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Around the Tax World- May 26, 2026
In The HeadlinesTrump settles his lawsuit against the IRS—and gains audit protection in the process.
What's New In The Tax World?Jeff Bezos stirs up talk about eliminating income taxes in a recent interview
State-By-State-UpdatesNew Mexico faces disappointing results from its $512 million in state tax credits.
Tax Planning TipsThe enhanced premium tax credit didn’t make it to 2026—what has the impact been?
READ MOREAround the Tax World- May 27, 2022
World NEWS - The global minimum tax deal struggles to move toward implementation...
U.S. NEWS - US technology and innovation sectors may see tax breaks in new bill aimed at reducing reliance on China...
STATE NEWS - Minnesota legislators plan to eliminate state taxes on Social Security income...
TAX PLANNING - The IRS is expected to pay interest to taxpayers with delayed tax refunds...
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Small Mistakes With Huge Costs for Your Client’s Tax Returns
We’ve all been there. A client walks into your office and, somewhere in the conversation, you realize that a seemingly minor oversight, a missed deadline, a form nobody filed, an election nobody mentioned, has spiraled into a five- or six-figure tax problem. In my years of practice, some of the most expensive mistakes I’ve seen weren’t the result of aggressive planning gone wrong. They were small, quiet errors. The kind that happens when a deadline slips, an election isn’t made, or a form gets overlooked entirely. The tax code is unforgiving in these situations, and the IRS has little sympathy for “I didn’t know.” This article walks through some of the most common, and most costly, small mistakes that can devastate your client’s tax situation, along with practical guidance for avoiding them.

When Debts Go Bad: The Challenges of Deducting Delinquent Debts
It is painful when you finally realize that the money you expected to be repaid is never coming back. The tiny silver lining in that cloud might be the tax benefit of “writing off” the debt. Unfortunately, that silver lining may well be eclipsed by an even bigger cloud. Writing bad debt off is not that easy, and there’s probably no silver lining to that cloud. Ironically, you might find that the mistakes that caused you to be holding a bad debt might be what prevents you from getting a usable deduction.

Building a Partnership the Right Way: Tax Strategies From Day One
Setting up a partnership is a lot like getting married. It’s exciting, full of promise, and if you do it right, it can be incredibly rewarding. Do it wrong, and you’re setting yourself up for years of headaches and potentially significant financial loss. The decisions you make at the formation stage of your partnership will impact your tax situation for years to come, and in some cases, these decisions can be difficult or costly to undo later. In this article, we’ll explore the critical steps in setting up a partnership and the tax implications of various contribution strategies. You’ll learn how to establish a foundation that maximizes tax advantages from day one.
