New Gambling Tax Rules Could Leave Bettors Owing Even When They Lose!
Football season has kicked off. This means that betting on college and NFL games is ramping up. Federal tax law requires taxpayers to...
IRS Faces Potential 23% Budget Cut as Funding Battle Heats Up!
The IRS could face additional funding cuts this fall. Lawmakers have until the end of the fiscal year (Sept. 30) to pass legislation to...
Owe Back Taxes? Your Passport Could Be on the Line!
What does tax debt have to do with your passport? Seriously delinquent tax debt (SDTD) can put your passport at risk, unless an exception...
Paper Checks Ending: Act Now to Avoid Payment Disruptions!
As a reminder, beginning Sept. 30, 2025, the federal government will no longer issue paper checks, including those for tax refunds,...
Hiring Contractors? Don’t Overlook Backup Withholding Rules!
When your business hires independent contractors, you’re generally not responsible for withholding tax from their compensation. But there...
Big Tax Break Ahead: See If Your Job Qualifies for the New Tip Deduction!
The U.S. Treasury Dept. has released a draft list of occupations it proposes to be eligible for a federal tax break on tips. The list...
OBBBA Restores Immediate R&E Deductions: IRS Issues Transition Guidance!
The One Big Beautiful Bill Act (OBBBA) reinstates immediate deductions for domestic research and experimental (R&E) costs beginning in...
Duty-Free No More: Trump Ends $800 De Minimis Exemption on Imported Packages!
President Trump has removed the de minimis exemption on low-value trade items. In a nutshell, imported goods valued at $800 or less sent...
Tax Court Denies Innocent Spouse Relief: Meaningful Participation Matters!
Spouses filing joint tax returns are generally both liable for the tax owed. But sometimes a spouse may qualify for innocent spouse...
Be Ready Before Disaster Strikes: IRS Urges Taxpayers to Update Emergency Plans!
September is National Preparedness Month. The IRS is reminding taxpayers to develop an emergency preparedness plan or to update their...
