United States: Income Tax

When adding a partner or outside investor to your business, understanding the tax implications is crucial for both personal and business finances. This comprehensive guide explores entity structure considerations...

The IRS has adjusted standard mileage rates for 2026 mid-year due to rising fuel costs, creating two distinct rate periods that employers must navigate. Business mileage rates will increase from 72.5 to 76 cents per mile on July 1, while medical and moving rates jump from 20.5 to 23.5 cents per mile. Employers face compliance challenges in tracking these changes, particularly in states like California with mandatory expense reimbursement requirements.

The IRS has issued guidance on whether transactions involving a family-owned corporation, revocable trusts, and a private foundation constitute prohibited self-dealing under Internal Revenue Code § 4941.