Hawaii plans to increase hotel tax to help it cope with climate change

Hawaii plans to increase hotel tax to help it cope with climate change – NPR https://bit.ly/3RIlAcN

Your residence sale may quailfy for capital gain exclusion

If you’ve recently sold your home and realized a capital gain, you may be able to exclude some or all of the gain from the sale. To claim the exclusion, you must pass IRS ownership and use tests. During a five-year period ending on the date of sale, you must have owned the home and […]

What’s the fate of the Child Tax Credit?

As Congress continues to debate the scope of tax reform (including the extension of expiring Tax Cuts and Jobs Act provisions) what’s the fate of the Child Tax Credit (CTC)? Through 2025, for each child under age 17 at the end of the tax year, eligible taxpayers may be able to claim a $2,000 credit. […]

Tangible Personal Property De Minimis Exemptions by State, 2025

Tangible Personal Property De Minimis Exemptions by State, 2025 https://bit.ly/4jWpJWp

Failure to report digital assets

Digital assets are taxed as property, rather than currency. Gain or loss from digital asset exchanges for goods, services, U.S. dollars and other digital assets must be reported on a taxpayer’s federal income tax return. One individual recently pleaded guilty to criminal charges of filing false income tax returns when he failed to report income […]

Is an Offer in Compromise right for you?

The April 15 due date to file tax returns has passed, but many are still wrestling with unpaid federal tax debt. These individuals may be eligible to seek an offer in compromise (OIC) from the IRS. This IRS program allows qualifying taxpayers to settle a debt for less than is owed, or to pay over […]

Discover if you qualify for “head of household” tax filing status

When we prepare your tax return, we’ll check one of the following filing statuses: single, married filing jointly, married filing separately, head of household or qualifying widow(er). Only some people are eligible to file a return as a head of household. But if you’re one of them, it’s more favorable than filing as a single […]

Are you ready for a natural disaster?

Spring and summer are generally considered natural disaster seasons in the United States. One way you can help protect yourself and your family is to gather financial and tax documents and store them for safekeeping in the cloud or at an off-site physical location. Include records for: federal, state and property taxes; home, auto and […]

IRS reduces regulatory burden

Recently, the IRS issued Notice 2025-22, announcing cuts of multiple “extraneous and unnecessary” IRS notices, announcements and revenue rulings. Similarly, the U.S. Treasury Department has released a direct final rule (https://bit.ly/3RYTcDb ) to abolish certain regulations “with the goal of reducing regulatory burden.” These include specific financial, banking and procedural rules. Stakeholders may submit comments […]

Are you a tax-favored real estate professional?

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive […]