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 […]

Tax identity theft: Businesses are at risk, too

Tax identity theft isn’t limited to individual taxpayers — businesses are also targeted through their Employer Identification Numbers (EINs), payroll systems and tax filings. The financial impact of these crimes can be significant. Businesses may face delayed or stolen tax refunds, unauthorized payroll filings, and the time and expense of resolving IRS issues. There may […]

Driving for Business? Your Mileage Deduction Just Increased

The IRS has increased the 2026 cents-per-mile rates for calculating tax-deductible vehicle operating costs due to rising fuel costs. Effective July 1, 2026, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half […]

Limited Partnership? Don’t Let Tax Rules Catch You Off Guard

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also limit your ability to deduct partnership losses under the passive activity loss rules. Passive losses are usually deductible only against passive income unless you materially participate in the business. Limited partners face a tougher […]