Navigating USPS Postmark Policies to Ensure Timely Tax Return Submission
For decades, taxpayers trusted a simple rule: if you mailed a tax return or payment by the deadline, the IRS treated it as timely filed, relying on USPS postmarks on tax returns. Recent U.S. Postal Service (USPS) practices have changed that reality and created a serious trap for anyone who relies on last-minute mailing. What […]
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 […]
What Tax Changes are Coming in 2026?
We’ve got another tax season arriving, and it’s going to be a doozy thanks to the varying changes brought about by the One Big Beautiful Bill Act. Today, I want to cover the highlights of tax changes coming in 2026 and which ones will have the biggest impact on your return. What are the 2026 […]
S Corporation Strategies for Commissions: What Every Business Owner Needs to Know
We continue to see aggressive advice circulating about routing personal commissions through an S corporation to reduce self-employment tax. This strategy sounds attractive, but it fails under long-standing tax law and creates significant audit risk. Consider a common setup: An individual earns commissions under contracts issued in his personal name. He holds the required state […]
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 […]
2025 Tax Planning Guide: Life and Family Considerations
Are you thinking of getting married or divorced? If so, consider December 31, 2025, in your tax planning. It’s crucial for marriage and family tax strategies. Here’s another planning question: Do you give money to family or friends (other than your children, who are subject to the kiddie tax)? If so, you need to consider […]