Moving in Retirement? Don’t Overlook the Tax Consequences

With an exemption amount of $15 million per individual (generally $30 million for married couples), the federal estate tax doesn’t apply to many people in 2026. However, some states impose an estate tax on much smaller estates, and some have an inheritance tax in lieu of — or in addition to — an estate tax. […]

Could You Be Personally Liable for Your Business’s Unpaid Payroll Taxes?

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your […]

Don’t overlook these tax issues after a job loss

Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss also may require attention. Here […]

Choosing a Business Entity? Don’t Overlook Double Taxation

Are you thinking of launching a new business as a C corporation? Beware of double taxation. First, the company will pay tax at the entity level. Then the individual shareholders may owe additional tax when they receive dividends and other taxable distributions or sell their shares. Reducing corporate taxable income can lessen the impact. For […]

Don’t Let Poor Records Cost You a Tax Deduction

If you’ve made or plan to make charitable donations this year, keeping complete records can help support a deduction on your federal tax return. Beginning with the 2026 tax year, taxpayers who claim the standard deduction rather than itemizing can deduct up to $1,000 of cash contributions to qualified charities. Taxpayers who want to deduct […]

What’s a “small business,” and why does it matter?

Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you might be eligible for some so-called small […]

IRS announces ACA adjustments for 2027

The IRS has announced Affordable Care Act (ACA) indexing adjustments for 2027. For plan years beginning in 2027, the required contribution percentage used to determine whether employer-sponsored health coverage is “affordable” under the ACA will be 10.22% (up from 9.96% for 2026). If the percentage of household income that certain employees must contribute to pay […]

Divorce and IRAs: Avoid Costly Tax Mistakes

Divorce can have important IRA tax consequences. If you’re divorced or legally separated by year end, you generally can’t deduct contributions you make to your former spouse’s traditional IRA. Taxable alimony and separate maintenance payments typically count as compensation for IRA contribution limit purposes. To divide IRA assets tax-free, the transfer generally must be made […]

Create a more agile F&A team with cross-training

The accounting profession continues to face a talent shortage. This trend — driven by retirements among experienced accountants and bookkeepers and a limited pipeline of new graduates with accounting degrees — is forcing many organizations to rethink how their finance and accounting (F&A) team operates. As businesses prioritize flexibility and continuity, cross-training is a practical, […]

How to Avoid the foreign transfer tax

If you’re sending money abroad, beware of a possible 1% excise tax. Effective Jan. 1, 2026, the tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank […]