Comprehensive coverage of U.S. Federal and State tax laws. Professional insights to help you navigate complex tax regulations and compliance requirements.
Do foreign FIFA teams have to file Form 990 for the 2026 World Cup? In most cases, no. New FIFA World Cup 990 relief under IRS Rev. Proc. 2026-28 waives Form 990 for eligible foreign member associations, but only for tax years in which their U.S.-source income is tied to competing in the tournament. The…
Is the IRS about to change how retirement rollovers work? Yes. The new IRS rollover guidance in Notice 2026-49 proposes four sample rollover forms, a rollover identification number to protect participant PII, and future rules that could end paper rollover checks sent to participants. If you have ever tried to move a 401(k) to an…
When is my Form 2290 filing deadline? Your Form 2290 filing deadline is the last day of the month after the month your taxable heavy highway vehicle was first used on a public highway during the July 1, 2026 – June 30, 2027 tax period. Vehicles first used in July 2026 are due by September…
What is Net Unrealized Appreciation (NUA), and could it lower my 401(k) tax bill? Net unrealized appreciation is a federal tax election under IRC §402(e)(4)(B) that lets you move employer stock out of a qualified retirement plan and pay ordinary income tax only on the stock’s original cost basis. The built-in gain is then taxed…
How do I appeal an IRS decision I disagree with? You can ask the IRS Independent Office of Appeals to review your case. The IRS appeal process is a formal, unbiased review that operates separately from the IRS office that made the original determination — and every taxpayer has the right to use it under…
What did the OBBBA actually change for my nonprofit? Quite a lot. The OBBBA nonprofit tax rules created a new charitable deduction for non-itemizers, added floors that shrink deductions for high-income and corporate donors, expanded the §4960 excise on high pay, and set a tiered endowment tax for large private colleges. The One Big Beautiful…
What is the new IRS Saver’s Match, and how do I get it? The savers match is a federal 50% match on up to $2,000 of your qualified retirement contributions — worth up to $1,000 per year — deposited directly into your retirement account. It starts with 2027 contributions and the first payments arrive in…
Does California’s billionaire tax apply to me? Only if you are a California resident on January 1, 2026 and your net worth reaches $1 billion on December 31, 2026. If Proposition 40 passes on the November 3, 2026 ballot, the california billionaire tax imposes a one-time levy that phases in to 5% between $1B and…
Does my business qualify for the new paid family leave credit? If you pay wages during qualifying leave — or pay premiums for a PFML insurance policy — you likely do. The paid family leave credit is now permanent under the Working Families Tax Cuts, and IRS Notice 2026-28 (Aug. 5, 2026) explains how to…
What changed for California business owners in 2026? The California business tax 2026 package brings SB 122 and SB 180 — extending the business credit limitation, cutting the first-year annual tax to $400 for many new entities, and stretching the California Competes Tax Credit through 2035. And the next CCTC application window closes on August…
Are my charitable donations at risk of an IRS challenge? They can be if you fall for one of the charitable contribution scams the IRS just named on its 2026 Dirty Dozen list. Fake charities and inflated non-cash appraisals top the list, and both can turn a well-intentioned gift into a disallowed deduction, penalties, and…
Estate tax vs inheritance tax — who actually pays, and when? The estate tax vs inheritance tax distinction is simple in principle: the estate pays estate tax before assets are distributed; the beneficiary pays inheritance tax after they receive them. In 2026 the federal estate tax exemption sits at $15 million per person (IRS Rev….
Do U.S. small businesses still have to file BOI with FinCEN in 2026? Not right now. Under Treasury’s March 2025 interim final rule, FinCEN BOI reporting applies only to foreign reporting companies. Domestic entities and U.S. citizens are exempt while FinCEN works to finalize the rule. The Corporate Transparency Act was supposed to be one…
When is the BBA partnership push-out deadline for a pass-through partner? If you received a Form 8986 tied to a partnership that filed an Administrative Adjustment Request (AAR) or was audited under the BBA partnership audit regime, the deadline to pay or push out further is generally September 15, 2026 — the exact date is…
How do I close a California business entity so the $800 franchise tax stops? You must complete two parallel filings — a final tax return with the Franchise Tax Board (FTB) and a dissolution, surrender, or cancellation with the Secretary of State (SOS) — within 12 months. Missing either one keeps the entity legally alive…
How do major life events affect my tax filing? Marriage, a new child, divorce, and the death of a loved one can all change your life events tax filing — from your filing status and withholding to the credits and deductions you can claim. Handling each event with the IRS the same year it happens…
What is the Coca-Cola transfer pricing case, and why should other US companies care? The Coca-Cola transfer pricing case is a dispute over how a US parent must price transactions with its foreign affiliates under IRC §482. The Tax Court sided with the IRS in 2020 and the appeal is now before the Eleventh Circuit…
How do major life events affect my taxes? Marriage, a new child, divorce, and the death of a spouse each change your filing status, your withholding, and the credits you can claim. The life events tax impact shows up on next year’s return — but the paperwork you need to update is due now, not…
Is the pass through entity tax election still worth it after the higher SALT cap? For many owners of profitable pass-throughs in high-tax states, the answer is still yes — but the analysis is now owner-level, state-specific, and no longer automatic. The pass through entity tax (PTET) survived the 2025 SALT cap increase; the decision…
Can a nonprofit still claim the direct-pay clean energy credits if it needs more time to file? Yes — but only if it files Form 8868 for a 990 T elective payment extension by the original due date. Miss the deadline and the election is lost for tax year 2025. Since the enactment of the…
What records do I actually need to deduct my charitable donations? The IRS requires charitable donation records for every gift you claim — a bank record or written communication for cash, a written acknowledgment for anything $250 or more, and Form 8283 for larger noncash gifts. And beginning in 2026, non-itemizers can also deduct up…
What should newlyweds do about their taxes after the wedding? Follow a short newlywed tax checklist: update your name with the Social Security Administration, file a change of address with the IRS if you moved, give your employer a new Form W-4 within 10 days, pick a filing status, and combine your records — the…
How do I get an EIN verification letter without calling the IRS? Designated officials on your IRS Business Tax Account can now log in and download an EIN verification letter instantly — no more calling and waiting weeks for Letter 147c in the mail. If you have ever tried to open a business bank account,…
How do foreign entities e-file 1042-S and 1099 forms after FIRE is retired? Through the new IRS Foreign Filer TCC Registration System. It gives foreign filers whose authorized users have no U.S. SSN or ITIN a way to obtain a Transmitter Control Code and transmit information returns electronically through IDES. The way U.S. information returns…
How do central organizations report their subordinates to the IRS in 2026? With new IRS Form 15644. Under Revenue Procedure 2026-8, every central organization that holds a group exemption letter must file Form 15644 each year, at least 30 but not more than 90 days before the close of its annual accounting period. If your…
Are all Charitable Remainder Annuity Trusts still safe to use? Yes — but a specific subset just became a reportable tax shelter. On July 8, 2026, Treasury and the IRS issued final regulations naming certain CRAT listed transactions, requiring participants and material advisors to disclose them or face penalties. Charitable Remainder Annuity Trusts have long…
Do I have to ask the IRS for penalty relief anymore? Not for the most common relief. Starting summer 2026, the IRS is replacing First Time Abate with automatic penalty relief — the new Automatic Exemption from Penalty (AEP) will waive failure-to-file, failure-to-pay, and failure-to-deposit penalties for eligible taxpayers during return processing, with no request…
Does the new Opportunity Zone regime just extend the old rules? No. The IRS Opportunity Zone transition rules in Notice 2026-40 keep the December 31, 2026 deferred-gain date, but reinvested QOF gains restart the 10-year clock and ongoing projects now need a written working-capital plan in place by year-end. The IRS has finally drawn a…
What is a Trump Account and how do I open one for my child? A Trump Account is a new federally authorized investment account for children, created by the One Big Beautiful Bill Act as IRC Section 530A. The Trump Accounts guide below walks families through the $1,000 federal seed deposit, $5,000 annual contribution cap,…
What tax steps should newlyweds take after the wedding? Update your name with Social Security, file a fresh Form W-4 with each employer, tell the IRS if you moved, and model your return under both joint and separate filing status. This newlywed tax checklist walks through each step so next spring is calm, not chaotic….
