Moving a Loved One Into a Nursing Home? Don’t Overlook the Tax Implications

Is your parent or another elderly family member moving into a nursing home? There may be tax implications. For example, long-term care expenses may qualify as an itemized deduction if they, along with other medical expenses, exceed 7.5% of adjusted gross income (only the amount over 7.5% is deductible). As long as your relative is […]

New provisions for 2026 may affect your tax planning

The many tax-related provisions that went into effect last year after the One Big Beautiful Bill Act (OBBBA) was signed into law are affecting 2025 federal income tax returns being filed now. However, some OBBBA provisions aren’t taking effect until this year. Plus, some changes under previous legislation are also taking effect in 2026. Here’s […]

IRS Expands Crackdown on Abusive Conservation Easement Deals

The IRS has expanded its guidance on abusive conservation easement transactions. It says promoter-driven conservation easement arrangements often rely on inflated property valuations, generating improper charitable deductions. A conservation easement is an agreement, usually with a government agency or land trust, to permanently restrict the use of real property. If an easement meets certain conservation […]

Volunteer Work May Come With Valuable Tax Deductions

Volunteering for a qualified charity can benefit more than your community — it may also provide tax savings. The time you spend volunteering for charity isn’t tax-deductible. However, some of your unreimbursed expenses directly related to volunteer work may qualify, including travel expenses (such as airfare, auto mileage, tolls, parking, lodging and meals), uniforms and […]

Are you eligible for mileage deductions?

Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions […]

COVID-Era IRS Penalties May Be Refundable — But You Must Act

It may be a good time to access your IRS tax transcripts. Millions of taxpayers may qualify for refunds of COVID-era IRS penalties and interest — but these refunds aren’t automatic. Reviewing your IRS transcripts can reveal key details about your account activity. Focus on dates and transaction entries such as tax assessments, payments, penalties, […]

IRS CP53E Scams Are on the Rise — Here’s What Taxpayers Need to Know

Confusion about IRS CP53E notices is growing — and scammers are taking advantage. CP53E is an official IRS notice related to tax refunds and bank account information. As the IRS shifts from paper checks to direct deposit, it’s mailing these notices to taxpayers who may need to add or update their banking details. The IRS […]

To maximize — or not to maximize — depreciation deductions on your 2025 tax return

The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation […]

Too Good to Be True? It Could Be a Tax Scam

One of the many scams currently targeting taxpayers is fake online tax deduction calculators. These digital tools are intended to steal personal information and money from unsuspecting users. They’re often accompanied by false promises about new or expanded tax credits and deductions available under the One Big Beautiful Bill Act. The IRS says you should […]

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 […]