The IRS issued interim guidance on how eligible small businesses can take advantage of a new provision that allows them to apply part or all of their Sec. 41 research tax credit against their payroll tax liability instead of their income tax liability. Before 2016, taxpayers could only take the research credit against their income
How small businesses can apply the research credit to payroll taxes Read More »
Some people who give up U.S. citizenship can get expatriate tax relief from the IRS. Under special procedures announced in 2019 (News Release IR-2019-151), certain former citizens may avoid the exit tax under Section 877A. In addition, they may avoid other unpaid taxes and penalties. Who can use expatriate tax relief? The relief applies to
IRS offers expatriate tax relief Read More »
If a federally declared disaster damages your property, you may be able to deduct the casualty losses a year early. Under Section 165(i), you can elect to claim the loss on your return for the year before the disaster. As a result, you may get a refund sooner, when you need cash most. Which casualty
Taxpayers may deduct casualty losses in prior years Read More »
Among your responsibilities as an employer is the requirement to collect, report, and pay payroll tax as required by federal and state laws. Helping clients avoid employment tax criminal penalties. If you are a corporate officer or other “responsible party,” as defined by the IRS, you may be personally liable for payroll taxes not reported
Helping clients avoid employment tax criminal penalties Read More »
Smaller businesses have more ways to use the R&D credit than many owners realize. In particular, qualifying companies can claim the R&D credit against payroll taxes or the alternative minimum tax (AMT). How the PATH Act expanded the R&D credit The Protecting Americans From Tax Hikes Act of 2015 (PATH Act) helped businesses that spend
Claiming the R&D credit against payroll tax or AMT Read More »
Limited liability companies are everywhere today. Because their management structure is flexible, LLCs have become a common way to own and run a business. Doctors, lawyers, accountants, engineers and software companies all use them. Many other small businesses do too. LLCs give their owners, called members, the liability protection of a corporation. At the same
Accounting for LLC Conversions Read More »
Is there an angel investor tax credit? Not federally, but Section 1202 can exclude startup gains for angel investors. Requirements, examples, state notes.
Angel Investor Tax Credit? How the Section 1202 QSBS Exclusion Works Read More »
RSU: Two reasons to sell the shares as soon as the RSU vest are: If you were paid a cash bonus, you wouldn’t use the money to buy company stock. So turn the stock bonus into cash by selling the shares immediately. You need to save for short-term goals (e.g., a down payment). It’s better
RSU: WHAT SHOULD I DO WITH COMPANY STOCK? Read More »
Restricted stock units (RSUs) are one of the most common ways companies share ownership with employees. If you work at a public company or a late-stage startup, you may already have them. This guide explains how restricted stock units work, how they are valued and, most importantly, how is RSU taxed at each stage, from
RSU Taxes 101: How Restricted Stock Units Are Taxed Read More »
Qualified small business stock (QSBS) can let founders, employees and investors sell C corporation shares partly or fully free of federal income tax. The benefit comes from Section 1202 of the tax code. However, the rules are strict, and the 2025 tax law changed them for stock issued after July 4, 2025. This guide explains
QSBS: How to Sell C Corporation Shares Partly or Fully Tax-Free Read More »
Your 2026 year-end tax planning checklist: new charitable and SALT rules, 401(k) and IRA limits, business depreciation, and deadlines through April 2027.
2026 Year-End Tax Planning Checklist for High Earners, Business Owners & Investors Read More »
IRS rolled out a new tool to prevent nasty refund surprises at tax time This tax season a bunch of stories hit the press full of taxpayer grumbling about bigger bills and smaller refunds. If this happened to you, that might be a cue to adjust the amount that your employer (or you, if you’re
TIME FOR A WITHHOLDING CHECKUP? Read More »
Home- and Mortgage-Related Deductions Mortgage interest deductions capped In the past, homeowners who took itemized deductions could count interest payments on debt related to buying, building or “substantially improving” a home — on debt up to $1 million. That’s been capped at $750,000 and applies to homes purchased after Dec. 15, 2017. Homes bought prior
INVESTMENT-SPECIFIC INTEREST AND TAXES Read More »
Although nearly 200 million Americans file tax returns every year, not everyone has to. But new tax laws and other filing requirements may have changed. Whether some of these citizens who haven’t had to file before legally require to file a tax return now. Previously, your age, income level, and filing status (married, single, etc.)
DO I HAVE TO FILE TAXES? Read More »
If you borrow money to invest, the interest you pay may be deductible. The investment interest deduction can offset part of the tax on your investment income. Here is how it works and how to claim it. What counts for the investment interest deduction? Investment interest is interest on money you borrow to buy property
Using the Investment Interest Deduction (Form 4952) Read More »
W-4 allowances were removed in 2020. Here’s how the 2026 Form W-4 works, what’s new from the 2025 tax law, and why California’s DE 4 still uses allowances.
W-4 Withholding Allowances: What Happened to Them and How the 2026 W-4 Works Read More »
You’ve submitted your tax return for the year, so now what do you do? Instead of shoving all your records into a disheveled pile in a closet, now is a good time to get organized. Here are some tips on organizing tax records after you file to make sure you’re ahead of the game next year.
Organized Your Tax Paperwork Read More »
Depending on your business type, there are different ways to prepare and file your taxes. When it’s time to file a federal income tax return for your small business, there are various ways you can do it, depending on whether you run the business as a sole proprietorship or use a legal entity such as
How to File Federal Income Taxes for Small Businesses Read More »
Every paycheck has two kinds of federal tax taken out: FICA tax and income tax withholding. They work very differently. This guide explains how FICA tax and withholding work in 2026, and what that means for salary, bonuses and equity pay. What is FICA tax? FICA stands for the Federal Insurance Contributions Act. FICA tax
How FICA Tax and Withholding Work in 2026 Read More »
What are restricted stock units (RSUs)? When companies offer equity to employees, they usually offer stock options (like ISOs or NSOs) or restricted stock units (RSUs). You typically don’t get to choose which type of stock you receive; instead, what you receive depends on your role and the size, stage, and preferences of your company. But regardless of
How do I verify capital gain for ESPP and RSU? Read More »
Stock trading fees aren’t deductible on their own, but they still cut your tax. How commissions affect cost basis and what investment expenses count in 2026.
Are Stock Transaction Fees Tax Deductible? 2026 Rules Read More »
When it comes to personal service income, all wages and any other compensation for services performed in the United States are generally considered to be from sources in the United States. The place, where the personal services performed, generally determines the source of the personal service income. Regardless of where the contract was made, or
Do not pay tax to US if you perform your service outside US – Personal Service Income Read More »
How A/B/C and QTIP trusts work, and why the $15 million 2026 estate tax exemption, portability and basis step-up mean older trusts deserve a review.
A/B/C Trusts and QTIP Trusts After the $15 Million Estate Tax Exemption Read More »
Do You Need to File a Tax Return for the Estate? A deceased person’s estate is a separate legal entity for federal income tax purposes. If you’re the executor of someone’s estate, you may need to file an income tax return for the estate, as well as a final personal income tax return for the
Estate & Trust Tax Return Tips for the Clients Read More »
Have you ever thought about starting your own business? Starting a company today is both harder and easier than ever before. It is more challenging because a larger number of opportunities have been capitalized on, and a greater number of people appear to be trying. If you are thinking of starting a company, then one
Business Structures that Start-Up Companies and Small Business Should Know Read More »
