Could Your Adult Children Qualify for a 0% Capital Gains Tax Rate?

Although it may not be possible for you to enjoy a 0% tax rate, your adult children could be eligible. If they’re in the 10% or 12% income tax bracket, you might want to consider transferring long-term appreciated investments to them. If they sell the assets, they’ll likely qualify for a 0% capital gains rate […]

A hearing on recreational marijuana comes next month

On April 23, 2026, the U.S. Justice Dept. and Drug Enforcement Administration (DEA) ordered state-licensed medical cannabis and FDA-approved marijuana products to be moved from Schedule I to a less-restricted Schedule III status (https://bit.ly/48hV9n0). This reclassification doesn’t legalize cannabis on the federal level, but it’s expected to have significant tax benefits for some cannabis businesses. […]

On-site Food and Beverages deductions have changed for 2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct 1) meals treated as de minimis fringe benefits, or 2) employer-provided meals that are excludable from an employee’s income and provided for the employer’s convenience on business premises. […]

How a Renaissance banking family changed business history

IRS to modernize NonProfit tax filing

The U.S. Dept. of the Treasury announced that the IRS plans to modernize Form 990, Return of Organization Exempt from Income Tax. The information form is generally filed by nonprofits. The revised form would require tax-exempt organizations to provide clearer reporting on certain activities. The planned changes are intended to improve transparency to help detect […]

The IRS has updated FAQs on educational assistance programs

The IRS released updated FAQs on Section 127 educational assistance programs, covering eligibility, tax treatment and recent legislative updates. Employees may exclude from their income up to $5,250 (adjusted for inflation after 2026) in combined benefits annually. Excess amounts are taxable, and no carry forward is allowed. Plans must be written, cover only employees and […]

Court finds IRS improperly assessed penalties and interest

A landmark court ruling, Kwong v. United States, found that the IRS improperly assessed certain penalties and interest during the COVID-19 pandemic. If you were charged penalties or interest for missing tax filing or payment deadlines from Jan. 20, 2020, through July 10, 2023, you may be eligible for a refund or abatement. But further […]

$166 Billion in Tariff Refunds: Are You Eligible?

In February, the U.S. Supreme Court ruled that tariffs ordered by President Trump last year under the International Emergency Economic Powers Act were illegal. To begin refunding U.S. businesses that paid tariffs, U.S. Customs and Border Protection has launched an online portal called the Consolidated Administration and Processing of Entries (CAPE). More than 330,000 importers […]

Changing jobs? Don’t forget your 401k

When you change jobs, what should you do with the money in your employer-sponsored retirement plan? You could roll over the balance to a new employer’s plan, but rolling it into an IRA may give you broader investment flexibility. Neither type of rollover is taxable, and both options allow you to continue benefiting from tax-deferred […]

IRS offers new tool for Tax Debt

The IRS now offers a new online Tax Debt Help tool (https://bit.ly/4cgNsjf ) to make addressing outstanding tax balances easier. The free resource uses interactive questions to help taxpayers understand their situation and see payment or resolution options. Those options may include installment plans, temporary pauses in collections or offers in compromise for eligible taxpayers. […]