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Tired of explaining the latest bank scams to your grandparents, parents, or peers? Point them to Banks Never Ask That, a national initiative from the American Bankers Association designed to help consumers spot red flags and reduce the billions lost to scams each year.
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Beginning in 2026, many business meal deductions will become more limited. Office snacks, coffee, employer-provided meals (such as tax season meals), and meals provided during employee seminars are generally no longer deductible.
However, client meals directly related to a business discussion and employee meals while traveling overnight for business remain 50% deductible.
As always, it is important to include the following information on your receipt or other support:
~ Dollar amount (typically already included)
~ Time and place (typically already included)
~ Business purpose
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You may have a once-in-a-generation opportunity to claim refunds or obtain abatement of IRS penalties and interest that were assessed or paid during the COVID-19 pandemic. However, you must act quickly to preserve your potential claim.
Here is the background: In Kwong v. United States, the U.S. Court of Federal Claims ruled that a COVID-era disaster relief statute automatically postponed many federal tax deadlines from January 20, 2020, through July 11, 2023. Until now, the IRS had largely ignored this provision.
As a result, you may qualify for refunds or abatement of failure-to-file penalties, failure-to-pay penalties, estimated tax penalties, and underpayment interest that accrued during this 3.5-year disaster period. These amounts can be substantial.
At this stage, however, you should not assume the IRS will automatically issue refunds. The IRS will likely challenge the broad application of the Kwong decision, and appellate courts could narrow or overturn the ruling. In…
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Many charitably minded individual retirement account (IRA) owners use qualified charitable distributions (QCDs) to satisfy required minimum distributions (RMDs) while avoiding income tax. One simple mistake, however, can turn an otherwise tax-free QCD into fully taxable income.
After age 70 1/2, you may direct up to $111,000 in 2026 from your traditional IRA to a qualified charity; for married couples, each spouse may give that amount from their own IRA.
The QCD can count toward your RMD once you reach age 73, and the QCD stays out of your adjusted gross income. Lower adjusted gross income can help you avoid higher tax brackets, higher Medicare premiums, and taxation of Social Security benefits.
The trouble arises under the strict no-benefit rule.
You must send a QCD directly to a Section 501(c)(3) charity, not to a donor-advised fund. More importantly, you must not receive anything of value in return. If you do,…
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The One Big Beautiful Bill Act (OBBBA) introduces a substantial expansion of the tax credits available to businesses that provide childcare support to their employees. Beginning in 2026, the maximum credit for small businesses will increase from $150,000 to $600,000. This change reflects a growing recognition of childcare as a critical component of workforce stability and business growth.
Under these new guidelines, a business does not necessarily need to own an on-site facility to qualify for the credit. Expenses related to contracting with licensed off-site providers, utilizing childcare referral services, or participating in third-party childcare platforms are generally eligible. Furthermore, the OBBBA allows smaller employers to pool their resources, making it easier to provide high-quality childcare options without a prohibitive administrative or financial burden.
As we look toward 2026, it is important for business owners to evaluate their current benefit structures. While these credits can offer significant net tax savings,…
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For years, mailing a return by the deadline was enough, but recent USPS processing changes have created a new risk for taxpayers. Because mail is often routed to distant regional centers, a return dropped off on the deadline may not receive a postmark until the following day, which the IRS considers late. We recommend using certified mail or electronic filing to ensure you have legal proof of your filing date. 📌
#TaxPlanning #SmallBusinessTips #BusinessOwners #CFOInsights #FinancialClarity #TaxCompliance #CPAFirm #IRSGuidelines
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Many married couples form an LLC to own rental property to obtain liability protection. After they create the LLC, they often ask an important tax question: Does the LLC force them to file a partnership return?
The answer depends largely on where they live and how they own the property.
Federal tax rules treat any unincorporated business with two owners as a partnership by default. When a husband and wife form a two-member LLC, the IRS normally requires a partnership return on Form 1065. Some exceptions exist, but most couples do not qualify for them.
Tax law allows “mere co-ownership” of real estate without creating a partnership. This rule applies only when individuals own property directly as tenants in common and simply maintain and rent it. Once spouses place the property inside a multi-member LLC, they move beyond co-ownership and create a separate tax entity. At that point, the partnership…
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Major milestone! 🎉 The Social Security Administration (SSA) just announced that over 100 million Americans have created their "my Social Security" accounts.
This secure online portal is key to SSA's "digital-first transformation," providing you with 24/7 access to:
Manage your benefits.
Check your earnings record (great for tax season!).
Estimate your future benefits.
Set up your free account today to access these services anytime, anywhere: SSA my Social Security
We always recommend that when mailing anything official to send it via certified mail with a return receipt. This will give you the necessary proof to show it was mailed timely