Newsletters
IRS Issues FAQs on Deduction for Qualified Overtime Compensation (FS-2026-1; IR 2026-10)
The IRS issued frequently asked questions (FAQs) addressing the new deduction for qualified overtime compensation added by the One, Big, Beautiful Bill Act (OBBBA). The FAQs provide general informatio...
The IRS issued frequently asked questions (FAQs) addressing the new deduction for qualified overtime compensation added by the One, Big, Beautiful Bill Act (OBBBA). The FAQs provide general informatio...
Proposed Regulations Issued on Car Loan Interest Deduction (NPRM REG-113515-25; IR 2025-129)
Proposed regulations regarding the deduction for qualified passenger vehicle loan interest (QPVLI) and the information reporting requirements for the receipt of interest on a specified passenger vehic...
Proposed regulations regarding the deduction for qualified passenger vehicle loan interest (QPVLI) and the information reporting requirements for the receipt of interest on a specified passenger vehic...
IRS Provides Interim Guidance on Amendments to Bonus Depreciation Under OBBA; Proposed Regulations Forthcoming (Notice 2026-11; IR 2026-06)
The IRS has released interim guidance to apply the rules under Regs. §§1.168(k)-2 and 1.1502-68, with some modifications, to the the acquisition date requirement for property qualifying for 100 p...
The IRS has released interim guidance to apply the rules under Regs. §§1.168(k)-2 and 1.1502-68, with some modifications, to the the acquisition date requirement for property qualifying for 100 p...
2026 Standard Mileage Rates Released (Notice 2026-10; IR 2025-128)
The IRS released the optional standard mileage rates for 2026. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes So...
The IRS released the optional standard mileage rates for 2026. Most taxpayers may use these rates to compute deductible costs of operating vehicles for: business, medical, and charitable purposes So...
IRS Issues FAQs on Limitation on Deduction for Business Interest Expense (FS-2025-9; IR 2025-126)
The IRS issued frequently asked questions (FAQs) addressing the limitation on the deduction for business interest expense under Code Sec. 163(j). The FAQs provide general information to taxpayers and...
The IRS issued frequently asked questions (FAQs) addressing the limitation on the deduction for business interest expense under Code Sec. 163(j). The FAQs provide general information to taxpayers and...
IRS Lists FAQs on Premium Tax Credit (FS-2025-10; IR-2025-127)
The IRS issued frequently asked questions (FAQs) addressing updates to the Premium Tax Credit. The FAQs clarified changes to repayment rules, the removal of outdated provisions and how the IRS will tr...
The IRS issued frequently asked questions (FAQs) addressing updates to the Premium Tax Credit. The FAQs clarified changes to repayment rules, the removal of outdated provisions and how the IRS will tr...
IRS Grants Relief for Farmers Deferring Tax on Land Sales (Notice 2026-3)
The IRS issued guidance providing penalty relief to individuals and corporations that make a valid Code Sec. 1062 election to defer taxes on gains from the sale of qualified farmland. Taxpayers who ...
The IRS issued guidance providing penalty relief to individuals and corporations that make a valid Code Sec. 1062 election to defer taxes on gains from the sale of qualified farmland. Taxpayers who ...
IRS Extends Transition Period for PFML Programs (Notice 2026-6)
The IRS has extended the transition period provided in Rev. Rul. 2025-4, I.R.B. 2025-6, for states administering paid family and medical leave (PFML) programs and employers participating in such prog...
The IRS has extended the transition period provided in Rev. Rul. 2025-4, I.R.B. 2025-6, for states administering paid family and medical leave (PFML) programs and employers participating in such prog...
Health Care Is The Key Legislative Priority To Kick Off 2026
Addressing health care will be the key legislative priority a 2026 starts, leaving little chance that Congress will take up any significant tax-related legislation in the coming election year, at leas...
Addressing health care will be the key legislative priority a 2026 starts, leaving little chance that Congress will take up any significant tax-related legislation in the coming election year, at leas...
Fifth Circuit Rejects "Passive Investor" Rule for Code Sec. 1402(a)(13) Exception (Sirius Solutions, L.L.L.P., CA-5)
The Fifth Circuit Court of Appeals held that a "limited partner" in Code Sec. 1402(a)(13) is a limited partner in a state-law limited partnership that has limited liability. The court rejected the "...
The Fifth Circuit Court of Appeals held that a "limited partner" in Code Sec. 1402(a)(13) is a limited partner in a state-law limited partnership that has limited liability. The court rejected the "...
Plan carefully when dealing with ISOs
Incentive stock options (ISOs) give employees a "piece of the action" while allowing employers to attract workers at relatively inexpensive costs. However, before you accept that job offer, there are ...
Incentive stock options (ISOs) give employees a "piece of the action" while allowing employers to attract workers at relatively inexpensive costs. However, before you accept that job offer, there are ...
Sale of residence gain exclusion not always automatic
For homeowners, the exclusion of all or a portion of the gain on the sale of their principal residence is an important tax break....
For homeowners, the exclusion of all or a portion of the gain on the sale of their principal residence is an important tax break....
Client FAQ: Wash sales
Q. A large portion of my portfolio is invested in Internet stocks and with the recent market downturn, I've accumulated some substantial losses on certain stocks. Although I think these stocks will e...
Q. A large portion of my portfolio is invested in Internet stocks and with the recent market downturn, I've accumulated some substantial losses on certain stocks. Although I think these stocks will e...
Client FAQ: Home equity loans
Q. The recent upturn in home values has left me with quite a bit of equity in my home. I would like to tap into this equity to pay off my credit cards and make some major home improvements. If I get...
Q. The recent upturn in home values has left me with quite a bit of equity in my home. I would like to tap into this equity to pay off my credit cards and make some major home improvements. If I get...
Tax treatment of costs of starting a new business
As a new business owner, you probably expect to incur many expenses before you even open the doors. What you might not know is how these starting up costs are handled for tax purposes. A little knowle...
As a new business owner, you probably expect to incur many expenses before you even open the doors. What you might not know is how these starting up costs are handled for tax purposes. A little knowle...
Client FAQ: Gambling winnings and losses
Q. My wife and I are both retired and are what you might call "social gamblers". We like to play bingo and buy lottery tickets, and take an occasional trip to Las Vegas to play the slot machines. Ar...
Q. My wife and I are both retired and are what you might call "social gamblers". We like to play bingo and buy lottery tickets, and take an occasional trip to Las Vegas to play the slot machines. Ar...
Should you buy or lease your next vehicle?
Probably one of the more difficult decisions you will have to make as a consumer is whether to buy or lease your auto. Knowing the advantages and disadvantages of buying vs. leasing a new car or truck...
Probably one of the more difficult decisions you will have to make as a consumer is whether to buy or lease your auto. Knowing the advantages and disadvantages of buying vs. leasing a new car or truck...
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