IRS Releases New Opportunity Zone Guidance

The IRS has issued Notice 2026-40 providing transitional guidance for Qualified Opportunity Zones (QOZs) following recent law changes. The notice clarifies that gains deferred by making qualified investments on or before Dec. 31, 2026, generally must be recognized in the tax year that includes Dec. 31, 2026. Investments made in 2027 or later will follow […]

Halfway Through the Year—How’s Your Tax Plan Looking?

Midyear is a good time for individuals to assess their 2026 tax situation. Start by forecasting your projected income, tax bracket and eligibility for deductions. Remember, you may claim either the standard deduction or itemize. Itemizing makes sense if your itemized deductions will exceed your standard deduction. Factors to consider may include the higher cap […]

Protect yourself from fraudsters impersonating the IRS and other tax scams

Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial information. IRS impersonation scams First […]

Betting on the World Cup? Know the Tax Rules

Individuals betting on the FIFA World Cup need to understand the potential tax obligations. Gambling winnings are considered taxable income. As such, they’re subject to federal rates up to 37%, and state income tax may also apply. Losses can be claimed as federal itemized deductions, limited to 90% of losses and capped at winnings. Wagers […]