Jun 29, 2026
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