Thinking About Solar Panels? The Tax Credit Deadline Is Closer Than You Think

As the weather cools, many homeowners are seeking ways to reduce their energy bills and possibly get a tax break by installing solar panels. If that’s your plan, don’t wait too long. The Residential Clean Energy Credit, originally set to be available through 2032, now ends Dec. 31, 2025, under the One Big Beautiful Bill […]

Tax Trouble? Remember, You Have the Right to a Representative

One of the 10 fundamental rights guaranteed to taxpayers by the IRS’s Taxpayer Bill of Rights is the right to representation. This means you’re allowed to have an authorized representative of your choice (such as a CPA, attorney or other qualified professional) to advise or represent you in dealings with the IRS. If the IRS […]

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 […]

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 […]

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. […]

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 […]

OBBBA Permanently Increases Federal Estate and Gift Tax Exemption

Normally, certain inflation-adjusted numbers affect taxpayers’ estate plans every year. One is the federal gift and estate tax exemption. But for 2026, the One Big Beautiful Bill Act (OBBBA) permanently increases the exemption amount to $15 million (up from $13.99 million for 2025). That amount will be adjusted annually for inflation for 2027 and beyond. […]

Plan Ahead: OBBBA Doubles Sec. 179 Expensing for 2025

If you own a business, the Sec. 179 expensing election allows you to deduct the cost of purchasing eligible assets rather than depreciating them over multiple years. An annual expensing limit applies, which begins to phase out dollar-for-dollar when acquisitions for the year exceed the phaseout threshold. For qualifying property placed in service in 2025, […]