Operating Across Borders? Don’t Overlook Transfer Pricing Rules

When related business entities operate across state or national borders, they must follow transfer pricing rules. These rules require intercompany prices for goods, services or intellectual property to be comparable to prices that unrelated parties would use in arm’s-length transactions. Taxing authorities may scrutinize pricing that shifts profits to lower-tax jurisdictions. Noncompliance can lead to […]

Beware: Accounting missteps can trip up new businesses

Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid include: Overlooking day-to-day spending. Starting a new business is exciting, and it’s natural to […]

Need to file for a refund of excise tax?

On April 30, the IRS issued temporary regulations explaining how taxpayers can recover federal excise taxes paid on clear diesel fuel or kerosene they later removed from a terminal as dyed fuel for nontaxable use. Eligibility is limited to taxpayers who paid the original tax on the dyed fuel related to the claim. Taxpayers meeting […]

Federal tax duties when you employ household help

Should you fund your startup with your 401(k) plan?

Summer Camps may qualify for Federal Credit

Are you planning to send your kids to day camp this summer while you work? Costs for children under 13 may qualify for the federal Child and Dependent Care Credit. Eligible expenses include fees for day camps, even those focused on specific activities. In 2026, you may claim 20% to 50% (depending on your adjusted […]

Midterm elections are on the horizon, are contributions deductible?

The 2026 midterm elections are about six months away, so you may be thinking about donating money to political campaigns. It’s important to remember that contributions to candidates, campaign committees (including political action committees or PACs), political parties and groups seeking to influence legislation aren’t tax deductible. You’re also prohibited from deducting admission to dinners […]

Taxpayer Advocacy Panel released 2025 Annual Report

The Taxpayer Advocacy Panel (TAP) is a nonpartisan advisory committee made up of citizen volunteers dedicated to improving the federal tax system. Recently, TAP released its 2025 Annual Report (https://bit.ly/48A507M), which summarizes its accomplishments (such as gathering input from ordinary taxpayers) and recommends IRS upgrades. Among the 188 suggestions TAP made to the IRS are […]

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 […]