IRS issues proposed regulations covering investments in Trump Accounts

Wondering how Sec. 530A accounts (also known as Trump Accounts) may be invested? The IRS has issued proposed regulations clarifying the investment options allowed during the “growth period.” This period begins when the beneficiary’s initial account is established and ends on Dec. 31 of the year the child turns 17. During this time, eligible investments […]

Pushback on AI datacenters includes proposals in Congress

As the public in many communities pushes back on data center development, lawmakers are considering new tax policies for these enterprises. In the U.S. Senate, there’s a proposal to eliminate federal tax incentives for data centers, including ending eligibility for 100% bonus depreciation. This proposal would also introduce an excise tax on data centers’ gross […]

Taxes are a key consideration in buying or selling a business

Planning to sell your business or acquire another one? Taxes can play a significant role in the outcome of the deal. For tax purposes, a merger or acquisition is generally structured as either an asset sale or a sale of stock (or another form of ownership interest). Sellers generally prefer stock sales, while buyers favor […]

Considering a gift to family members?

If you’re considering gifts to family members in a lower tax bracket, giving long-term appreciated stock rather than cash can offer valuable tax savings. You may be able to eliminate federal income tax on the capital gains if the loved one is in the 0% tax bracket for long-term gains. The recipient can potentially sell […]

IRS Proposes simplified trust reporting for charitable deductions

The IRS has proposed regulations that may simplify reporting for certain trusts claiming charitable deductions. Under the proposed regs, a trust wouldn’t need to file Form 1041-A, “U.S. Information Return Trust Accumulation of Charitable Amounts,” for a tax year if its only charitable deduction comes from contributions made by a passthrough entity in which the […]

September 15: Your Next Estimated Tax Payment Is Due

Is Sept. 15 flagged on your tax calendar? It’s the deadline for individuals to make their third 2026 estimated tax payment. Estimated payments are generally required if you expect to owe at least $1,000 in federal tax for 2026 after withholding and credits, and your withholding won’t equal at least 90% of your 2026 tax […]

Bankruptcy Doesn’t Mean You’re Done With Your Taxes

Chapter 7 (liquidation) bankruptcy is generally available if you’re an individual or business debtor, regardless of how much you owe and whether you’re solvent. Some tax debt may be dischargeable. But even if this debt is eventually erased, you must continue to comply with tax laws during the bankruptcy process. Make estimated tax payments (if […]

When Is a Lemonade Stand More Than Just a Lemonade Stand?

When is a lemonade stand not just a lemonade stand? If your child earns $400 or more annually in profit from a lemonade stand, lawn service or other self-employment, that income may be taxable. Kids may be able to deduct certain business expenses to lower their self-employment income and potential taxes. They also have several […]

Own a Heavy Highway Vehicle? Don’t Miss This Deadline

Businesses operating vehicles with a gross weight of 55,000 pounds or more on public highways may owe the federal Heavy Highway Vehicle Use Tax. The current reporting period for Form 2290, Heavy Highway Vehicle Use Tax Return, is July 1, 2026, to June 30, 2027. The filing deadline is based on the month a taxpayer […]

BOI Reporting: The Rules Have Changed Again

The Financial Crimes Enforcement Network (FinCEN) is making permanent the suspension of the beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons. If these Corporate Transparency Act requirements had gone into effect, millions of U.S. businesses would have faced the administrative burden of an initial BOI filing and subsequent updates for any […]