4,500 (self-only coverage) and $9,000 (family coverage) pre-tax. The […]

Planning for Business Losses in 2026? Know the Limits

Year-end tax planning is especially important for business owners expecting substantial losses in 2026. The “excess” business loss limitation restricts the amount of business losses noncorporate taxpayers can use to offset other income. Losses from these entities flow through to the owners and generally can offset income from other sources (such as salary, interest, dividends […]

How can barcodes improve asset management?

From laptops and tablets to power tools and safety equipment, misplaced or mismanaged assets can quietly drain profits and disrupt operations. By tracking equipment and other assets with barcodes, your business can connect its physical property to its financial records. Here’s a closer look at how this technology can help you control costs, strengthen internal […]

2027 Social Security Changes: Bigger Benefits and a Higher Wage Base

The Social Security Administration has announced that Social Security benefits for 2027, including Old-Age, Survivors and Disability Insurance (OASDI) and Supplemental Security Income (SSI) payments, will increase 3.6%. This is the largest annual cost-of-living increase since 2023, driven primarily by high inflation. Social Security retirement benefits will increase by about $75 per month on average […]