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
One of the most common — and costly — mistakes taxpayers make is waiting too long to respond to a tax notice. Across federal and state tax systems, the time allowed to challenge an income tax assessment is strict, jurisdictional, and unforgiving. Missing a deadline often means the assessment becomes final, regardless of merit. Below
In our recent blog posts, we covered the federal impact of the One Big Beautiful Bill Act (OBBBA). In this post, we turn to how these federal changes interact with state tax systems—specifically whether each state chooses to conform to or decouple from the new federal provisions. A state’s tax impact depends on two factors:
As we wrap up another year and prepare our checklists for 2026 tax season, it turns out the IRS has been working on its own New Year’s resolutions. And no, it’s not planning to “eat healthier” — but it is promising to be more forgiving. Thanks to the One Big Beautiful Bill Act (OBBBA), one
