Retirement Contributions for 2026: Plan Now, Avoid a Year-End Scramble As year-end approaches, retirement contributions deserve a place on your tax-planning checklist. Whether you contribute through an employer’s 401(k), fund an IRA, or maintain a retirement plan for your business, reviewing your options now can help you avoid missed deadlines and identify potential tax savings.
Philadelphia’s Proposed BIRT Exemption: Small-Business Relief With Two Big Questions Philadelphia’s small businesses need meaningful tax relief. But a proposal to exempt sole proprietors and single-member LLCs from the Business Income and Receipts Tax, commonly known as BIRT, raises two important questions: Would the exemption withstand a PA constitutional challenge? And could it create tax-saving
Social-media influencing can be a legitimate business. Income may come from brand partnerships, affiliate links, platform payments, merchandise sales, appearances, subscriptions, consulting, or advertising revenue. But having followers—or simply posting photos and videos—does not automatically turn personal spending into deductible business spending. The tax authorities might consider it as a hobby and disallow those related
The IRS is warning taxpayers about fake letters aimed at cryptocurrency holders. The letters claim you must register for an IRS “Digital Asset Compliance Portal” by a deadline—but that portal does not exist. The letter may include a QR code that takes you to a fake website designed to look like IRS.gov. Do not scan
Why hospitals, universities and other nonprofits face growing federal scrutiny Universities, hospitals and other nonprofit institutions provide education, health care, research and community services that benefit the public. In exchange, qualifying Section 501(c)(3) organizations generally do not pay federal income tax on mission-related income, and their donors may receive charitable deductions. Depending on state and
If your business has outgrown the “scrappy startup” phase and is now firmly in the 7‑ and 8‑figure revenue range, your tax bill is probably growing faster than your confidence that it’s truly optimized. Many successful owners overpay the IRS not because they’re careless, but because their tax planning never evolved as the business did.
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
Inside the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, is a brand-new federal tax credit that most people haven't heard about yet — and it could put up to $1,700 back in your pocket from 2027 simply for donating to certain school scholarship funds. The catch? The rules aren't
Last Wednesday, Jeff Bezos said in a CNBC interview that the bottom 50% of Americans should not pay federal income taxes. That comment generated headlines in outlets like Fortune, CNBC, Forbes, CPA Practice Advisor, and many others that I read over Memorial Day weekend (and last Thursday I listened to the entire interview – link
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
