Businesses must prepare 1099s for contractors and vendors by February 2, 2026. Understanding which forms to use and getting organized now can help you stay on track and avoid costly IRS penalties.

For many parents, providing financial security for their children is a top priority. But building that security involves more than funding college or opening a savings account. The real goal isn't just to transfer wealth - it's to prepare the next generation to manage, grow, and protect it.

A new IRS provision allows certain lenders to exclude 25% of interest income from loans secured by agricultural property, potentially saving thousands in taxes annually. The temporary guidance under Section 139L applies immediately to qualifying loans secured by farmland, livestock operations, and aquaculture facilities.

The IRS recently issued new guidance clarifying how the permanent 100% bonus depreciation deduction will work moving forward. This allows businesses to fully deduct the cost of qualified property in the year it's placed in service, rather than depreciating it over several years.

Trump Accounts are a new type of tax-advantaged retirement account for children, created under 2025 legislation and clarified by recent IRS guidance. While contributions can't begin until mid-2026, families can begin preparing now. This article explains what is currently known, what remains uncertain, and how Trump Accounts compare to other common savings tools like Roth IRAs and 529 plans.

For high-income professionals locked out of traditional Roth contributions, mega Roth conversions offer a powerful alternative. By contributing after-tax dollars to fill unused space under the $72,000 annual 401(k) limit and immediately converting them to Roth, eligible savers can funnel tens of thousands annually into tax-free growth.

Many nonprofit executives struggle with delegation, often trying to handle too much themselves. This leadership habit can limit staff development and stretch leaders too thin. The new year offers an ideal opportunity to reassess priorities, hand off appropriate tasks, and empower your team while focusing on mission-critical work.

Qualified charitable distributions allow seniors 70½ and older to transfer IRA funds directly to charity tax-free. Recent tax law changes have made QCDs even more advantageous, helping donors avoid income-based phaseouts, Medicare surcharges, and new charitable deduction limitations while satisfying required minimum distributions.

As scrutiny of nonprofit organizations intensifies, audits have become essential tools for financial transparency and accountability. Beyond assessing financial health, audits uncover operational vulnerabilities and demonstrate fiscal responsibility to donors and stakeholders. Understanding both internal and external audit processes helps nonprofits maintain trust and compliance.

Divorce raises critical questions about who can claim valuable child-related tax breaks. Understanding custodial parent rules, the noncustodial parent release option, and which benefits can be shared is essential for maximizing tax advantages and avoiding costly mistakes during negotiations.

Continuing care retirement communities offer varying levels of care but come with substantial costs. Learn how taxpayers who itemize may be able to deduct a portion of CCRC entry fees and monthly expenses as qualified medical expenses, potentially making these communities more affordable.

The FAFSA application for 2026-2027 is now available with significant enhancements. Recent legislation has simplified the process, expanded eligibility, and introduced new exemptions for family-owned business assets. Understanding these changes could help your family access more financial aid for college expenses.

Stay informed about the latest federal tax changes affecting individuals and families. From expanded Trump Account eligibility and new scholarship tax credits to critical tip reporting deadlines and IRS notice improvements, these updates could impact your financial planning and tax obligations in the coming years

Splitting assets in divorce seems straightforward until tax season arrives. While most property transfers between divorcing spouses are tax-free, the hidden tax liabilities attached to appreciated assets can create unexpected financial consequences. Understanding these rules is essential to ensuring a truly equitable settlement.

Nearly 90 million American adults struggle to comprehend medical information, leading to inefficient healthcare use and higher costs. Health illiteracy drives unnecessary emergency room visits, longer hospital stays, and poor chronic condition management. Employers can help by simplifying benefits communications and providing accessible support resources.