Last updated: January 9 2026 TL;DR: Key Takeaways for 2026 Backdoor Roth IRA limit (2026): $7,000 ($8,000 if 50+) Mega Backdoor Roth potential (2026): Up to $47,500+ depending
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2026 Tax Planning Guide: 20 Strategies to Cut Your Tax Bill This Year
Last Updated: January 9 2026Applies To: 2026 Tax Year (Filed in 2027) Effective tax planning happens throughout the year, not just at filing time. And with the One
Form 5471 Penalties: Understanding Relief Options and the $60,000 Risk
Understanding the penalty structure, relief options, and how to protect yourself from severe IRS consequences for foreign corporation reporting failures Quick Facts: $10,000 Initial penalty per form $60,000 Maximum penalty
GILTI and Subpart F Income: Complete Form 5471 Reporting Guide
Understanding how CFC income is taxed and reported on Form 5471—calculations, schedules, and planning strategies, including 2026 NCTI changes under the One Big Beautiful Bill Act Quick Facts:
Form 5471 Categories of Filers: Determine Your Filing Requirements
Navigate the five IRS categories to understand exactly when and what you need to file for your foreign corporation interests Quick Facts: 5 Categories of filers 10% ownership threshold for
The Ultimate Guide to Federal Income Tax Deadlines for 2026
TL;DR: 2026 Federal Tax Deadlines at a Glance Individual tax returns (Form 1040): April 15, 2026 (extension: October 15, 2026) Partnerships & S-Corps: March 16, 2026 (extension: September
Form 5472 Penalties: Understanding the $25,000 Risk and Relief Options
A guide to Form 5472 penalty structure, how penalties accumulate, and available relief options for foreign-owned U.S. businesses Quick Facts: $25,000 Initial penalty per form No maximum Penalties can accumulate
Form 5472 Reportable Transactions: What Must Be Reported
A comprehensive guide to identifying, categorizing, and reporting related party transactions on Form 5472 Quick Facts: All transactions with related parties must be reported Separate forms required for each related
Form 5472 for Foreign-Owned LLCs: Complete Filing Guide
Understanding the Form 5472 requirements that apply to foreign-owned single-member LLCs and disregarded entities since the 2017 expansion Quick Facts: 2017 Year disregarded entities became subject to Form 5472
How Partnership Distributions Actually Work (With Examples)
Last year, a real estate partnership we advised made what seemed like a routine $147,000 cash distribution to a retiring partner. Three months later, that partner received an