Protect Your Estate Plan with Defined-Value Gifts

Making large gifts to your family can significantly reduce the size of your taxable estate. But hard-to-value gifts, such as interests in a closely held business, can lead to gift tax liabilities (plus interest and possibly penalties) if the IRS determines that the gift was undervalued. To help avoid an unexpected outcome, consider making a […]

Could You Qualify for an IRS Whistleblower Award?

National Whistleblower Appreciation Day was July 30. Since the IRS program’s inception in 2007, whistleblower information has contributed to more than $8 billion recovered and over $1.4 billion paid in awards. The IRS Whistleblower Office provides a secure process for individuals to report tax violations. In some cases, taxpayers receive a monetary award for information […]

Cigarette Taxes by State, 2026

Cigarette Taxes by State, 2026 https://bit.ly/4wNRV4P

RS Provides Special Tax Relief for Certain 2026 World Cup Participants

The IRS is providing tax-filing relief for certain 2026 World Cup participants. Typically, tax-exempt organizations must file Form 990, Return of Organization Exempt from Income Tax. But Revenue Procedure 2026-28 provides an exception for tax-exempt member associations of the Fédération Internationale de Football Association (FIFA) that competed in the recently concluded World Cup — generally […]

Extended Your Tax Return? Don’t Wait Until October to File

Did you request an extension to file your 2025 individual federal income tax return? If so, you have until Oct. 15, 2026, to file it. But if you have the tax-filing information you need, you may want to file now. There’s no advantage to waiting until the fall. If you owe tax, the IRS offers […]

Moving in Retirement? Don’t Overlook the Tax Consequences

With an exemption amount of $15 million per individual (generally $30 million for married couples), the federal estate tax doesn’t apply to many people in 2026. However, some states impose an estate tax on much smaller estates, and some have an inheritance tax in lieu of — or in addition to — an estate tax. […]

Could You Be Personally Liable for Your Business’s Unpaid Payroll Taxes?

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your […]

Choosing a Business Entity? Don’t Overlook Double Taxation

Are you thinking of launching a new business as a C corporation? Beware of double taxation. First, the company will pay tax at the entity level. Then the individual shareholders may owe additional tax when they receive dividends and other taxable distributions or sell their shares. Reducing corporate taxable income can lessen the impact. For […]

Don’t Let Poor Records Cost You a Tax Deduction

If you’ve made or plan to make charitable donations this year, keeping complete records can help support a deduction on your federal tax return. Beginning with the 2026 tax year, taxpayers who claim the standard deduction rather than itemizing can deduct up to $1,000 of cash contributions to qualified charities. Taxpayers who want to deduct […]

IRS announces ACA adjustments for 2027

The IRS has announced Affordable Care Act (ACA) indexing adjustments for 2027. For plan years beginning in 2027, the required contribution percentage used to determine whether employer-sponsored health coverage is “affordable” under the ACA will be 10.22% (up from 9.96% for 2026). If the percentage of household income that certain employees must contribute to pay […]