Trump and EU Strike Deal: 15% Tariff on Most EU Imports

President Donald Trump and European Commission President Ursula von der Leyen announced a “framework” trade agreement that imposes a 15% import tariff on most European Union (EU) goods. Previously, Trump had threatened a 30% tariff on EU goods. Trade between the two allies accounts for nearly a third of global trade. The deal comes after […]

Garage Cleanout = Tax Deduction? Only If You Do This

If your summer chore list includes cleaning out the garage and closets, you might have items to donate to a local charity. That may lead to tax savings, but be aware that you can only claim a deduction for noncash donations if you itemize deductions on your tax return. You’ll need to obtain proper documentation […]

IRS & Social Security Payments Go All-Electronic — No More Paper Checks After Sept. 2025

If you still receive federal payments by paper check, you may need to take certain steps soon. Starting Sept. 30, 2025, the federal government will stop issuing paper checks for payments such as tax refunds, Social Security benefits and more. Direct deposit will become the only option unless the deadline is extended. The goal is […]

FIRE Is Ending — Are You Ready for the IRS Transition to IRIS?

The IRS has announced it will soon retire its Filing Information Returns Electronically (FIRE) system. FIRE is used primarily by small businesses, self-employed individuals, tax professionals, nonprofits, payroll companies and others to file tax forms such as Form 8955-SSA and Forms 1099. FIRE will be discontinued for tax year 2026, with the transition occurring in […]

🚀 Big Changes for 529 Plans: The OBBBA Unlocks More Education Funding!

The One, Big, Beautiful Bill Act (OBBBA) contains enhancements to Section 529 plans. The new law expands the list of educational expenses that can be paid with tax-free distributions. Starting in 2026, 529 plan funds can cover qualified expenses, including books, online instructional materials, tutoring or classes outside the home, and some testing fees. In […]

Immediate deduction for R&D Credit reinstated in Big, Beautiful Bill

Does your business incur research and experimentation (R&E) expenses? The One, Big, Beautiful Bill Act reinstates the immediate deduction for research activities conducted in the United States, beginning in 2025. Before the new law was enacted, R&E expenses had to be capitalized and amortized over five years, beginning on or after Jan. 1, 2022. What […]

What is ordinary and necessary?

“Ordinary and necessary” business expense tax deductions are allowed when carrying on an active trade or business. In one case, a taxpayer engaged in real-estate-related activities. His business expense and depreciation deductions were denied by the U.S. Tax Court. The court ruled that the activities didn’t constitute an active trade or business. Instead, the property […]

🏛️ Estate Tax Win: $15M Exemption Made Permanent — Wealth Transfer Just Got Easier 💼👨‍👩‍👧‍👦

Individuals with sizable estates can breathe a sigh of relief when it comes to the federal estate tax. Currently, the federal gift and estate tax exemption is $13.99 million for individuals ($27.98 million for married couples). This exemption was scheduled to revert to $5 million (plus inflation adjustments) in 2026. But under the One, Big, […]

🏡 Big Tax Break Could Be Coming for Home Sellers — Say Goodbye to the $250K Cap? 💰

If a new bill gains traction, there could be good news ahead for homeowners looking to sell their homes. Currently, qualified sellers can exclude up to $250,000 in capital gains from the sale of a primary residence ($500,000 for married couples filing jointly). This limit was set in 1997. U.S. Rep. Marjorie Taylor Greene (R-GA) […]

📈 IRS Cracks Down on High Earners & Partnerships — But Will It Last? 💼🔍

A new Treasury Inspector General for Tax Administration (TIGTA) report says that IRS audits of high-income taxpayers and partnerships increased from fiscal years 2020 through 2023. Although audits of large corporations fell during the period, “examination starts” for partnerships rose by 63%. Audit rates of individuals with incomes over $400,000 rose from 5.2% in 2020 […]