IRS Dispute? Mediation Might Be the Easier Path

Taxpayers involved in a dispute with the IRS may want to consider using one of the IRS’s alternative dispute resolution (ADR) mediation programs. These programs can help taxpayers efficiently resolve tax issues with the IRS. Taxpayers for whom mediation can be a good option include those who don’t have many disputed issues or who’re seeking […]

EV Tax Credit Still Available — But Only for Leases, Thanks to a Loophole

The cutoff date for purchasing or leasing a new electric vehicle (EV) to take advantage of the $7,500 EV tax credit was Sept. 30, 2025. But General Motors (GM) and Ford have found a workaround to extend the credit into the fourth quarter. In a nutshell, GM and Ford had their financing arms make down […]

Payroll tax implications of new tax breaks on tips and overtime

Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to […]

Denied by the IRS: What One Taxpayer’s Case Teaches About Payment Plans

Taxpayers who owe more taxes than they can pay have options, which include payment plans, but compliance is key. If repayment will take more than 180 days, a taxpayer may seek an installment agreement with the IRS. Interest and penalties still apply. To qualify for an agreement, the taxpayer must be current with estimated tax […]

Tax Extension Deadline: File by October 15!

The deadline to file an individual extended federal income tax return for 2024 is coming soon, on Wednesday, Oct. 15. If you still need to file, you should gather Social Security numbers for everyone on your return; bank account and routing numbers for direct deposit; any Forms W-2 and 1099; records related to any virtual […]

Run a business with your spouse? You may encounter unique tax issues

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return using Form 1065. […]

Real Estate Professionals Get More Time to Comply with FinCEN Rule

The Anti-Money Laundering Regulations for Residential Real Estate Transfers Rule (RRE Rule) was first published in 2024 and is intended to help fight money laundering. It requires real estate professionals to report certain information to the Financial Crimes Enforcement Network (FinCEN) and was originally scheduled to become effective Dec. 1, 2025. But on Sept. 30, […]

Oct. 15 Tax Deadline: Last Chance for 2024 Retirement Plan Contributions

Do you own a business (or are you self-employed) and have you extended your 2024 income tax return to Oct. 15, 2025? You may still be able to reduce your 2024 tax liability by setting up a retirement plan and making deductible contributions by Oct. 15. Keep in mind that, if you have employees who […]

Audit alert: Beware of potential conflicts of interest

As year end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential conflicts of interest that could compromise the integrity of your company’s financial statements. A conflict of interest can cloud an auditor’s judgment and undermine their objectivity. Vigilance in spotting these conflicts is […]

Investing in Opportunity Zones? Here’s What the Latest IRS Guidance Says

Investors willing to make long-term investments in economically distressed communities have a tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program. It allows investors to defer the tax (and potentially ultimately reduce it) on recognized capital gains by reinvesting those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in QOZs. The […]