Manjit Singh, CPA - Your DMV Tax Expert

07/22/2026

The wedding day creates a new world of taxes. You may need help.

07/20/2026

Form 1099-K – Did You Know?

If you receive a Form 1099-K, review it for payments that may not be taxable, such as reimbursements from friends or family. If these payments were mistakenly included, ask the payment processor to issue a corrected form. Keep in mind that some transactions involving personal items may still have tax consequences, particularly if you sold an item for more than you paid for it.

07/17/2026

Providing a gift of stock can make sense if handled properly. Read more.

Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications.

07/16/2026

Wonder what the IRS is paying attention to when it looks at small businesses? Here are five key areas requiring defense when the IRS turns its focus on your business.

07/14/2026

Increased Standard Mileage Rates Starting July 1, 2026

Due to higher fuel prices, the IRS has increased the standard mileage rate for business driving to 76 cents per mile for mileage incurred on or after July 1, 2026. The rates for medical travel and eligible moving expenses have also increased to 23.5 cents per mile.

The charitable mileage rate remains unchanged at 14 cents per mile, while the previously announced 2026 rates continue to apply to mileage incurred before July 1.

07/10/2026

Pass-through entities such as S corporations and certain partnerships offer legal protections and avoid double taxation. Does it make sense for your business?

Given the popularity of this business format, it continues to drive tax policy. Here is what you need to know.

07/09/2026

IRS simplifies penalty relief, introduces automatic process for eligible taxpayers
In 1988 Taxpayers’ Bill of Rights were formulated subsequently major legislative updates were added mid 1996 and was termed Taxpayers’ Bill of Rights 2. Slowly and steadily things started eroding, and generated complaints regarding aggressive tactics in the field of examinations of tax returns, collection activities to the extent of seizing properties and then auctioned off. This required the action of the Congress and a new term was labeled. A kindler and gentler IRS (Internal Revenue Service.)

Unfortunately good things do not last long, in early 2026 army of the Doge agents raided every government agencies in order to lean out a bloated government. They did not spare the Internal Revenue Service either. Experienced staff members chose early retirements or deferred retirements or were laid off. This created more stress at the agency. Revenue Officers, Revenue Agents were working under extreme difficult conditions fearing for their jobs, having to report to management what 5 things were achieved or completed in the past week and closing cases when they were incomplete.

For some one who had a good filing record, a policy was in place, known as First Time Penalty Abatement (FTA). The condition was for the past three years (tax returns filing) there was no penalties accessed. The biggest challenge to get it abated was to get through the telephone to the customer service at the Service. Not an easy task. Long hold lines, courtesy disconnects and substantial frustration as agents would say, send it in writing where as is was very possible to do it over the phone. The phone assistors had access to a software utility that would determine eligibility in a few minutes. Another frustrating experience for a layman taxpayer.

IR-2026-83, July 8, 2026, IRS highlights a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance.

The new Automatic Exemption from Penalty (AEP) will replaces the long-standing First Time Abate (FTA) administrative relief and is designed to simplify the process and reduce burden for those with a timely compliance history. The IRS will automatically apply the penalty relief for those who qualify and save them the trouble of making a formal request for the abatement via phone call or a written request (which would take 3 months to be processed.) The following penalties shall not be assessed while processing the returns.

Failure to file.
Failure to pay.
Failure to deposit.

Not all returns are eligible for AEP. For example, information returns and returns that are filed only in response to specific transactions or infrequent events (such as Form 706, U.S. Estate Tax Return or Form 709 Gift Tax Return) generally are not eligible.

07/08/2026

Are you in the know with recent retirement rule changes? If not, spend some time take advantage of the new rules.

Deep within a government spending bill are a number of changes to popular retirement plan rules. Here is what every taxpayer should know.

07/06/2026

Employer-Provided Childcare Tax Credit – Did You Know?

Businesses that offer childcare benefits to employees may qualify for the Employer-Provided Childcare Tax Credit for some of the expenses involved. Eligible costs may include acquiring, constructing, or improving a childcare facility, operating an on-site childcare program, contracting with a qualified childcare provider, or paying for childcare resource and referral services.

Beginning in 2026, the credit generally equals 40% of qualified childcare expenditures (or 50% for eligible small businesses) plus 10% of qualified childcare resource and referral expenses. The maximum annual credit has also increased to $500,000, or $600,000 for eligible small businesses.

07/03/2026

The ensure you're ready for an audit, tax returns should be kept indefinitely and supporting documents should be kept a minimum of three years.

After filing your tax return, do not close the book on your taxes until you have set up next year's files, purged unneeded old records, and prepared your records in case of an audit. Here are some tips.