A gift tax return — Form 709 — trips up more practitioners more often than expected, partly because the filing trigger isn’t just about owing tax. A client made a large gift last year. Now the question lands on the desk: does this require a return? Clients can owe nothing and still have a filing […]
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Section 1202 Qualified Small Business Stock in 2026: New Rules, Higher Stakes, Strict Requirements
Section 1202 has been around since 1993. For most of that time it was a niche provision, useful in the right circumstances but constrained by a rigid five-year holding period and dollar thresholds that hadn’t kept pace with inflation. The One, Big, Beautiful Bill Act (OBBBA), signed into law July 4, 2025, changed that. Three […]
Tips for 2017 Year-End Planning Amid Our Uncertain Environment
With the House and Senate bills being reconciled in an effort to pass a tax reform law, it is incredibly difficult for a professional to competently advise an individual on year-end planning. To illustrate this point, the IRS itself has punted on usually already issued withholding guidance as it awaits the finalized legislation. Here, however, […]