Did You Know? You Have the Right to Challenge the IRS

It may seem like a daunting task, but you have the right to raise an objection with the IRS and receive a timely response if you disagree with its position regarding your taxes. One of the 10 fundamental rights under the Taxpayer Bill of Rights is the “right to challenge the IRS’s position and be […]

IRS Issues New Qualified Opportunity Zone Transition Guidance

The IRS has issued Notice 2026-40 providing transitional guidance for Qualified Opportunity Zones (QOZs) following recent law changes. The notice clarifies that gains deferred by making qualified investments on or before Dec. 31, 2026, generally must be recognized in the tax year that includes Dec. 31, 2026. Investments made in 2027 or later will follow […]

IRS Releases New Opportunity Zone Guidance

Halfway Through the Year—How’s Your Tax Plan Looking?

Midyear is a good time for individuals to assess their 2026 tax situation. Start by forecasting your projected income, tax bracket and eligibility for deductions. Remember, you may claim either the standard deduction or itemize. Itemizing makes sense if your itemized deductions will exceed your standard deduction. Factors to consider may include the higher cap […]

Betting on the World Cup? Know the Tax Rules

Individuals betting on the FIFA World Cup need to understand the potential tax obligations. Gambling winnings are considered taxable income. As such, they’re subject to federal rates up to 37%, and state income tax may also apply. Losses can be claimed as federal itemized deductions, limited to 90% of losses and capped at winnings. Wagers […]

Teachers: Make Summer Tax-Smart

If you’re a schoolteacher, you’re probably enjoying a well-deserved summer break. But consider using some of your free time to organize tax records. You may be familiar with the $350 classroom expense deduction, but you can’t claim it unless you know what you’ve spent out of pocket. If you buy classroom supplies this summer, make […]

Elder Fraud Is on the Rise: Know the Warning Signs

Within the last two years, the IRS’s Criminal Investigation (IRS-CI) division has seen an increase in fraudulent activity targeting elderly taxpayers. In fiscal year 2025 alone, IRS‑CI initiated 97 new elder fraud investigations. And halfway into the current fiscal year, investigators have opened an additional 64 cases. IRS-CI says one of the most common schemes […]

More Than Soccer: The Tax Side of the FIFA World Cup

The 2026 FIFA World Cup games are underway. They’re being played in the U.S., Canada and Mexico. What many American fans may be surprised to learn is that foreign participants in the World Cup, including athletes, coaches and team personnel, may be subject to U.S. taxes on income earned while they’re here. The Taxpayer Advocate […]

IRS Advisory Committee Recommends Big Changes for Tax Administration

Simpler tax rules. Better digital tools. Stronger fraud protection. Those are just some of the priorities highlighted in the newly released Electronic Tax Administration Advisory Committee (ETAAC) 2026 report to the IRS and Congress. (ETAAC members represent taxpayers, tax professionals, tax software developers, payroll service providers, the financial industry, and state and local governments.) The […]

New Tax Rules Are Making This Charitable Giving Strategy Even More Valuable

New Tax Rules Are Making This Charitable Giving Strategy Even More Valuable https://bit.ly/4exRIfs