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The IRS began rolling out a new automatic penalty-relief process during the summer of 2026. Announced on July 8, 2026, the Automatic Exemption from Penalty program, or AEP, can prevent certain late-filing, late-payment, and late-deposit penalties from being assessed against otherwise compliant taxpayers. The rollout has already started and applies beginning with eligible 2025 annual…
On August 19, 2026, the IRS announced the creation of a new Office of Conservation Easements. Although most taxpayers will never claim a conservation-easement deduction, the announcement contains a broader lesson for anyone considering a significant tax-mitigation strategy: The IRS says its new office will centralize technical expertise and coordinate conservation-easement policy, enforcement, valuation, and…
The return of permanent 100% bonus depreciation has created a significant opportunity for business owners and investors seeking to reduce current taxable income. Under the legislation commonly called the One Big Beautiful Bill Act, qualifying property acquired and placed in service after January 19, 2025, may generally be eligible for a 100% first-year depreciation deduction.…
No one likes tax planning, but it’s better to start now than be the person in December saying, “I should’ve handled this in August.” Successful people don’t wait until the end of the year to start thinking about taxes. They understand that tax planning works best when there is still time to make decisions, evaluate…
For decades, conservation easements have been one of the primary tools used to protect environmentally significant land. The structure is familiar. A landowner keeps the property but permanently gives up certain development rights. A qualified conservation organization receives the right to enforce those restrictions, and the donor may qualify for a charitable contribution deduction based…
When farmers think about tax-saving opportunities, accelerated depreciation on equipment is usually one of the first things that comes to mind. It is familiar, widely discussed, and often built into year-end planning. What is discussed far less often is a potentially valuable one-time tax opportunity tied to newly acquired farmland: Section 180 and the possibility…
For several years, Section 174 functioned less like a tax incentive and more like a penalty. Expenses that businesses had long deducted immediately, particularly wages and contractor costs tied to internal development, were suddenly required to be amortized over multiple years, often inflating taxable income without any corresponding increase in cash flow. That treatment was…
Over time, reviewing tax outcomes reveals a fairly consistent pattern. Discussions tend to focus on the final calculation, what was earned, what was deducted, and which rates applied. But looking at enough returns makes something else clear: by the time that calculation is performed, the range of possible outcomes has already been shaped by decisions…
