Think Your Business Has No Valuable Assets? Think Again

Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the capitalization of costs to 1) acquire or create intangibles; 2) create or enhance a separate, distinct intangible; 3) create […]

Sales Tax Holidays by State

Sales Tax Holidays by State, 2026 | Sales Tax Free Weekends https://bit.ly/4pGaIw6

Legal Settlement? Don’t Overlook the Tax Consequences

If you’ve recently received a legal settlement or award, it’s critical to understand the tax implications. Generally, compensation for physical injuries or sickness is tax-free. But awards for lost wages, emotional distress and punitive damages typically are taxable. Attorneys’ fees are another area that can trip up recipients. Even if your lawyer is paid directly […]

IRS Flags Certain CRAT Strategies as Listed Transactions

The IRS has issued final regulations identifying certain charitable remainder annuity trust (CRAT) arrangements as “listed transactions” — potential tax-avoidance schemes that carry heightened reporting requirements. The regs target improper use of a CRAT to sell appreciated property and purchase a single premium immediate annuity (SPIA) with the net proceeds to avoid recognizing ordinary income […]

IRS issues guidance on QOZ program changes

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 […]

Qualified Small Business Stock Could Mean Big Tax Savings

Looking for investments with valuable tax advantages? Stock in certain domestic C corporations can offer substantial tax savings when you sell, and the benefits have been enhanced. Investors in qualified small business (QSB) stock acquired after July 4, 2025, may be eligible for a 50% capital gains exclusion after holding the stock for three years […]

Could Your Corporation Be Subject to the Corporate AMT?

Individuals aren’t the only ones potentially liable for an alternative minimum tax (AMT). The corporate AMT (CAMT) is a 15% minimum tax on corporations’ adjusted financial statement income (ADSI). In general, it can apply to C corporations with over $1 billion average annual ADSI over the three-year period ending with the tax year. If a […]

The “kiddie tax” can apply long after childhood

Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The […]

Is Your Spouse a Non-U.S. Citizen? Estate Planning Matters

If you or your spouse isn’t a U.S. citizen and your estate is larger than the current $15 million estate tax exemption (or could appreciate in value to exceed it), you might want to consider a qualified domestic trust (QDOT). Married couples who are both citizens can take advantage of the marital deduction, which defers […]

Think You Can Deduct Your Home Office? Think Again

A common tax-related question is whether an employee working remotely from home qualifies for a home office tax deduction. The answer is “no.” But business owners, self-employed individuals and people with home-based side gigs may qualify. To be eligible, generally you must use part of your home regularly and exclusively as your principal place of […]