After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto transactions directly to the IRS. “Digital asset brokers” must… Read More »New IRS Form 1099-DA for 2025 Returns
You plan to send holiday gift baskets to colleagues, referral partners, and select customers, and you want to deduct the cost. You can take a deduction, but the IRS limits you to $25 per recipient per year. This rule dates… Read More »Deducting Business Gifts
The California Franchise Tax Board (FTB) can initiate the suspension or denial of professional, occupational, and even driver’s licenses for individuals and businesses with significant tax delinquencies. This action is part of the state’s effort to collect unpaid taxes under the authority… Read More »CA FTB Enforcement – License Suspension or Denial
What is the OBBBA — and Why 1099 Reporting Is Changing The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. Among many provisions affecting individual deductions, standard deduction amounts, and other tax-code items, OBBBA… Read More »OBBBA and New 1099 Requirements
Introduction Education is not only a personal investment but, from a public policy perspective, a societal good that governments are often eager to encourage. In the United States, one way the federal government supports educational attainment is through tax benefits.… Read More »Educational Tax Benefits for Taxpayers: A Focus on 2026
If you’ve ever suffered damage or theft from an event like a flood, fire, or burglary, you may wonder if you can claim a tax deduction for your loss. Before the passage of the Tax Cuts and Jobs Act (TCJA)… Read More »OBBBA Change to Casualty Losses
The IRS is actively integrating artificial intelligence (AI) and machine learning into its audit selection process to identify high-risk returns more effectively. While the agency has used statistical models for decades, AI represents a significant advancement, moving beyond simple red… Read More »IRS Using AI in Return Selection
The One Big Beautiful Bill Act (OBBBA) introduced a brand-new savings vehicle: Trump Accounts. They appear similar to traditional IRAs; however, they have special rules for beneficiaries under the age of 18. These new accounts can provide a valuable financial… Read More »Trump Savings Accounts
Executive Summary The IRS has announced that it will begin phasing out paper refund checks for individual taxpayers on September 30, 2025, and will primarily move refunds to direct deposit and other secure electronic methods. This action implements Executive Order… Read More »The IRS is Stopping Paper Refunds
(Active-duty members, reservists, veterans, and families) 1) Active-duty members: relocations, allowances, and state residency Permanent Change of Station (PCS) moves. For tax years after 2017, the moving-expense deduction is suspended for most taxpayers—but active-duty service members moving under military orders… Read More »Tax Issues & Benefits for Military Households
