Selling Appreciated Investments? Watch Out for the 3.8% NIIT

Planning to sell appreciated investments before year end? Don’t overlook the net investment income tax (NIIT). A large capital gain could push your modified adjusted gross income (MAGI) above the NIIT threshold ($200,000 for single filers, $250,000 for married joint filers or $125,000 for married filing separately), potentially increasing your tax bill. The NIIT equals […]

Selecting a tax accounting method for your small business

Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the accrual method. But certain small businesses can elect to use the cash method. You may want to consider this option if it will help lower your […]

AICPA Urges CAMT Relief for Financially Distressed Companies

In a Sept. 24, 2026, letter to the IRS and U.S. Treasury Dept., the American Institute of CPAs (AICPA) urged regulators to change how the 15% corporate alternative minimum tax (CAMT) applies to financially distressed companies. The AICPA says that forgiven debt should match regular income tax rules to reduce compliance burdens and prevent unexpected […]

Protect Your Tax Identity: Cybersecurity Tips from the IRS

October is Cybersecurity Awareness Month, and the IRS is urging Americans to protect their personal data from hackers and other fraud perpetrators. Always use strong passwords, updated security software and multifactor authentication. Many security experts also advocate using “passkeys” when possible. The IRS says that tax identity theft remains a real threat. So individual and […]

Tax tips for parents with kids heading to college this fall

A higher education is expensive, and many parents spend years saving up. Others haven’t had the financial bandwidth to save or have hit unexpected financial roadblocks along the way. Regardless of your situation, current tax breaks may be available to you (or to your children or even their grandparents) once your child begins attending college […]

IRS Announces 2026 Clean Electricity Production Credit Rates

The Section 45Y Clean Electricity Production Credit provides a technology-neutral tax incentive for electricity generated at qualified zero-emissions facilities placed in service after 2024. The credit is generally based on kilowatt hours (kWhs) of electricity produced and sold, consumed or stored under qualifying conditions. For 2026, the IRS recently announced an inflation-adjusted credit of 0.6 […]

Taxpayer Assistance Act Advances to the House for Consideration

The Taxpayer Assistance and Service Act has cleared another hurdle. On Sept. 30, the Senate unanimously approved the bipartisan legislation. The 65-provision bill, among other things, would enhance online account functionality, improve callback technology, provide more information about processing backlogs and require written supervisory approval before certain penalties are assessed. It also would strengthen oversight […]

Making smarter capital investment decisions

Whether you’re buying equipment, automating processes, launching a new product line or expanding your facilities, capital investment decisions shouldn’t be based on intuition alone. Your management team may identify several promising growth opportunities. Which ones can your business realistically support today with available cash flow, financing and staffing — and which ones can wait? A […]

IRS Proposes Rules for the New Federal Scholarship Tax Credit

The IRS has issued proposed regs on the Federal Scholarship Tax Credit (FSTC). The guidance clarifies how to claim the credit for qualified cash contributions to eligible Scholarship Granting Organizations (SGOs). It also addresses, among other things, how state tax credits affect the federal credit and how unused credits can carry forward for up to […]

IRS Clarifies Tax Rules for Charitable Gifts, Overtime Pay and More

The IRS National Office regularly releases information letters to the public responding to requests from taxpayers and government officials for general information on particular tax subjects. For example, in three separate letters, the IRS recently: 1) clarified general requirements for claiming charitable donation deductions, 2) addressed the tax status of sports governing bodies, and 3) […]