The IRS has released new guidance that makes it easier for families to understand when contributions to Trump accounts will trigger gift tax reporting. This safe harbor can allow qualifying contributions to be covered by the annual exclusion and avoid the need to file Form 709, but only if specific conditions are met. The overview
Each year, the National Taxpayer Advocate reports to Congress on how the IRS is performing—and where taxpayers continue to face challenges. The most recent reports, released in January and June 2026, show that while the IRS is handling a high volume of returns efficiently, issues still arise when matters become more complex, and there is
Who's Preparing Your Taxes? The Shocking Truth About Unregulated Tax Preparers Every year, millions of Americans hand their most sensitive financial information to a stranger and trust that person to file an accurate, honest tax return on their behalf. What most taxpayers don't realize is that virtually anyone can call themselves a "tax preparer" —
At the end of May 2026, the IRS released IR-2026-68, which provided instructions on how to view and submit Trump Account elections, making it easier for families to get started with these tax-advantaged accounts. Created under the One Big Beautiful Bill and governed by IRC § 530A, Trump Accounts allow parents, guardians, and other authorized individuals
We've been fielding a number of calls from clients asking whether they're entitled to tariff refunds following the Supreme Court's February 2026 ruling that invalidated tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The short answer: if you're an importer who paid these tariffs since January 2025, you likely qualify for a refund
Floyd "Money" Mayweather's IRS Problem: When Wealth Doesn't Equal Cash Floyd Mayweather Jr., the undefeated boxing champion who earned an estimated $1.15 billion during his career, has been locked in a decades-long battle with the Internal Revenue Service. Despite his "Money" nickname and lavish lifestyle, Mayweather's financial saga reveals a critical lesson for wealthy taxpayers:
State boards of accountancy and tax practitioners are reporting highly convincing fake IRS notices, including those referring to CP53E (failed direct deposit) and CP5071/5071C (identity verification). Some of these letters ask you to “verify” or provide bank account information (even when you owed tax, not a refund) and include QR codes or shortened/odd‑looking website addresses.
When a U.S. person or business owns a foreign entity, the tax issue is often disclosure, not just income. U.S. tax law requires detailed reporting and strict recordkeeping, even when there is little or no current U.S. tax due, and penalties for getting it wrong can be severe. U.S. Businesses with Foreign Ownership: Form 5472 If
Recent budget proposals in Washington include a roughly $1.4 billion reduction to the IRS’s annual funding, with a significant portion targeted at enforcement activities. The administration has framed this as a way to streamline operations and trim “inefficiency and duplicative spending,” while House appropriators have advanced a funding bill that would lower enforcement dollars well
The IRS has significantly expanded its online Business Tax Account, opening secure digital access to a much wider range of entities, including partnerships, federal, state and local governments, Indian tribal governments, and tax‑exempt organizations in early April 2026. These organizations (plus some others which already were granted access) can now use the platform to view
