The IRS is providing tax relief to farmers and ranchers in applicable states and regions who sold or exchanged livestock because of drought conditions. Under the relief, eligible taxpayers may take more time to replace their livestock and defer tax on any gains from the forced sales or exchanges. Generally, livestock must be replaced within […]

As the fall season begins, thoughts turn to year-end tax planning. An overlooked area of the tax code is the “kiddie tax.” It generally applies to most unearned income of children under age 19 and of full-time students under age 24 (unless the students provide more than half of their own support from earned income). […]

The last quarter of 2025 is nearly here. It’s a time when many people determine their year-end charitable donation strategy. In light of changes under the new tax law, it might be smart to rethink your 2025 giving. Beginning in 2026, you can deduct donations only to the extent they exceed 0.5% of your adjusted […]

IRS guidance is now available for the new tax deduction for workers who earn tips. The proposed regulations identify eight categories of jobs that qualify for the tip deduction. They include food service and hospitality workers, gambling dealers, home maintenance workers, golf caddies, and many others. “Qualified tips” are tips paid in cash or a […]

Most IRS employees you might come in contact with are professionals committed to problem-solving and fair outcomes. However, there may be some bad apples. What should you do if you have a complaint about an IRS employee or the way an issue is being handled? The IRS instructs taxpayers to contact the Treasury Inspector General […]

Certain taxpayers will claim deductions made available by the One Big Beautiful Bill Act on a new tax form. These include new deductions for seniors, those who earn tips or overtime, and taxpayers who pay eligible interest on car loans. The IRS has released a draft of the new Schedule 1-A, Additional Deductions (https://bit.ly/4nkYaZ1). It’s […]