The IRS raised the standard mileage rates for the second half of 2026, effective July 1st, with the business rate increasing from 72.5 cents to 76 cents per mile. Taxpayers who use their vehicle for business, medical, or qualifying moving purposes will need to track mileage separately for each half of the year. Learn what the new rates mean for your deductions, reimbursement policies, and recordkeeping.
Category: Tax
S Corporations 101: FAQs for Business Owners
S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren’t automatic – they depend on your income level, involvement in the business, and whether you’re ready to manage the added compliance responsibilities. Here’s what you need to know about how S-corps work, who they’re right for, and what’s required to maintain one.
When and Why Every Business Owner Needs a Business Valuation
Most business owners carry a rough estimate of what their company is worth, but that mental number is not a valuation, and the gap between the two can be costly. A formal, methodology-based business valuation is required in a wide range of situations, including selling or transferring a business, estate planning, lending, divorce, equity compensation, and shareholder disputes. Working with a credentialed valuator and involving your CPA early ensures the resulting number is defensible when it matters most.
It’s Wedding Season! The Tax Changes Couples Miss
Getting married triggers significant tax changes that catch many couples off guard, from a new filing status that takes effect the moment you say “I do,” to withholding gaps that can result in an unexpected tax bill in April. Beyond filing and withholding, newlyweds also need to address name and address updates, healthcare coverage decisions, HSA eligibility changes, and dependent-related credits before year-end. Tackling these adjustments proactively, rather than waiting until tax season, helps couples avoid penalties, protect their refunds, and start their financial life together on solid footing.
A Financial Guide for Heirs Navigating Inherited Assets
Inheriting assets involves complex tax rules and time-sensitive decisions that can impact your financial outcome. This guide covers what heirs need to know about real estate, retirement accounts, and other inherited assets.
Filed an Extension? How to Use the Time Between Now and October 15th
Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.
Potential Refund Opportunities for IRS Interest and Penalties Following Kwong v. United States
It is important for you to be aware that a recent federal court decision in Kwong v. United States (“Kwong”) has opened the door for certain taxpayers to pursue refunds of IRS-assessed interest and penalties, particularly in situations involving late payment or estimated tax underpayments during the period between 1/20/2020 and 7/11/2023. While the ruling… [keep reading…]
Client Advisory: IRS CP53E Letters and Emerging Scam Activity
In recent weeks, we have seen an uptick in scam activity involving IRS Notice CP53E from the Internal Revenue Service. While CP53E letters are a legitimate form of IRS correspondence, fraudsters are exploiting them to obtain sensitive financial and personal information from taxpayers. Scammers replicate the format and language of official IRS notices to create… [keep reading…]
Spring Cleaning Your Finances: Eliminating Subscription and Asset Drift
Spring cleaning is usually associated with closets, garages, and storage rooms, but financial clutter can accumulate just as easily, and often with greater long-term cost. Recurring charges, dormant accounts, and overlooked assets rarely attract attention because none of them feel urgent on their own. Even modest inefficiencies can gradually erode cash flow and make your… [keep reading…]
Changes in USPS Postmarks
With tax season deadlines looming, we would like to make sure you are aware that the United States Postal Service (USPS) has recently issued changes regarding postmarking mail. Effective December 24, 2025, the postmark date may no longer match the day the mail was dropped off or picked up at processing facilities but now reflects… [keep reading…]