Hiring firms can avoid paying back taxes and IRS penalties for misclassifying workers as independent contractors for employment tax purposes, by qualifying for the Section 530 safe harbor. But new guidance allows the IRS to consider non-tax treatment of the workers involved as well as whether the hiring firm used temporary employees, making it harder for hiring firms to qualify for Section 530 relief.

Protect yourself and your receipts by digitizing them. You will like the results. Without digitization, some of your receipts will disappear. Digitized receipts make the IRS smile, and of course, that makes you smile too.

Think you’re just co-owning a property or project? The IRS might see it as a partnership—with tax headaches to match—unless you take one smart step to opt out.

If you’ve been scammed, the IRS might let you deduct your losses—but only if greed, not love or generosity, drove your actions. Learn the surprising rules around theft loss deductions and how the law draws a harsh line between profit-seeking victims and those just trying to help others.

As bonus depreciation phases out, savvy commercial property owners are turning to Section 179 deductions to boost their tax savings. This strategy can allow for immediate expensing of qualifying real property improvements such as HVAC, roofs, and interior renovations.

How does the professional association or the professional corporation compare with the regular C corporation and the S corporation?

Looking for a smart way to reduce your taxable income and support your favorite charities? Learn how using an IRA checking account can make qualified charitable distributions (QCDs) easier—just make sure you avoid a few common pitfalls.

The “excess business loss” rule limits how much business loss individual taxpayers can deduct each year, with any excess converted into a net operating loss (NOL) for future use. This restriction, in place through 2028, can delay tax benefits and impact planning for those with substantial non-business income.