The Spiraling Cost of Federal Healthcare Subsidies and Carveouts

The Spiraling Cost of Federal Healthcare Subsidies and Carveouts https://bit.ly/3Vt0xzR

Resolve IRS Disputes Faster With Fast Track

In a recent Tax Executives Institute seminar, the IRS’s Large Business and International (LB&I) Division Commissioner Mabeline Baldwin discussed her department’s priorities. LB&I is currently revising forms to eliminate redundancies and incorporate tax law changes, and is ramping up Fast Track, a voluntary mediation program. Businesses that choose Fast Track can generally expect their cases […]

Give Business Interests. Save on Gift Taxes.

Business owners may be able to transfer wealth more tax efficiently by gifting ownership interests to family members. For 2026, the gift tax annual exclusion is $19,000 per recipient. Certain interests may qualify for valuation discounts. For example, a minority interest may qualify for a lack-of-control discount because the holder can’t dictate business decisions. A […]

Disaster Tax Relief Just Got Easier

President Trump has signed the Doug LaMalfa Federal Disaster Tax Relief Certainty Act. Among other things, it expands personal deductions for disaster-related losses. Previously, victims of a federally declared disaster could deduct personal casualty losses only if they itemized, and only to the extent those losses exceeded 10% of their adjusted gross income (AGI). The […]

IRS Proposes New Rules for Qualified Opportunity Zone Investments

The IRS has proposed regulations regarding recent Qualified Opportunity Zone (QOZ) changes. The QOZ program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities through Qualified Opportunity Funds (QOFs). Under the proposed regs, QOFs would file information returns with the IRS and furnish statements to investors who dispose […]

Employers: New IRS Guidance Clarifies the Overtime Pay Tax Deduction

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created under the One Big Beautiful Bill Act. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting […]

Producing Clean Fuel? You May Qualify for a Valuable Tax Credit

The Section 45Z Clean Fuel Production Tax Credit is a tax incentive designed to encourage U.S. production of transportation fuels with lower lifecycle greenhouse gas emissions. It’s available for qualifying fuel produced after Dec. 31, 2024, and sold through Dec. 31, 2029. To claim the credit, taxpayers must produce qualifying fuel at a U.S. facility, […]

New Car Loan? You May Be Able to Deduct the Interest

The IRS has issued final regulations on the car loan interest deduction. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal use, eligible taxpayers may be able to deduct up to $10,000 in interest annually (through 2028), whether they itemize or claim the standard deduction. The deduction begins […]

Getting Paid Early? Your Business May Be Able to Defer the Tax

Does your business receive advance payments from customers? For federal tax purposes, these payments generally are taxable in the year received. But accrual-basis businesses may have another option. If certain requirements are met, these businesses can defer some or all eligible advance payments to the next tax year. That means qualifying payments received in 2026 […]

RMD Deadline Approaching: Don’t Wait Until Year End

Year end is an important time to check required minimum distributions (RMDs). If you’re age 74 or older in 2026 and already subject to the RMD rules, you generally must take your 2026 RMD from traditional IRAs and applicable employer retirement plans by Dec. 31, 2026. If you turned — or will turn — 73 […]