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...
