From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com

From Bob Jennings at TaxSpeaker. Check out more taxspeaker.com Writing off an RV in a business In the seminar business our speakers must be able to get from one city to another because so many people are depending on us. Taxspeaker’s speakers do miss the very rare class-averaging about one every two years, but we do everything in our power to make it including driving all night, five hour cab rides and red-eye flights. A common week for me is flying out on Sunday night to sp

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com In December 2022, SECURE Act 2.0 was signed into law to enhance retirement savings opportunities for Americans. One provision, effective in 2024, introduces new 529 plan rules, allowing owners of a 529 plan to move unused funds in the account directly to the plan beneficiary’s Roth IRA without tax or penalty. This option may provide beneficiaries with tax-free retirement money in the Roth. Previously, if benef

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com It seems like every newsletter in the last 18 months has been related to income taxes and the never-ending line of rules being issued by the IRS and new laws from Congress. As we celebrate our nation’s 250th year of independence in two weeks, maybe we need to work towards our own financial independence. A few years ago, I was asked by a former college student of mine to give the commencement address at the Uni

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Employers may provide, tax-free, de minimis fringe benefits to employees under Internal Revenue Code Section 132(e). A de minimis benefit is any property or service provided to an employee that has so little value (taking into account how frequently you provide similar benefits to your employees) that accounting for it would be unreasonable or administratively impracticable. In Chief Counsel Advice (CCA) Mem

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Medicare is our country's national health insurance program primarily for people aged sixty-five or older who have obtained forty quarters of coverage through their own or their spouse’s (or ex-spouse’s) work. Certain people younger than age sixty-five can qualify for Medicare, too, including those who qualify for Social Security disability (after a two-year waiting period), and those who have permanent kidney

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com 7508A & Kwong: Refund Claims Due July 10, 2026 Lawrence Pon CPA/PFS, CFP, EA, USTCP, AEP The US Court of Federal Claims ruled on November 25, 2026 in Kwong vs. US (179 Fed. Cl. 382) that certain tax deadlines were automatically postponed for the entire COVID-19 disaster period plus 60 days. The Court found that under the prior version of §7508A(d) the suspension for underpayment interest and failure-to-file

From Bob Jennings at TaxSpeaker. Check out TaxSpeaker at taxspeaker.com Recent Fringe Benefit Changes The business mileage rate is 72.5 cents per mile for 2026. The qualified transit pass exclusion is $340 per month for 2026. The exclusion for commuter highway vehicle transportation and qualified parking is $340 per month for 2026 Health flexible spending arrangement (FSA): For plan years beginning after December 31, 2025, a cafeteria plan may not allow an employee to req

From Bob Jennings at TaxSpeaker. Check out TaxSpeaker at taxspeaker.com 529 plan distributions used to pay for nonqualified expenses are subject to income tax and a 10% penalty on the earnings portion of the withdrawal. This includes 529 distributions for airfare and other travel costs, college application or testing fees, health insurance, or room and board costs beyond the college’s cost of attendance (COA) allowance. If the student’s parent qualifies for the AOTC or LLTC