In this episode:

  • Federal Scholarship Tax Credit (2027) — Up to $1,700 non-refundable credit for K–12 scholarship donations; no income limits; requires state opt-in
  • Cryptocurrency staking rewards — Tokens taxable as income upon receipt; deferral legislation proposed but not yet law
  • 1099-DA reporting (2027) — Brokers must report digital asset sales; provide all 1099s to your preparer
  • Charitable contribution rules — Cash must be documented; GoFundMe not deductible; large non-cash donations require appraisals
  • $4.2M charitable deduction denied — Tax court disallowed due to inadequate documentation
  • Hobby loss rules — Losses only deductible if activity is run with genuine profit motive
  • Family limited partnership discounts — Court upheld IRS challenge; deemed tax-motivated with no business purpose
  • Estate tax Form 706 & closing letters — Portability elections, new request fee, and 2–3 year processing delays
  • 2027 Social Security wage base — Increases to $190,200; effectively a tax hike for higher earners
  • Amended returns (Form 1040-X) — 3-year filing window; e-file for faster refunds
  • IRS workforce decline — Staffing down 28%; enforcement agents down 33%; fewer audits and slower service

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