IRS introduces new process for resolving ERC claims

The IRS has introduced a new process to help certain taxpayers extend deadlines for resolving disallowed Employee Retention Credit (ERC) claims while protecting refund rights. Taxpayers who receive Letter 105-C or 106-C for full or partial ERC disallowance generally have two years to resolve the claim administratively or file a refund suit in federal court. […]

Do I qualify for QBI on my rental real estate?

Are rental real estate activities eligible for the qualified business income (QBI) deduction? The answer is a distinct “maybe.” This tax break allows eligible sole proprietors and owners of “pass-through” entities to deduct up to 20% of QBI. Pass-through entities include partnerships, S corporations and most limited liability companies. However, income from a rental real […]

Remote auditing is here to stay: How it’s changing the audit process

Once considered a temporary workaround, remote auditing is now a permanent part of how audits are planned and performed. Technological advances and evolving workforce expectations have pushed audit firms to rethink traditional, fully on-site approaches. The question isn’t whether remote auditing will continue (it will), but how firms and clients can use it effectively while […]

Could Your Adult Children Qualify for a 0% Capital Gains Tax Rate?

Although it may not be possible for you to enjoy a 0% tax rate, your adult children could be eligible. If they’re in the 10% or 12% income tax bracket, you might want to consider transferring long-term appreciated investments to them. If they sell the assets, they’ll likely qualify for a 0% capital gains rate […]

A hearing on recreational marijuana comes next month

On April 23, 2026, the U.S. Justice Dept. and Drug Enforcement Administration (DEA) ordered state-licensed medical cannabis and FDA-approved marijuana products to be moved from Schedule I to a less-restricted Schedule III status (https://bit.ly/48hV9n0). This reclassification doesn’t legalize cannabis on the federal level, but it’s expected to have significant tax benefits for some cannabis businesses. […]

On-site Food and Beverages deductions have changed for 2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct 1) meals treated as de minimis fringe benefits, or 2) employer-provided meals that are excludable from an employee’s income and provided for the employer’s convenience on business premises. […]

How a Renaissance banking family changed business history

IRS to modernize NonProfit tax filing

The U.S. Dept. of the Treasury announced that the IRS plans to modernize Form 990, Return of Organization Exempt from Income Tax. The information form is generally filed by nonprofits. The revised form would require tax-exempt organizations to provide clearer reporting on certain activities. The planned changes are intended to improve transparency to help detect […]

The IRS has updated FAQs on educational assistance programs

The IRS released updated FAQs on Section 127 educational assistance programs, covering eligibility, tax treatment and recent legislative updates. Employees may exclude from their income up to $5,250 (adjusted for inflation after 2026) in combined benefits annually. Excess amounts are taxable, and no carry forward is allowed. Plans must be written, cover only employees and […]

Court finds IRS improperly assessed penalties and interest

A landmark court ruling, Kwong v. United States, found that the IRS improperly assessed certain penalties and interest during the COVID-19 pandemic. If you were charged penalties or interest for missing tax filing or payment deadlines from Jan. 20, 2020, through July 10, 2023, you may be eligible for a refund or abatement. But further […]