Shutdown + IRS Staff Shortages = Tax Season Delays?

The consequences of a government shutdown are hard to predict. Although the 2018–2019 shutdown didn’t hold up the start of the 2019 tax filing season, it did create significant backlogs and delays. The same could happen again as the IRS is currently operating with only half its staff. Another wrinkle: In July 2025, then-IRS Commissioner […]

The tax traps of personally guaranteeing a loan to your corporation

If you’re considering guaranteeing, or are asked to guarantee, a loan to your closely held corporation, it’s important to understand the potential tax consequences. Acting as a guarantor, endorser or indemnitor means that if the corporation defaults, you could be responsible for repaying the loan. Without planning ahead, you may face unexpected tax implications. A […]

Health Insurance Enrollment is Open

Health insurance open enrollment begins Nov. 1. One option is a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA). You fund the higher deductible by contributing pretax income to the HSA. The 2026 contribution limits are $4,400 for self-only accounts and $8,750 for family coverage. You can withdraw HSA funds tax-free to […]

IRS issues guidance for vehicle loan deduction

The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Under the One Big Beautiful Bill Act, interest on qualified passenger vehicle loans originated after Dec. 31, 2024, generally is deductible up to $10,000. Lenders must provide eligible taxpayers with the appropriate information to claim the deduction […]

Evaluating business decisions using breakeven analysis

You shouldn’t rely on gut instinct when making major business decisions, such as launching a new product line, investing in new equipment or changing your pricing structure. Projecting the financial implications of your decision (or among competing alternatives) can help you determine the right course of action — and potentially persuade investors or lenders to […]

Court Ruling Underscores Importance of Proof in Theft Loss Claims

In certain circumstances, investors may be able to deduct losses from theft. To be deductible, the loss must not be reimbursed, such as through insurance. The taxpayer also must prove by a preponderance of the evidence that an actual theft occurred under the relevant local law. In a complex case, a married couple invested in […]

Tax Court Halts Trials During Ongoing Government Shutdown

When the federal government shutdown began on Oct. 1, 2025, the U.S. Tax Court announced it would remain open, at least for a limited time. But that time has come to an end. Starting Oct. 20, all in-person and remote trial sessions of the Tax Court are canceled, at least through the week of Oct. […]

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Thinking of Outsourcing? A New Bill Could Add a 25% Tax

Recently, Sen. Bernie Moreno (R-OH) introduced a bill that could subject some U.S. businesses to a new tax. The Halting International Relocation of Employment (HIRE) Act would impose a 25% tax on outsourcing payments. The bill defines “outsourcing payments” as amounts paid to foreign persons for labor and services performed outside the United States that […]