McCrate, DeLaet & Company

09/02/2026

We are pleased to announce that we have received official NASBA approval to offer Continuing Professional Education (CPE) through in-person training.Join us for the inaugural McCrate Professional Growth Leadership Summit, created for organizational leaders and CPAs who want to grow their expertise and build stronger connections across the local business community.Full event details are included in the attached flyer. https://forms.gle/Cz8grBC7g47i69Hk9

09/01/2026

Many individuals invest in real estate to help diversify their portfolio, create an income stream for themselves from rental income and build net worth over time. Income and losses from investment real estate are considered passive by definition — unless you’re a real estate professional. Even then, you generally must “materially participate” in a rental activity for it to be treated as nonpassive. Why is this important? Passive income may be subject to the 3.8% net investment income tax on top of any income tax otherwise due, and passive losses are deductible only against passive income, with the excess carried forward. Contact us to discuss tax planning for your investment real estate.

08/27/2026

Wondering how Sec. 530A accounts (also known as Trump Accounts) may be invested? The IRS has issued proposed regulations clarifying the investment options allowed during the “growth period.” This period begins when the beneficiary’s initial account is established and ends on Dec. 31 of the year the child turns 17. During this time, eligible investments generally include mutual funds or exchange-traded funds that track an equity index of mainly U.S. companies, don’t use leverage, and have annual fees and expenses of no more than 0.1% of the fund’s balance. The proposed regulations would apply to tax years starting on or after Jan. 1, 2026. Contact us with questions.

08/21/2026

08/20/2026

One question surviving spouses face is how to file their federal income tax returns for the year of their spouse’s death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due on April 15 of the following calendar year unless the executor requests an extension. A surviving spouse generally can file a joint return with the deceased spouse for that year. Often, filing jointly provides tax savings, including a lower tax rate and larger deductions and credits. But filing separately sometimes may produce a better result because of the couple’s particular mix of income, deductions and other tax attributes. Contact us for more information.

08/13/2026

Thank you, 7 Brew, for the coffee! ☕ We appreciate you treating our team!

08/12/2026

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

08/11/2026

The IRS recently announced new and expanded features for its Business Tax Account (BTA) platform. The BTA is a self-service platform available to sole proprietors; S corporations; C corporations; certain partners and shareholders; tax-exempt organizations; and federal, state and local governments. It allows users to securely access and manage their federal tax records and information. Among other things, users now have access to an expanding library of digital IRS notices, can download an employer identification number verification notice, and can view an existing payment plan’s balance and other details and make a payment toward that plan. For more details: https://bit.ly/4wgfIJA

08/10/2026

If your child is heading to college this fall, tax breaks may be available. For example, you might be eligible for the American Opportunity Tax Credit (AOTC) of up to $2,500 per student for the first four years of college. But the AOTC is phased out for married joint filers with modified adjusted gross income between $160,000 and $180,000 (between $80,000 and $90,000 for heads of households).

If your child has a tax-advantaged education account, such as a 529 plan, tax-free withdrawals can be taken to pay qualified expenses. But expenses paid with tax-free withdrawals can’t be used to claim the AOTC.

Contact us to discuss these and other tax tips for your situation.