Navigating Section 267 in Family Transactions and Tax Planning
Family relationships and overlapping ownership can quietly sabotage well-intentioned tax planning. Internal Revenue Code Section 267 often causes the damage. This rule does not announce itself with penalties or warnings. Instead, it erases deductions, disallows losses, and delays expenses after the transaction feels complete. Section 267 targets transactions between related parties. The law focuses on […]
Boost Your Business with 2026 Childcare Tax Credit Expansion
The One Big Beautiful Bill Act (OBBBA) dramatically expanded the employer childcare credit starting in 2026, turning a modest tax break into a significant planning opportunity for many businesses. The employer childcare credit allows businesses to claim a general business tax credit for qualified childcare expenses paid for employees. Qualifying costs include Businesses do not […]
Why It’s Important to Review Your Tax Return Carefully
I prepare your tax returns with care, transparency, and integrity. I do not commit fraud, and I never cut corners. Still, I want you to understand a growing risk that affects taxpayers everywhere: dishonest tax preparers exist, and their misconduct can haunt clients for decades. Recent court cases show a troubling reality: When a tax […]
An Overview of Section 318 Attribution Rules for Business Owners
Many taxpayers assume that tax law looks only at the stock they actually own. Section 318 proves that assumption wrong. The Section 318 attribution rules can treat you as owning business interests you never purchased, simply because of family relationships, entity ownership, or even stock options. When that happens, your tax results can change dramatically. What […]
An Overlooked Tax Deduction for Mileage-Reimbursed Employees
If you receive mileage reimbursements from your employer or your corporation, you may face an unexpected tax result when you sell or trade your vehicle. Many employees assume that mileage reimbursements end the tax story. That assumption often leads taxpayers to miss a valuable deduction—or to get blindsided by a taxable gain. Hopefully this positive example […]
IRS Moves to Electronic Tax Refunds: Key Implications for Business Owners
Your tax refund will no longer arrive by paper check. The IRS recently announced that it will stop issuing refund checks, with limited exceptions, and the IRS has made moves to require taxpayers to receive tax refunds electronically. Why the Change? Paper checks cost more, create security risks, and take much longer to process. In […]
Gave a Gift? Here’s When You Need to File a Gift Tax Return
The givers of gifts (donors), not the recipients (donees), file gift tax returns. If you give money or property, you may be legally required to file a gift tax return with the IRS—even if you owe no gift tax. In fact, most people who file gift tax returns do not pay any gift tax because each […]
Buying a Business That Doesn’t Close? Here’s How the Tax Rules Apply
If you’re considering buying a business, it’s important to understand how the related investigation and acquisition costs are treated for federal income tax purposes—especially if a deal falls through. A recent example illustrates how these rules work. Jim, an employee looking to become a business owner, spent $15,000 researching an industry and identifying a target […]
Optimizing Tax Strategy: Should Your Business Elect PTET?
Do you own a business organized as a pass-through entity (PTE)—such as a partnership, a limited partnership, an S corporation, or a multimember LLC taxed as a partnership or an S corporation? If so, you face an important tax decision: Should your business elect pass-through entity taxes (PTET)? For the past several years, many PTE […]
Essential Tax Insights for Businesses Operating Multiple Corporations
If you operate multiple corporations, you might assume each one entitles you to its own set of tax benefits, including separate Section 179 limits, additional credits, or even expanded retirement plan flexibility. Unfortunately, under controlled group corporation tax rules, the tax code doesn’t see it that way. Hidden within IRC Section 1563 are rules that […]