From $10M to $15M Tax-Free — Here’s What Changed

A tax break in the One, Big, Beautiful Bill Act is a boon for founders of successful startup businesses. Before the new law, the qualified small business stock exclusion generally enabled early investors (who acquired stock when a company was worth less than $50 million) to pay no tax on the first $10 million in […]

Separated or Divorced? Here’s What It Means for Your Taxes

If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator. Certain alimony payments may be deductible by the payer and taxable to […]

How will the One, Big, Beautiful Bill Act affect individual taxpayers?

The One, Big, Beautiful Bill Act (OBBBA) includes, among many other things, numerous provisions that can affect an individual’s taxes. The new law makes some changes to existing tax breaks that will be significant to many, but not all, taxpayers. It also creates new breaks that, again, will be significant to certain taxpayers. Finally, it […]

New Law Makes Part of the Adoption Credit Refundable — Finally!

Adopting a child is expensive, but adoptive parents may qualify for a tax break to offset some of the costs. Under the One, Big, Beautiful Bill Act (OBBBA), the tax break got better for some parents. For 2025, the maximum adoption credit is $17,280 of qualified expenses, with phaseouts for higher-income parents. Under prior law, […]

They Didn’t Report $1.8M — Here’s What the Tax Court Said

Federal law generally defines gross income as income from all sources. This includes income from settlements unless excluded by law, such as those paid for personal injuries or personal sickness. One married couple received a $1,800,000 settlement from the wife’s former employer, but they didn’t report the amount on their tax return. The wife argued […]

Milestone moments: How age affects certain tax provisions

They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in […]

New Legislation Seeks to Limit IRS Funding and Scope

Congressional Republicans have already clawed back more than $40 million in Inflation Reduction Act funding to the IRS. A newly approved U.S. House Appropriations Financial Services and General Services Subcommittee bill would further cut the IRS’s budget. For the fiscal year ending Sept. 30, 2026, the bill provides the Treasury Dept. with $11.29 billion, which […]

Big Brands Raise Prices as Tariff Policy Shifts—Here’s What’s Going On

President Trump has pushed back the effective date of most reciprocal foreign tariffs to Aug. 7, 2025. They’ve been delayed several times, most recently to Aug. 1. Trump says double-digit tariffs on most countries’ goods will restore trade balances and boost domestic growth. But critics of his trade policy argue these import taxes will, among […]

Tap into the 20% rehabilitation tax credit for business space improvements

If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building […]

National Whistleblower Appreciation Day: Recognizing Integrity Since 1778

July 30 was National Whistleblower Appreciation Day. According to the IRS, whistleblowers have played an important role in its efforts to promote fairness and accountability, as well as collect funds from noncompliant taxpayers. In fact, since issuing its first award in 2007, the IRS has paid over $1.3 billion in awards based on the successful […]