NR Tax and Consulting LLC

07/16/2026

Learn how the IRS 10-year collection statute works, what can extend it, and why waiting out tax debt is often riskier than it sounds

The Internal Revenue Code (IRC) Section 6502 provides that the IRS has a maximum of ten years from the date of assessment to collect tax debts from taxpayers. This period is a crucial timeframe for anyone dealing with tax liabilities, as it essentially defines the duration the IRS can actively pursu...

07/16/2026

Choosing between an S corporation and C corporation involves more than tax rates. Learn the key factors that can impact growth and profits.

That concern is real. It is part of the conversation. But it is rarely the only issue that matters, and it is not always the issue that matters most.

07/14/2026

The IRS has announced that it will begin automatically forgiving certain penalties for taxpayers who have not had a similar penalty in the past three years, rather than requiring them or their tax preparer to request relief for them.

Most taxpayers don’t plan to get hit with an IRS penalty. Usually, it happens because life got in the way: a bill was missed, a return was filed late, or an estimated payment did not get made on time. For years, one of the best forms of relief in that situation was an IRS program called “first-t...

07/13/2026

Learn how the 180-day rule may allow certain 2026 capital gains to be deferred through a Qualified Opportunity Fund investment.

07/10/2026

A mid-year tax review helps business owners improve cash flow, reduce surprises, and make smarter decisions before year-end.

There is a familiar habit among business owners that makes perfect sense until you look at the cost of it: “I’ll worry about taxes in December.”

07/09/2026

Employers of all sizes can assemble a portfolio of fringe benefits that materially increase employees’ total compensation while delivering tax advantages to both the business and employees.

Employers of all sizes can assemble a portfolio of fringe benefits that materially increase employees’ total compensation while delivering tax advantages to both the business and employees. For human resource professionals and small-business owners, the meaningful task is not simply offering perks...

07/08/2026

Many homeowners overpay by not shopping for mortgages. Learn how rates, refinancing, taxes, and cash flow can affect your finances.

It is not necessarily buying the wrong home, choosing the wrong neighborhood, or underestimating maintenance costs. It may be accepting the first mortgage quote they receive.

07/06/2026

Getting married this year? Learn how marriage can affect your taxes, withholding, refunds, and filing status before you say "I do."

06/29/2026

Learn how short-term and seasonal home rentals can affect your taxes, including income reporting rules and available tax benefits.

06/26/2026

Here are the July 2026 Business Due Dates

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