There is a Solution to Provide Tax Relief. Article Highlights: Repaid Income that Was Taxed in a Prior Year Claim of Right Doctrine Common Situations for Repayment Relief Mechanisms: Deduction or Credit Determining the Best Option If you’ve found yourself in a situation where you’ve repaid income that you initially reported as taxable in a […]
Article Highlights: Real Estate Professional Status Tax Benefits Qualifications Personal Services Real Property Trade or Business 750 Hour Rule Material Participation Multiple Property Owners Property Aggregation Navigating the complexities of real estate taxation can be daunting, especially when aiming to achieve the status of a Real Estate Professional under IRS guidelines. This designation is coveted […]
The pandemic disrupted… well, everything. Business operations. Filing deadlines. IRS processing. Even the way taxpayers interacted with the government changed almost overnight. Now, years later, a federal court case is reopening a question many assumed was already settled: Did the IRS improperly assess certain penalties and interest during the COVID era? And if so… Could […]
It starts small. An invoice that used to get paid in 7 days… now takes 14. A reliable client suddenly “misses” your email. Another asks, “Can we split this payment?” At first, you ignore it. Then it stacks. And before long—you’re not just running your business… You’re financing your clients. If cash flow feels tighter […]
A recent wave of IRS court victories is sending a clear message: If a tax strategy exists mainly to reduce taxes—and not for a real business purpose—it may not hold up. This isn’t a new idea. In fact, the foundation goes all the way back to a landmark case: Gregory v. Helvering But what’s changing […]
Article Highlights Aging Population Home Improvements for Medical Care or Treatment Improvements that Increase the Home’s Value Improvements that Do Not Increase the Home’s Value Medical AGI Limitations Hot Tub Deduction Issues The year 2025 marked a significant milestone in the United States. Why? Because a record number of people reached the age of 65. […]
AI Isn’t Replacing Your Business. But It Is Changing How You Scale It There’s a lot of noise around AI right now. Some of it is about job loss. Some of it is about disruption. Most of it is not particularly helpful when you are trying to run a business day-to-day. The real question is […]
They Got In. Now You Have to Decide: How to Pay for College Without Regret You log into the portal together. There’s a pause before clicking. Then the decision appears on the screen. They got in. It’s everything you hoped for them. The work paid off. The opportunity is real. And then, almost immediately, your […]
May 2026 Individual Due Dates May 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer no later than May 11. You can use IRS Form 4070 or your own statement that […]
For a period of time, IRS activity felt quieter. Response times were longer. Enforcement felt less visible. Fewer taxpayers were hearing from the IRS directly. Many people got used to that environment. Now things are shifting. Not all at once, but steadily. More notices are being issued. More requests for clarification are being sent. More […]