Subject: The Hidden Benefits of Filing a Gift Tax Return (Form 709) in 2026
If you’ve made larger gifts to family or others, you may be required to file a federal gift tax return (Form 709), even if you don’t owe any actual gift tax.
Filing can feel like extra paperwork, but it also provides important protection and clarity for you and your estate.
Congress has officially blessed us with yet another account type. This one is built for children and is commonly being called a “Trump Account” (also referred to as a Section 530A / “Invest America” account). The elevator pitch: it’s a tax-advantaged, long-term investment account for a minor, seeded (in some cases) with government money, and designed to push families toward early investing.
At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you think.
Big changes are coming to clean energy incentives — and sooner than many realize. A wide range of popular tax credits for electric vehicles, home energy upgrades, solar installations, commercial clean fleets, and even new energy-efficient construction are all set to phase out starting in late 2025. If you’ve been considering an EV purchase, home solar, or energy-efficient improvements, the window to benefit from these incentives is closing fast. Dive into our full breakdown to see which credits are disappearing, when they end, and how to make the most of them before they’re gone.
BOI e-Filing Alert: A federal court order issued onFebruary 19, 2025, has reaffirmed that businesses must file a Beneficial Ownership Information (BOI) report.
The Corporate Transparency Act (CTA) and its BOI reporting requirement have been deemed unconstitutional in court rulings, but the legal battles continue. This law has been in and out of court multiple times, with decisions reversing course along the way. It is our opinion that these requirements will change again, but at this time, businesses must comply with the filing requirement to avoid penalties.
The IRS doesn’t care how exciting your rodeo belt buckle is… they care whether you’re engaged in the activity with the actual intent to make a profit.
If it’s a business, losses are deductible.
If it’s a hobby, deductions are limited and can’t create a net loss against other income.
For years you have put away money from your pay into your employer-provided 401(k) retirement savings account. Your employer may have even matched 50% of your contributions or contributed 3% of your pay to the account as part of a safe harbor program. Now you want to take some of this money out in the form of a loan to help pay your bills or to buy a car. Before you take action, here are some things to consider.
Your granddaughter needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your granddaughter to pay you back when she can, but there is no loan document. The IRS sees this payment during an audit and asks where your interest income is for this loan. Should this happen, you will quickly understand the meaning of AFRs.
For years, the tax code trend was to reduce the amount of interest that may be deducted on your tax return.
Until recently, it really only allowed interest deductions as an itemized deduction on qualified residences and vacation property. That is changing now with the passage of the OBBB Act and the introduction of a new car interest tax break.
Here is what you need to know:
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.
Source: IRS Publication 561
This definition is the standard the IRS uses to determine if an item sold or donated by you is valued properly for income tax purposes. It's also a definition that's open to interpretation. If the IRS decides your FMV opinion is incorrect, you're not only subject to more taxes, but also penalties to boot.
Here are some tips to help defend your FMV in case of an audit.
Missed your quarterly estimates this year?
You’re not alone.
The IRS underpayment charge is nondeductible, compounds daily, and snowballs fast.
Writing a big check today will stop new penalty accrual from this point forward, but it won’t erase the penalties tied to the quarters you already missed.
There is, however, a lawful way to make it as if you paid each quarter on time. It relies on how the tax code treats withholding from retirement distributions.
As of October 2025, The One Big Beautiful Bill Act (OBBBA) didn’t just keep Opportunity Zones alive. It made the program permanent, tightened zone eligibility, and changes investor incentives starting January 1, 2027.
Below is the upgraded, client-ready explainer with a now-vs-later comparison, a timeline, and the fine print sophisticated readers expect.
As required by law, in every Form 1040 instruction booklet there's a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information.
Here is the data for the government's fiscal year ending September 30, 2023, as reported by the IRS in the 2024 instruction booklet for Form 1040:
We often receive questions about record retention, so let's take a moment to clarify what you need to know.
Overall, the Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This 'three-year law' leads many to believe that this 3-year period is set in stone and all-inclusive, but it is NOT.
We’ve heard the same questions you have:
"Is Social Security closing?"
"Are my benefits going away?"
The short answer: no.
Retirees and beneficiaries will continue to receive their monthly checks. Administrative reshuffling is underway. Some Social Security offices are being consolidated or reorganized, but this does not affect the benefit amounts people receive. The Trust Fund challenge remains.
The One Big Beautiful Bill Act (OBBBA) permanently extended a harsh TCJA rule: no deduction for “miscellaneous itemized deductions,” including hobby expenses. That’s brutal for dog breeders, because the IRS often labels breeding as a hobby.
As you or your family members approach retirement years, it's important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem.
Business owners love two things: making money and not giving more to the IRS than necessary. A properly structured “working vacation” can help with both.
If you plan it correctly, a personal trip that includes real business activity can qualify as business travel. That means a significant portion of the cost can become tax-deductible under current 2026 rules.
Each year there's typically an open enrollment for many benefit programs from your employer. Here are some tips to consider.
