Need to file for a refund of excise tax?

On April 30, the IRS issued temporary regulations explaining how taxpayers can recover federal excise taxes paid on clear diesel fuel or kerosene they later removed from a terminal as dyed fuel for nontaxable use. Eligibility is limited to taxpayers who paid the original tax on the dyed fuel related to the claim. Taxpayers meeting […]

Summer Camps may qualify for Federal Credit

Are you planning to send your kids to day camp this summer while you work? Costs for children under 13 may qualify for the federal Child and Dependent Care Credit. Eligible expenses include fees for day camps, even those focused on specific activities. In 2026, you may claim 20% to 50% (depending on your adjusted […]

Midterm elections are on the horizon, are contributions deductible?

The 2026 midterm elections are about six months away, so you may be thinking about donating money to political campaigns. It’s important to remember that contributions to candidates, campaign committees (including political action committees or PACs), political parties and groups seeking to influence legislation aren’t tax deductible. You’re also prohibited from deducting admission to dinners […]

Taxpayer Advocacy Panel released 2025 Annual Report

The Taxpayer Advocacy Panel (TAP) is a nonpartisan advisory committee made up of citizen volunteers dedicated to improving the federal tax system. Recently, TAP released its 2025 Annual Report (https://bit.ly/48A507M), which summarizes its accomplishments (such as gathering input from ordinary taxpayers) and recommends IRS upgrades. Among the 188 suggestions TAP made to the IRS are […]

IRS introduces new process for resolving ERC claims

The IRS has introduced a new process to help certain taxpayers extend deadlines for resolving disallowed Employee Retention Credit (ERC) claims while protecting refund rights. Taxpayers who receive Letter 105-C or 106-C for full or partial ERC disallowance generally have two years to resolve the claim administratively or file a refund suit in federal court. […]

Do I qualify for QBI on my rental real estate?

Are rental real estate activities eligible for the qualified business income (QBI) deduction? The answer is a distinct “maybe.” This tax break allows eligible sole proprietors and owners of “pass-through” entities to deduct up to 20% of QBI. Pass-through entities include partnerships, S corporations and most limited liability companies. However, income from a rental real […]

Could Your Adult Children Qualify for a 0% Capital Gains Tax Rate?

Although it may not be possible for you to enjoy a 0% tax rate, your adult children could be eligible. If they’re in the 10% or 12% income tax bracket, you might want to consider transferring long-term appreciated investments to them. If they sell the assets, they’ll likely qualify for a 0% capital gains rate […]

A hearing on recreational marijuana comes next month

On April 23, 2026, the U.S. Justice Dept. and Drug Enforcement Administration (DEA) ordered state-licensed medical cannabis and FDA-approved marijuana products to be moved from Schedule I to a less-restricted Schedule III status (https://bit.ly/48hV9n0). This reclassification doesn’t legalize cannabis on the federal level, but it’s expected to have significant tax benefits for some cannabis businesses. […]

On-site Food and Beverages deductions have changed for 2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct 1) meals treated as de minimis fringe benefits, or 2) employer-provided meals that are excludable from an employee’s income and provided for the employer’s convenience on business premises. […]

IRS to modernize NonProfit tax filing

The U.S. Dept. of the Treasury announced that the IRS plans to modernize Form 990, Return of Organization Exempt from Income Tax. The information form is generally filed by nonprofits. The revised form would require tax-exempt organizations to provide clearer reporting on certain activities. The planned changes are intended to improve transparency to help detect […]