Your residence sale may quailfy for capital gain exclusion

If you’ve recently sold your home and realized a capital gain, you may be able to exclude some or all of the gain from the sale. To claim the exclusion, you must pass IRS ownership and use tests. During a five-year period ending on the date of sale, you must have owned the home and […]

What’s the fate of the Child Tax Credit?

As Congress continues to debate the scope of tax reform (including the extension of expiring Tax Cuts and Jobs Act provisions) what’s the fate of the Child Tax Credit (CTC)? Through 2025, for each child under age 17 at the end of the tax year, eligible taxpayers may be able to claim a $2,000 credit. […]

Failure to report digital assets

Digital assets are taxed as property, rather than currency. Gain or loss from digital asset exchanges for goods, services, U.S. dollars and other digital assets must be reported on a taxpayer’s federal income tax return. One individual recently pleaded guilty to criminal charges of filing false income tax returns when he failed to report income […]

Is an Offer in Compromise right for you?

The April 15 due date to file tax returns has passed, but many are still wrestling with unpaid federal tax debt. These individuals may be eligible to seek an offer in compromise (OIC) from the IRS. This IRS program allows qualifying taxpayers to settle a debt for less than is owed, or to pay over […]

Are you ready for a natural disaster?

Spring and summer are generally considered natural disaster seasons in the United States. One way you can help protect yourself and your family is to gather financial and tax documents and store them for safekeeping in the cloud or at an off-site physical location. Include records for: federal, state and property taxes; home, auto and […]

IRS reduces regulatory burden

Recently, the IRS issued Notice 2025-22, announcing cuts of multiple “extraneous and unnecessary” IRS notices, announcements and revenue rulings. Similarly, the U.S. Treasury Department has released a direct final rule (https://bit.ly/3RYTcDb ) to abolish certain regulations “with the goal of reducing regulatory burden.” These include specific financial, banking and procedural rules. Stakeholders may submit comments […]

IRS Whistleblower Office plays a key role in tax collection

The IRS Whistleblower Office (WBO) plays a key role in tax collection. It relies on voluntary compliance, investigations, data analytics and information from people with knowledge of noncompliance. The WBO has released its first-ever multi-year operating plan. It outlines guiding principles, strategic priorities, recent achievements and initiatives to advance the WBO. It’s framed around six […]

Another IRS Commissioner lost

The revolving door at the IRS commissioner’s office continues to turn. The IRS has now lost its fourth leader in three months. Acting Commissioner Gary Shapley was replaced after less than one week on the job. It was announced that Deputy U.S. Treasury Secretary Michael Faulkender will now assume the role of acting commissioner. In […]

IRS is streamlining tax administration

Spring cleaning is underway at the IRS. The agency recently released Notice 2025-22 (https://bit.ly/4cxrAOU ) identifying nine guidance documents being “obsoleted.” Much of the eliminated guidance relates to repealed or outdated tax code provisions, such as guidance on the medical device excise tax and on certain foreign tax credits. The goal is to streamline tax […]

Should I amend my tax return?

You filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within three years after your original return is filed, or two years after paying the taxes, whichever is later. So, if you […]