Taxation Insights

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.

Tax Tip: Is hiring the child the right move? Hiring your child can be a tax-smart move, but the pay must be reasonable for the work performed.

Mid-year is an ideal time to review your tax situation, reduce year-end surprises, and take practical steps that could benefit individuals and small business owners.

Tax Tip: Heirs don’t have to report inheritances to the IRS. However, an estate’s executor must file a final income tax return for the deceased person and, if the estate is large enough, must file an estate tax return and pay estate taxes.