3 questions to ask before you buy long-term disability insurance

A Missed Estate Tax Election Could Be Costly

For 2026, the federal gift and estate tax exemption is $15 million — effectively $30 million for a married couple. “Portability” allows any unused portion of a deceased spouse’s exemption to be transferred to the surviving spouse. But it isn’t automatic. The executor must timely file a properly completed estate tax return. Even if no […]

IRS Clarifies Long-Term Care Withdrawals From Retirement Plans

The IRS has issued guidance (Notice 2026-33) on qualified long-term care (LTC) distributions from defined contribution retirement plans, such as 401(k)s. If a plan permits, distributions made after Dec. 29, 2025, to pay LTC insurance premiums are exempt from the 10% early withdrawal penalty but included in gross income. Distributions are limited to the lesser […]

Comparing Distilled Spirits Taxes by State

Comparing Distilled Spirits Taxes by State https://bit.ly/4dYGn7X

IRS Identity Theft Filters Flag Millions of Returns

In 2024 and 2025, the IRS prevented $7 billion in fraudulent tax refunds and used identity theft filters to flag about 7.5 million tax returns for additional review, according to a May 13 audit report from the Treasury Inspector General for Tax Administration (TIGTA). Advanced filters and manual reviews help identify suspicious tax filings while […]

Renovating Your Home? Don’t Overlook the Tax Benefits

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as […]

Don’t sleep on these after-tax-day tips

With the April 15 tax filing deadline in the rearview mirror, you’re likely to turn your attention to other things. But before you do, it’s in your best interest to tie up a few tax-related loose ends. IRS statute of limitations Generally, the IRS’s statute of limitations for auditing a tax return is three years from the […]

Good News For Partnerships: K‑1 Timing Now Drives Gain/Loss Reporting

Final regulations released by the IRS stipulate that partnerships no longer need to provide detailed gain and loss information to selling partners by January 31. This deadline had become a contentious issue. The tax code requires that any portion of a partnership’s sale proceeds attributable to the partner’s share of unrealized receivables and inventory items […]

Stop IRS Phone Frustration: 7 Things You Need Before You Dial

If you need to speak to an IRS representative by phone, know that you’ll be required to verify your identity. You’ll be asked for your Social Security number, birth date and filing status. Also have handy your previous year’s tax return, the tax return you’re calling about and any correspondence received from the IRS. If […]

Individual tax calendar: Key deadlines for the remainder of 2026

Yes, the April 15 tax deadline is now behind us. But there are also deadlines during the rest of the year that are important to be aware of. To help you not miss any, here’s when some key tax-related forms, payments and other actions are due. Keep in mind that this list isn’t all-inclusive. There […]