Taxation Insights

Tax Tip: Closing a business is a major turning point, but don’t forget to wrap up your tax obligations before moving on to your next chapter.

With the federal gift and estate tax exemption at historically high levels, many families are shifting their estate planning focus to income tax considerations.

Businesses considering vehicle purchases before year-end in 2026 may be able to take advantage of significant tax-saving opportunities.

On July 13, 2026, the IRS announced an increase in the mileage rate for the second half of the year. Ordinarily, the IRS updates mileage rates only once a year, but occasionally it makes interim adjustments like this one, which reflects recent increases in the price of fuel.

As of August 11, 2026 the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act.

Intercompany lending is common among related entities but can lead to unintended tax consequences if not properly structured and documented.

Tax Tip: Beginning in 2026, personal casualty loss deductions are no longer limited to federally declared disasters.

Becoming a new parent is life-changing in many ways, and your tax situation is no exception. While sleepless nights and new routines often take center stage, there are tax breaks that potentially can ease some of the financial strain of raising a family.