When the IRS Incorrectly Flags You as Deceased: Next Steps to Take

Imagine getting locked out of your IRS tax account because the IRS incorrectly believes you’ve died. It’s rare, but it can happen due to processing errors or the Social Security Administration (SSA) sending incorrect information to the IRS. If you receive IRS Notice CP01H, “Tax Return Submitted with Locked Social Security Number (SSN),” verify you […]

Are NIL Contributions Tax-Deductible? Here’s What Donors Should Know

College student-athletes can now be legally paid for the use of their “name, image and likeness” (NIL) without risking NCAA eligibility. But if you support an athlete through NIL contributions, know that payments made directly to student-athletes aren’t tax-deductible. Contributions to organizations commonly called “collectives” may be deductible, but be sure to clear three key […]

Looking for Reliable Tax Updates? Start With Trusted Sources

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be difficult to gauge the accuracy of the information available online. Our firm is one source of trusted information. Another is the IRS. Consider following its official social media accounts (https://bit.ly/4dVN1KP ) and subscribing to its […]

New IRS “Trump Accounts” Now Available for Eligible Children

Taxpayers can now access their Section 530A accounts (also known as “Trump Accounts”) and submit and view the status of Form 4547, “Trump Account Election(s),” through their IRS individual online accounts. A Sec. 530A account can be set up for any U.S. citizen who’ll be under age 18 at the end of the tax year […]

Living Overseas? Don’t Miss the June 15 Tax Filing Deadline

Reminder for Americans living and working abroad: Your 2025 federal income tax return is due by June 15. Taxpayers whose tax home and main place of business are outside of the United States and Puerto Rico generally get an automatic two-month extension to file their return. But interest is charged on any tax that wasn’t […]

Considering a Summer Job After 65? Don’t Overlook the Tax Impact

Are you 65 or older and considering a seasonal or part-time job this summer? The extra income can be rewarding, but it may also change your tax picture. Individuals age 65 or older may qualify for a higher standard deduction, which could reduce taxes on modest earnings. But if you’re receiving Social Security benefits, additional […]

IRS Form 990 Changes Ahead: What Nonprofits Need to Know

Recently, the U.S. Treasury Dept. provided some details about the forthcoming revised IRS Form 990 (an information return used by tax-exempt organizations). Among other things, the new form will require clearer reporting on fiscal sponsorships. These occur when nonprofits provide an administrative umbrella for new charitable projects, sparing them the burden of immediately obtaining tax-exempt […]

Employing Your Child Can Be a Smart Tax Strategy

If you operate a sole proprietorship or a partnership where you and your spouse are the only partners, you might want to consider employing your child this summer. In addition to providing valuable work experience and enabling your child to start contributing to a tax-advantaged IRA, you can save payroll taxes. Wages you pay to […]

A Missed Estate Tax Election Could Be Costly

For 2026, the federal gift and estate tax exemption is $15 million — effectively $30 million for a married couple. “Portability” allows any unused portion of a deceased spouse’s exemption to be transferred to the surviving spouse. But it isn’t automatic. The executor must timely file a properly completed estate tax return. Even if no […]

IRS Clarifies Long-Term Care Withdrawals From Retirement Plans

The IRS has issued guidance (Notice 2026-33) on qualified long-term care (LTC) distributions from defined contribution retirement plans, such as 401(k)s. If a plan permits, distributions made after Dec. 29, 2025, to pay LTC insurance premiums are exempt from the 10% early withdrawal penalty but included in gross income. Distributions are limited to the lesser […]