Cash hasn’t disappeared — but it’s no longer the preferred payment method for many customers. As electronic and digital options continue to expand, more businesses are evaluating how much they rely on physical currency. Rather than eliminating cash entirely, many are exploring a “cash-light” approach. Here’s a look at current payment trends and the practical […]
Read More Rethinking payment options for your businessA new bill in the U.S. House would enable philanthropic organizations and states to make unlimited contributions to Sec. 530A accounts (also known as Trump accounts) on behalf of children in foster care. Currently, most 530A accounts aren’t eligible to receive unlimited contributions. If passed and signed into law, the Foster Youth Investment Act would […]
Read More New Proposal Could Expand Savings for Foster YouthWhen canceled debt is considered taxable income
Read More When canceled debt is considered taxable incomeMaking large gifts to your family can significantly reduce the size of your taxable estate. But hard-to-value gifts, such as interests in a closely held business, can lead to gift tax liabilities (plus interest and possibly penalties) if the IRS determines that the gift was undervalued. To help avoid an unexpected outcome, consider making a […]
Read More Protect Your Estate Plan with Defined-Value GiftsNational Whistleblower Appreciation Day was July 30. Since the IRS program’s inception in 2007, whistleblower information has contributed to more than $8 billion recovered and over $1.4 billion paid in awards. The IRS Whistleblower Office provides a secure process for individuals to report tax violations. In some cases, taxpayers receive a monetary award for information […]
Read More Could You Qualify for an IRS Whistleblower Award?Cigarette Taxes by State, 2026 https://bit.ly/4wNRV4P
Read More Cigarette Taxes by State, 2026The IRS is providing tax-filing relief for certain 2026 World Cup participants. Typically, tax-exempt organizations must file Form 990, Return of Organization Exempt from Income Tax. But Revenue Procedure 2026-28 provides an exception for tax-exempt member associations of the Fédération Internationale de Football Association (FIFA) that competed in the recently concluded World Cup — generally […]
Read More RS Provides Special Tax Relief for Certain 2026 World Cup ParticipantsDid you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026, to file it. But if you have the tax-filing information you need, you may want to file now. There’s no advantage to waiting until the fall. If you owe tax, the IRS offers […]
Read More Extended Your Tax Return? Don’t Wait Until October to FileThe IRS has made a midyear increase in the standard mileage rate for business vehicle use, including for cars, SUVs, vans, pickup trucks and panel trucks. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. But whether the rate increase will impact your business depends on the vehicle expense […]
Read More Business and other mileage rates increase for the second half of 2026With an exemption amount of $15 million per individual (generally $30 million for married couples), the federal estate tax doesn’t apply to many people in 2026. However, some states impose an estate tax on much smaller estates, and some have an inheritance tax in lieu of — or in addition to — an estate tax. […]
Read More Moving in Retirement? Don’t Overlook the Tax Consequences
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