One of the question I get in the tax office every year concerns if you will owe tax for giving large gifts or for receiving large gifts.  The answer is that most people will never come close to exceeding the lifetime estate and gift tax exemption, which, due to the new 2025 Trump/GOP tax law, will remain extraordinarily high for the average household. 

An while giving gifts to your family may apply to these rules, the IRS has several categories of financial gifts that don’t count toward annual gift tax limits, no matter how much you give. But before we dive into which gifts the IRS treats as tax-free, it helps to know a little bit about the federal gift tax.

One of the questions I get alot are from people who have a great deal of money bult up over the years and they want to fund a Roth IRAs by doing conversions from their traditional IRA to a Roth IRA and/or making yearly Roth contributions.

While you can’t deduct the contributions you make to a Roth IRA, the money in the account grows tax-free. Of course, as with most things concerning taxes, there are some rules to prevent from cheating the system. In brief, you are subject to the five-year rule and withdrawals have to be after age 59½ to be not taxable and prevent penalties.  

Observed annually on July 30, National Whistleblower Day commemorates the nation’s first whistleblower law, enacted in 1778, and recognizes individuals who report wrongdoing and help protect public resources. Since the IRS program’s inception in 2007, whistleblower information has contributed to significant enforcement outcomes with more than $8 billion recovered and over $1.4 billion paid in awards.

“Historically whistleblowers have played an essential role in tax administration by calling attention to problems others have overlooked,” said IRS Chief Executive Officer Frank J. Bisignano. “Information provided by whistleblowers helps the IRS identify noncompliance, pursue enforcement actions, and ensure fairness for taxpayers who follow the law.”

As a small business owner, your “to-do” list is likely never-ending. Between managing daily operations, chasing invoices, and preparing for tax season, finding the right tools to streamline your workflow is essential. If you’ve been considering professional accounting software, there has arguably never been a better window of opportunity to make the move to QuickBooks Online (QBO) during this special 90% discount offer.

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With recent industry changes and seasonal promotions colliding, here is why you should act now to set your business up for financial success. 

1. The “Introductory” Edge

Taxpayers have been told for years that the IRS never sends a text message. But under the 2026 digital rules, they can reach out for three specific reasons.

One of the biggest headaches that those of us who design and maintain websites have are spammers. Those nefarious people who try to invade your website and use your servers to send out their junk to the masses. Since I maintain my own virtual private server (VPS), one of the biggest problems was spending the time to go in and delete the bogus accounts that were created or checking the logs to see if someone had found a way to insert malicious code into the site.

I say 'was' because a couple of years ago I found a company called CleanTalk. After installing their service, my spam attacks dropped 99%. Seriously. The most I ever see anymore is a little comment spam or people trying to access a page that doesn't exist. I have been really amazed at how well their software works and how much time it has saved me.

The IRS will soon implement a new process that automatically provides penalty relief for taxpayers with a history of filing returns and paying tax dues on time. This new relief system is expected to be phased in this summer.

The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify the process and reduce burden for those with a timely compliance history.

“Automatic Exemption from Penalty reflects the IRS’ commitment to making the payment of taxes owed simpler and more consistent,” said IRS Chief Executive Officer Frank J. Bisignano. “By automatically applying penalty relief, the IRS recognizes that taxpayers who historically pay on time should not have to make a formal request for relief that is routinely granted.”

[In his farewell address, Washington warns against the rise of political parties and foreign entanglements.]

United States, September 19, 1796.

Friends, and Fellow-Citizens: The period for a new election of a Citizen, to Administer the Executive government of the United States, being not far distant, and the time actually arrived, when your thoughts must be employed in designating the person, who is to be clothed with that important trust, it appears to me proper, especially as it may conduce to a more distinct expression of the public voice, that I should now apprise you of the resolution I have formed, to decline being considered among the number of those, out of whom a choice is to be made.