Is an installment sale right for you?

It may be possible to defer tax liability when you sell appreciated real estate or rental property. But be careful. An installment sale, for example, allows you to defer gains by spreading them over several years. However, ordinary gain from certain depreciation recapture will be recognized in the year of sale, even if you receive […]

Trump Accounts program receives a large donation

On Dec. 2, President Trump announced that Michael and Susan Dell are donating $6.25 billion to expand the funding of tax-advantaged Trump Accounts, which are intended to help children save for the future. Previously, the government pledged to contribute $1,000 to accounts set up for eligible kids born between Jan. 1, 2025, and Dec. 31, […]

ACA Credits Expiring Soon

Time is quickly running out for Congress to extend the Affordable Care Act’s enhanced Premium Tax Credits (PTCs). Lawmakers in both parties have expressed doubts that a deal can be reached before the enhanced PTCs expire on Dec. 31, 2025. Typically, the federal government pays advanced PTCs directly to the insurer based on the taxpayer’s […]

New IRS MATH Act Strengthens Taxpayer Rights

In a win for taxpayers’ rights, President Trump signed the bipartisan Internal Revenue Service Math and Taxpayer Help (IRS MATH) Act into law. The law requires the IRS to provide clear explanations of any math or clerical corrections it makes to taxpayers’ returns and prominently inform them of the 60-day timeframe for challenging the changes. […]

Tis the Season for Gift Card Fraud — Stay Alert!

’Tis the season for gift card scams, unfortunately. When buying gift cards for loved ones, buy only from reputable retailers with security cameras and examine card packages for signs of tampering. If you can, select cards from the back of racks, as criminals are more likely to tamper with cards at the front. Keep your […]

Senate and House Diverge on IRS Funding in 2026 Budget Bills

A recently released draft of the U.S. Senate’s Financial Services and General Government (FSGG) funding bill allocates $3.2 billion for taxpayer services, an increase over $2.78 billion in 2025. By contrast, the U.S. House’s FSGG bill keeps 2026 funding at 2025 levels. The House bill also includes a rider that forbids the IRS from spending […]

Unexpected Money? Make a Smart Tax Plan First

An unexpected influx of money, such as from an inheritance, bonus, legal settlement or lottery win, can feel exciting and full of possibility. But without a clear plan, that financial good fortune might not last as long as you hope. For one thing, you may owe taxes, and maybe a lot more than you expect. […]

The IRS Issues ‘Get Ready’ Reminder—Here’s What You Need to Do Now

The IRS has issued the first in a series of special “Get Ready” reminders to help taxpayers prepare for the upcoming 2025 tax filing season. It’s important to begin prepping now because the One Big Beautiful Bill Act can significantly affect federal taxes, credits and deductions. Start by collecting receipts or other documentation for expenses […]

LLC & Partnership Owners: Know Your Self-Employment Tax Exposure

Are you an owner-employee of a partnership or limited liability company (LLC)? In general, business income that flows through to you for income tax purposes is subject to self-employment taxes. This is true even if the income isn’t distributed to you. But such income may not be subject to self-employment taxes if you’re a limited […]

FASB updates the guidance for reporting development costs for internal-use software

On September 18, 2025, the Financial Accounting Standards Board (FASB) published updated guidance on how companies must account for the costs of developing software for internal applications. The changes are expected to reduce compliance costs and improve financial reporting transparency. Here are the details. Targeted improvements When the FASB first issued its existing “internal-use software” […]