Insights
Treasury Opens Trump Accounts for Certain Eligible Children
The Treasury announced on October 1, 2026, that it had completed automatic enrollment for Trump Accounts. According to the announcement, every eligible child under age 18 with a valid Social Security number now has an account, including more than 60 million children...
Your Partnership Income May Be Subject to Self-Employment Tax
A limited partnership agreement may identify someone as a limited partner. For federal self-employment tax purposes, that designation does not necessarily settle the question. On September 17, 2026, the U.S. Court of Appeals for the Second Circuit affirmed the Tax...
Buying a Car Before Year-End? Check the New Loan Interest Deduction Rules First
A vehicle purchase can now bring a federal income tax deduction for interest on the loan. But a familiar brand, a “new” listing at the dealership, or a large monthly payment does not establish that the interest qualifies. The IRS has finalized regulations for the car...
New IRS Guidance for R&E Deductions Changes Section 174 and Form 3115 Rules
The restoration of the federal current deduction for domestic research and experimental expenditures (R&E) addressed a major tax issue for technology, life sciences and other research-intensive companies. It did not eliminate the accounting-method work required to...
AI Development and the R&D Tax Credit: What Businesses Should Know
Businesses are investing in artificial intelligence to improve products, automate internal processes, analyze data, support customers, and build new software capabilities. Some of that work may qualify for the federal research credit under Section 41. The credit is...
QSBS Gain May Be Taxable By Your State
For founders, early employees and investors, a successful Section 1202 analysis can produce an extraordinary federal tax result. But federal qualification is increasingly only one part of the exit calculation. Several states do not recognize the federal Qualified...
IRS Launches Digitally Authenticated Tax Compliance Report: What You Should Know
Taxpayers who need to prove their federal tax compliance now have a faster way to obtain and share that information. On August 20, 2026, the IRS announced a new digitally authenticated Tax Compliance Report available through the IRS Individual Online Account. The...
Businesses That File 1099s Need to Move From FIRE to IRIS Before 2027
Businesses that file Forms 1099 electronically have two changes to prepare for before the 2027 filing season. The IRS is retiring its Filing Information Returns Electronically system, known as FIRE, and many common Form 1099-NEC and Form 1099-MISC payments will be...
California FTB Overcollections: When an Old Refund May Still Be Recoverable
Discovering that California collected too much tax is frustrating enough. Discovering the error years later, after the normal refund deadline has expired, can make the situation appear unrecoverable. A new Franchise Tax Board ruling provides an important exception in...