Participating = Responsibility: Key Takeaway from TC Memo 2025-91

Spouses filing joint tax returns are generally both liable for the tax owed. But sometimes a spouse may qualify for innocent spouse relief. In one case, a husband owned an insurance firm and his wife ran a small business. She helped their accountant prepare joint tax returns by supplying financial information and signing the returns. […]

Act soon: The OBBBA ends clean energy tax breaks

The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]

Emergency Prep Isn’t Just for Storms — It’s for Your Tax Records Too

September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or to update their existing plan for 2025. This time of year is the peak season for extreme weather events, such as hurricanes and flash floods. So it’s in your best interest to have a plan for your home […]

OBBBA Is Law — But Will Your State Play Along?

The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, doesn’t only affect taxpayers at the federal level. It also affects them at the state level, depending on the extent to which a taxpayer’s state conforms with federal tax law. There generally are three degrees of conformity: 1) rolling conformity, which automatically […]

Saving for Disability Expenses? ABLE Account Rules Just Got Better

Achieving a Better Life Experience (ABLE) accounts offer a tax-advantaged way to fund qualified disability expenses for a beneficiary who became blind or disabled before age 26 (increasing to age 46 in 2026). There’s no tax deduction for contributions, but funds can grow tax-deferred and distributions for qualified expenses are tax-free. The One Big Beautiful […]

IRS Previews 2026 W-2: Big Changes for Employers Ahead

The IRS has published draft versions of Forms W-2 and W-2c for the 2026 tax year. The revised forms introduce new reporting requirements aligned with the One Big Beautiful Bill Act’s (OBBBA’s) new deductions for tips and overtime. For 2025 through 2028, the OBBBA creates a deduction of up to $25,000 for tip income in […]

⚡ Deadline Alert: Lock in Your EV Tax Credit by Sept. 30!

The cutoff date to take advantage of the $7,500 tax credit for purchasing or leasing a new electric vehicle (EV) or $4,000 credit for buying a used one is fast approaching: Sept. 30, 2025. Just in time, the IRS has issued guidance on the new, used and commercial clean vehicle credits (Sections 30D, 25E and […]

Nonprofit Fraud: $2.9M Stolen, 25 Years in Prison

Charitable organizations recognized by the IRS as tax-exempt can enjoy tax-favored status if they strictly follow IRS rules. Among other things, nonprofits must not serve private interests, engage in illegal activity or violate public policy. Violations can result in loss of tax-exempt status, fines and more. One nonprofit agency provided meals for low-income children. After […]

Tax Estimate Due Date Approaching

If you’re a taxpayer who must make quarterly estimated tax payments, don’t let the next due date sneak up on you. The third estimated payment for 2025 is due Sept. 15. Generally, you’ll need to make estimated payments if you earn taxable income that isn’t subject to withholding or if you expect to owe at […]

Can AI Help Catch Tax Fraud? The IRS Has Been Testing That for Years

Republicans on the U.S. House’s Ways and Means Committee want the IRS to use AI technologies to help enforce tax laws. Two committee members have introduced the DETECT Act, which would charge the Government Accountability Office with studying AI-assisted tax fraud detection methods and report on their potential to help the IRS detect tax fraud. […]