Passive activity loss rules quietly limit how much rental and passive losses you can deduct each year. This week's Tax Tip Tuesday breaks down the income phase-outs, Real Estate Professional Status traps, and documentation gaps that turn a legitimate loss into an audit flag.

Cryptocurrency and foreign exchange icons with tax documents — MKHS Tax Group blog on crypto enforcement and foreign reporting If you hold cryptocurrency — especially on a foreign exchange — 2026 is the year the IRS's visibility into your activity changed dramatically. Between new broker reporting rules and an evolving stance on foreign account disclosures, the assumptions many crypto holders have relied on for years no longer hold up. Here's what's actually changed, and what

Organizational chart showing multiple connected business entities — MKHS Tax Group blog on multi-entity structures and IRS scrutiny If your business has grown to include more than one entity — an operating company, a holding company, maybe a separate property LLC — you're not doing anything wrong. Multi-entity structures are common, often advisable, and frequently the smartest way to separate liability, isolate assets, and plan for growth. But it's worth understanding how the

Basis is one of the most important numbers in your tax life — and one of the most consistently ignored.

Schedule E is one of the most scrutinized sections of your tax return. From rental losses to K-1 mismatches to passive activity rules, the IRS is watching — and documentation is everything.

If you have a foreign pension or investment account abroad, you've probably never heard of a PFIC. That's a problem — because the IRS has, and the tax rules around them are brutal. What's a PFIC? PFIC stands for Passive Foreign Investment Company. In plain English: almost any foreign fund. Foreign mutual funds, foreign ETFs, foreign pension funds that invest in pooled vehicles — they almost all qualify. If your foreign pension invests in foreign funds (which virtually all d

For many taxpayers, the idea of owing the IRS can feel intimidating — and the thought of extra penalties and interest makes it worse. But...

Big news for taxpayers: Congress passed a sweeping tax package making major changes for individuals, families, and small businesses. If...