Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also...
The IRS is replacing the First Time Abate penalty waiver, which taxpayers had to request, with Automatic Exemption from Penalty (AEP), which automatically ...
Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be eligible for a tax deduction by don...
Recently, the U.S. House Ways and Means Committee unanimously passed the Tax Relief for Fraud Victims Act. Currently, federal tax deductions for personal c...
If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business ...
If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools available is the gift tax annual excl...
Selling investment or commercial real estate can trigger a hefty tax bill, but an installment sale may help soften the impact. If you’ve owned the proper...
Are you eligible for refunds of COVID-era IRS penalties and interest? The IRS made it easier to file a protective claim by the July 10, 2026, deadline. Eli...
Tax identity theft can victimize businesses as well as individuals. Perpetrators might file fraudulent returns using your organization’s employer identif...
Qualified charitable distributions (QCDs) let traditional IRA owners age 70½ and older make tax-free distributions directly to eligible charities. QCDs al...
