Vacation Home + Charitable Giving: Know the Tax Rules

Your vacation home may open the door to charitable giving tax breaks. But following the rules can be challenging. A donation of short-term use of the property generally isn’t deductible. It could even create negative tax consequences for you, depending on how many days you rent out the home and how much you use it […]

Rental Property Owners: Could You Qualify as a Real Estate Professional?

Do you own rental property? You may be able to avoid having your rental real estate treated as a passive activity — and the negative tax consequences that can come with that treatment — by qualifying as a real estate professional for tax purposes. To qualify, you generally must spend more than 750 hours during […]

Cryptocurrency Holders: Watch Out for a New IRS Scam

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like https://bit.ly/2qDnQsI The site may ask for personal information, cryptocurrency wallet details, […]

Taxpayer Relief Bill Advances in the Senate

A bipartisan tax bill that could improve tax administration and reduce burdens for taxpayers advanced out of the Senate Finance Committee on July 30. The Taxpayer Assistance and Service Act would, among other things, expand digital services, increase transparency about processing delays and wait times, add more callback options and provide additional relief for some […]

Triple Tax Benefits: Why HSAs Are Worth a Look

Do you have a health savings account (HSA)? If you’re covered by a high-deductible health plan (HDHP) or Bronze or Catastrophic plan available on state and federal insurance exchanges, you can pair it with an HSA. HSAs are funded with pretax or tax-deductible contributions, and withdrawals to pay for qualified out-of-pocket medical expenses are tax-free. […]

New Proposal Could Expand Savings for Foster Youth

A new bill in the U.S. House would enable philanthropic organizations and states to make unlimited contributions to Sec. 530A accounts (also known as Trump accounts) on behalf of children in foster care. Currently, most 530A accounts aren’t eligible to receive unlimited contributions. If passed and signed into law, the Foster Youth Investment Act would […]

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 […]