Holly C. Roundtree CPA, PLLC

Holly C. Roundtree CPA, PLLC We prepare tax returns and update accounting records for small businesses and individuals.

If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax br...
07/10/2026

If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax break known as the “Augusta rule.” The rule allows eligible homeowners to temporarily rent out their homes without reporting the rental income on their personal tax returns. Homeowners typically take advantage of the rule when renting their homes to tourists. Business owners who rent their homes to their businesses for short, event-driven occasions can potentially deduct the rent paid as a business expense while excluding the rental payments from their individual taxable income. But strict compliance with IRS rules is essential. Contact us to learn the details.

The IRS has turned to the American Institute of CPAs (AICPA) for help identifying taxpayers who may have received IRS No...
07/10/2026

The IRS has turned to the American Institute of CPAs (AICPA) for help identifying taxpayers who may have received IRS Notice CP53E in error. CP53E asks taxpayers to provide or update their bank account information for direct deposit of a tax refund. Millions of taxpayers received these mailed notices, causing confusion about refund processing and bank account information. The notices also raised concerns about potential fraud. The IRS is specifically seeking examples of taxpayers who received the notice despite already providing accurate bank information or who weren’t due a refund or an account adjustment. If you received a CP53E but believe it was sent in error, contact us.

Summer often brings yard sales, storage cleanouts and online sales of unwanted items. If you receive payments through th...
07/10/2026

Summer often brings yard sales, storage cleanouts and online sales of unwanted items. If you receive payments through third-party payment apps or online marketplaces such as PayPal, Venmo or eBay, you may receive a Form 1099-K reporting your total payments. This form is required if the payments you receive via the platform during the year exceed $20,000 in more than 200 transactions, though some platforms may issue you one at lower amounts. Form 1099-K reports gross payments, not profit. You generally owe tax only if you sell items for more than you paid for them. (Losses aren’t deductible.) The IRS receives copies of Form 1099-Ks, so keep good records. We’re here if you need guidance.

Pets can provide business tax advantages. It’s true! Your business may be able to deduct the cost of “employing” cats an...
07/09/2026

Pets can provide business tax advantages. It’s true! Your business may be able to deduct the cost of “employing” cats and dogs, so long as the animals serve a bona fide business purpose. Working animals that generally qualify include guard dogs and cats that protect facilities from rodents. If these workers are also part-time pets, you can deduct only the percentage of expenses associated with the animals’ working schedules. Expenses for food, veterinary care, training, and supplies such as leashes and beds are usually deductible. But the costs must be “reasonable,” and it’s critical to keep good records. Different tax rules apply to farmers, ranchers and professional breeders.

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion...
07/09/2026

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total gifts to the child for the year don’t exceed $19,000. Note that contributions from most sources are limited to $5,000 per year (not including the initial federal government contribution of $1,000 if the child qualifies), per Section 530A account. Also, the recipient must be under age 18 at the end of the tax year. Have questions? Contact us.

For many business owners, the terms “repairs” and “improvements” are interchangeable. But the tax implications differ. I...
07/09/2026

For many business owners, the terms “repairs” and “improvements” are interchangeable. But the tax implications differ. If your business completes repairs, you can deduct the costs the year they’re made. Improvements are capital expenditures that generally must be written off over time. Determining whether work constitutes a repair or an improvement can be tricky. The IRS’s tangible property regulations offer some clarity. For example, they provide a safe-harbor rule under which you can currently deduct amounts paid for tangible property if you deduct those amounts for financial accounting purposes or in keeping your books and records, subject to certain dollar limits. Contact us for details.

Are you a business owner or self-employed and planning a business trip this summer? As long as the primary purpose of th...
07/08/2026

Are you a business owner or self-employed and planning a business trip this summer? As long as the primary purpose of the trip is business, you may be able to deduct certain travel costs even if you add some vacation time. Deductible expenses may include your entire airfare as well as lodging costs, local transportation and 50% of the cost of meals for the business portion of the trip. Personal expenses — such as sightseeing, extra hotel nights, local transportation and meals on nonbusiness days, and costs for family members — generally aren’t deductible. Before mixing business with leisure, contact us to help maximize deductions and avoid missteps.

The National Taxpayer Advocate reports that most taxpayers had a smooth 2026 filing season, primarily due to continued I...
07/08/2026

The National Taxpayer Advocate reports that most taxpayers had a smooth 2026 filing season, primarily due to continued IRS progress in transforming its IT systems. However, the 2026 midyear report to Congress (https://bit.ly/4g2hoSu ) also highlights ongoing issues, including refund delays for some taxpayers, identity theft case backlogs and processing challenges for certain returns. Looking ahead, the Advocate’s 2027 objectives include speeding paper-check refunds, resolving identity theft cases more quickly, improving IRS communication and making it easier for tax professionals to assist clients. The independent Taxpayer Advocate Service helps resolve IRS issues and protect taxpayer rights.

If an aging parent or loved one becomes physically or mentally unable to care for themselves and moves into a licensed c...
07/08/2026

If an aging parent or loved one becomes physically or mentally unable to care for themselves and moves into a licensed care facility (such as a nursing home or assisted living), a special rule may save tax when selling their home. If they owned and used the home as their principal residence for an aggregate period of at least one year during the five years preceding the sale, time spent in the facility before the sale can count as continued use of the home for purposes of the home sale gain exclusion. Under the exclusion, up to $250,000 of gain ($500,000 for certain married couples filing jointly) can generally be excluded from gross income, subject to additional rules. Contact us for help.

Many people wait until year end to think about tax-deductible charitable donations. But summer is a great time to clean ...
07/07/2026

Many people wait until year end to think about tax-deductible charitable donations. But summer is a great time to clean out your closets and donate clothing and home goods to local nonprofits. In 2026, taxpayers who itemize can deduct cash and noncash contributions that exceed 0.5% of their adjusted gross income (AGI). For donations valued at $250 or more, be sure to get a receipt from the charity that includes a description of the items. Finally, though nonitemizers can deduct up to $1,000 in cash contributions to charity in 2026, they can’t deduct noncash donations.

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5001 Spring Valley Road, Suite 250-E
Dallas, TX
75244

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Monday 8:30am - 5:30pm
Tuesday 8:30am - 5:30pm
Wednesday 8:30am - 5:30pm
Thursday 8:30am - 5:30pm
Friday 8:30am - 5:30pm

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