While the spring tax deadline is behind us, what you do during the sunnier months can directly influence what you owe—or get back—when it is time to file again. Taking a few proactive steps now can save you from an unexpected tax bill later.
Backup Withholding: What Businesses Should Know
In most cases, you aren’t required to withhold taxes from payments to independent contractors. However, there are situations in which the “backup withholding” rules apply. Backup withholding is most commonly required when a contractor fails to provide a correct Social Security number or Employer Identification Number, or doesn’t properly complete Form W-9, “Request for Taxpayer Identification Number and Certification.”
When Free Money Isn’t Free: The Truth About Canceled Debt
Getting a debt wiped clean feels like an absolute win, but the IRS often sees it differently. Generally, when a lender forgives, cancels, or settles a debt for less than what you actually owe, the government treats that wiped-out balance as taxable income.
July 2026 Tax Due Dates
Upcoming July Tax Due Dates July 15 Employers: Deposit Social Security, Medicare, and withheld income taxes for June if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for June if the monthly deposit rule applies. July 31 …
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.
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.
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 …
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.
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.
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.