Prediction Markets Are Becoming a Tax Issue—Here’s Why That Matters

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Prediction markets have grown rapidly over the past few years, attracting investors, cryptocurrency enthusiasts, and high-net-worth individuals looking for new ways to participate in financial markets. Platforms such as Kalshi have introduced…

The Tax Law Changed. The Real Story Is What Comes Next.

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When Congress passes a major tax bill, most people assume the hard part is over. In reality, that's often when the next phase begins. Earlier this month, the U.S. Department of the Treasury and the Internal Revenue Service released their 2026…

IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase 

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Article Highlights: Mid-year Increase Items Included in the Optional Mileage Rate What Can Be Deducted in Addition to the Optional Mileage Rate Switching Methods With gas prices soaring it has been expected the IRS would increase…

If You Owe the IRS Money, Here’s What You Should Know About the Statute of Limitations on Collection

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Article Highlights: Understanding the 10-Year Clock Situations that Toll the Statute of Limitations Avoiding Unnecessary Extensions Strategies for Navigating the 10-Year Collection Period Important Considerations Should…

Trump Accounts Go Live July 4. What to Do Now to Avoid Losing Out

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Article Highlights: Trump Accounts Scheduled to Launch July 4 What to Expect from the Treasury and Activation Emails If You Haven’t Signed Up Yet, Simple First Steps Why Form 4547 Filed with Your 2025 Tax Return Simplifies Activation …

Did You Repay Money You Paid Taxes on in a Prior Year?

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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…

A Surprise Refund Opportunity? Millions of Taxpayers May Be Owed COVID-Era Penalty Refunds

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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…

The IRS Is Paying Attention Again: Why More Taxpayers Are Getting Notices

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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…

Comprehensive Guide to 2025 Tax Changes: What Taxpayers Need to Know

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Article Highlights: Modified Adjusted Gross Income (MAGI) Senior Deduction Enhancements Tax Relief for Tips and Overtime Earnings Vehicle Loan Interest Deduction Adoption and Child Tax Credits SALT Deduction Limit 2025-2029 …

It’s Tax Time – Beware of Scams

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Article Highlights: Awareness Seniors Are Frequent Targets How to Spot a Scam Common Phishing Emails Common Smishing Texts How to Protect Yourself Social Media Tax season is a busy time for taxpayers. It is also a…