Month: June 2026

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Guide to Rising ACA Employer Mandate Penalties in 2026

Many small businesses operate under the assumption that they do not have enough workers to worry about the “play-or-pay” provisions of the Affordable Care Act (ACA). However, as a business expands, these rules can apply much sooner than expected.

A common misconception contributes to this blind spot: the belief that the repeal of the individual mandate penalty under the Tax Cuts and Jobs Act applied to businesses as well. While the individual mandate penalty for citizens was eliminated, the employer shared responsibility rules remain fully in effect and heavily enforced.

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How to File Your Crypto Taxes Without Triggering an IRS Audit

No matter your personal comfort level with cryptocurrency, digital assets have firmly cemented their place in mainstream finance.

What has captured the keen interest of the IRS is the massive volume of transaction activity and the increasing use of Bitcoin and other digital assets as standard forms of payment. Today, cryptocurrency is used to purchase everything from real estate to everyday consumer goods. If you are regularly moving, trading, or spending digital assets, you must stay aware of the strict federal income tax implications.

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Small Business Tax Thresholds and IRS Accounting Exemptions

Although your company may feel expansive to you, you might wonder how the federal government officially classifies it for tax purposes. If your organization qualifies as a small business, you can lock in several critical tax advantages.

However, the specific rules for individual tax provisions vary. Depending on your exact operational size, you might be eligible for some small-business breaks while being excluded from others.

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Employers Face New Limits on Meal Expense Deductions

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct For the 2025 tax year, generally, the former were 100% deductible, and the …

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Reducing IRS Audit Risk for Small Businesses

When business owners think about risk, they often focus on market pressures or operational challenges. An IRS audit usually isn’t top of mind — but it can be costly, disruptive and time-consuming. Although some taxpayers are randomly selected for an audit, many audits occur because the IRS has identified certain patterns or inconsistencies. Understanding where these risks typically arise can help you limit your business’s exposure.

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IRS Penalties During the Pandemic Could Be Refundable

A recent Court of Federal Claims decision, Kwong v. United States, held in the refund-claim-timeliness context that IRC Sec. 7508A(d) postponed certain tax-related deadlines during the COVID-19 disaster period. The IRS has appealed, and the law remains unsettled.

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Take Advantage of Expanded QSB Stock Tax Benefits

Investors often look to small, emerging companies for portfolio diversification and growth potential, but these investments can offer more. Certain shares may also provide valuable tax advantages under the qualified small business (QSB) stock rules. Tax legislation signed into law in 2025, commonly known as the One Big Beautiful Bill Act (OBBBA), enhanced those benefits.

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Get Ahead With a Midyear Tax Review

Life changes can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities.

Start by reviewing your withholding and estimated tax payments. If your income has changed, you may need to update your Form W-4 so that your withholding accurately reflects your current circumstances. If you’re self-employed or have significant income not subject to withholding (such as dividends or capital gains), you may need to make quarterly estimated tax payments to avoid underpayment penalties.

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How to Avoid the IRS Exit Tax When Giving Up Citizenship

Relinquishing your United States citizenship without fully wrapping up your federal tax obligations can lead to severe financial consequences. Under the strict U.S. expatriation tax regime, failing to properly exit the tax system can cause you to be hit with an expensive “exit tax.”

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