Comparing Distilled Spirits Taxes by State

Comparing Distilled Spirits Taxes by State https://bit.ly/4dYGn7X

IRS Identity Theft Filters Flag Millions of Returns

In 2024 and 2025, the IRS prevented $7 billion in fraudulent tax refunds and used identity theft filters to flag about 7.5 million tax returns for additional review, according to a May 13 audit report from the Treasury Inspector General for Tax Administration (TIGTA). Advanced filters and manual reviews help identify suspicious tax filings while […]

Renovating Your Home? Don’t Overlook the Tax Benefits

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as […]

Good News For Partnerships: K‑1 Timing Now Drives Gain/Loss Reporting

Final regulations released by the IRS stipulate that partnerships no longer need to provide detailed gain and loss information to selling partners by January 31. This deadline had become a contentious issue. The tax code requires that any portion of a partnership’s sale proceeds attributable to the partner’s share of unrealized receivables and inventory items […]

Stop IRS Phone Frustration: 7 Things You Need Before You Dial

If you need to speak to an IRS representative by phone, know that you’ll be required to verify your identity. You’ll be asked for your Social Security number, birth date and filing status. Also have handy your previous year’s tax return, the tax return you’re calling about and any correspondence received from the IRS. If […]

Proposed EV And Hybrid Annual Fees Aim To Replenish The Highway Trust Fund

Owners of electric vehicles (EVs) and plug-in hybrid vehicles may be assessed an annual fee to bolster the Highway Trust Fund and to offset declining gas tax revenue. A bipartisan bill (dubbed the BUILD America 250 Act) currently being proposed in the House of Representatives calls for an annual fee starting at $135 for EV […]

Empowering Your Right To Be Informed: Understanding The IRS Taxpayer Bill Of Rights

Ten fundamental rights make up the IRS’s Taxpayer Bill of Rights. One of the most important is the right to be informed. In a recently issued Tax Tip, the IRS provides a detailed look at what this right means. Among other things, it means that the IRS will include within certain notices any amount of […]

Small Landlords: Don’t Overlook This Tax Deduction

Small landlords: You may be eligible for a valuable tax break. Unless you’re a “real estate professional” for tax purposes, rental losses are typically treated as passive and can’t offset nonpassive income, such as wages or business income. But some landlords may deduct up to $25,000 in rental real estate losses against other income each […]

Hobby or Business? Why the Difference Matters for Your Taxes

Earning income from a personal interest raises a key tax question: Is it a hobby or a business? This distinction is important because different tax rules apply. All income must be reported, but expenses and losses are deductible only if the activity qualifies as a business. If it’s considered a hobby, you can’t deduct related […]

IRS Reinstates Private Letter Rulings for Key Corporate Tax Issues

In May 2026, the IRS reinstated a previously discarded policy that allows taxpayers to request private letter rulings (PLRs) from the IRS, but only for “significant issues” arising in corporate transactions. In the past, the IRS would, when requested, review entire proposed transactions. This could be time consuming and costly. Now, the agency will issue […]