Jul 13, 2026 | Chicago CPA
Dr. Keith Schumacher and his wife Rhonda are a Nebraska couple engaged in breeding and training horses. They did what many taxpayers with costly hobbies do, or would like to. They claimed their horse interest was a business, making the net losses from it deductible...
Jul 12, 2026 | Chicago CPA
The Qualified Small Business Stock (QSBS) tax break allows founders to exclude up to $15M in capital gains from the sale of their businesses. The qualifications for this tax break include… 1 – The business must be a domestic C Corporation. S Corporations,...
Jul 9, 2026 | Chicago CPA
The accounts known as 530A Accounts (a/k/a Trump Accounts), are available for children under age 18. Parents or guardians of babies born between 2025 and 2028 who open these tax-deferred accounts will receive a $1,000 initial deposit from the U.S. Department of the...
Jul 6, 2026 | Chicago CPA
Our American Republic and Concept of Democracy wasn’t invented by a single person. Rather, it was synthesized by our Founding Fathers who combined ancient historical models, European Enlightenment philosophy, and over a century of colonial self-rule. The Framers...
Jul 6, 2026 | Chicago CPA
The Taxpayer Inspector General For Tax Administration (TIGTA) examined the in-person advice being provided to taxpayers on a nationwide basis at the Taxpayers Assistance Centers (TAC). The report shows that TAC staff provided incorrect advice about the tax laws during...
Jul 1, 2026 | Chicago CPA
Senators Bernie Moreno (R-OH) and Elizabeth Warren (D-MA) made a proposal in a New York Times Op-Ed, to “save” Social Security by lifting the cap on earnings subject to payroll tax. This would result in one of the largest tax increases in recent history. It would...
Jun 29, 2026 | Chicago CPA
The Internal Revenue Service’s Criminal Investigation Division (CID) is returning to its traditional priorities after being sidetracked last year and expanding it’s scope. It helped immigration enforcement efforts while leveraging artificial intelligence....
Jun 27, 2026 | Chicago CPA
The Supreme Court’s decision Monday to not review the Murrin Case, as the Plaintiff’s Attorney had requested, lets stand a Third Circuit Court holding that the IRS has an unlimited period to assess tax when a fraudulent return is filed with the intent to evade...
Jun 24, 2026 | Chicago CPA
If your business has Research & Experimental (R&E) Expenses, recent tax law changes may affect how you deduct those costs and whether you can claim relief for prior tax years. The One Big Beautiful Bill Act (OBBBA) changed the tax treatment of certain...
Jun 23, 2026 | Chicago CPA
A new study from the Fraser Institute ranks the progressivity of tax systems in Organization for Economic Co-operation and Development (OECD) economies. It found that the US has the most progressive tax system of the 33 countries studied. Measuring progressivity...
