XQ CPA

XQ CPA We are dedicated to going the extra mile in serving small business owners! Welcome to XQ CPA! Not all accountants are alike. We're different.

At XQ CPA PLLC, we are dedicated to going the extra mile in serving small business owners. While other accounting firms may offer similar services, our services are unique in that we always strive to understand and meet your needs!

In May 2026, the IRS reinstated a previously discarded policy that allows taxpayers to request private letter rulings (P...
05/29/2026

In May 2026, the IRS reinstated a previously discarded policy that allows taxpayers to request private letter rulings (PLRs) from the IRS, but only for “significant issues” arising in corporate transactions. In the past, the IRS would, when requested, review entire proposed transactions. This could be time consuming and costly. Now, the agency will issue PLRs only on specific legal questions without ruling on the entire transaction. A company, for example, might ask whether asset transfers following a reorganization would jeopardize its deal’s tax-free treatment. PLRs can help business owners make better decisions about transaction planning and structuring. To learn more, contact us.

Debt forgiveness may result in taxes owed. Under federal tax law, gross income generally includes cancellation of debt i...
05/28/2026

Debt forgiveness may result in taxes owed. Under federal tax law, gross income generally includes cancellation of debt income when a lender forgives all or part of a debt. However, there are exceptions. Debt discharged as part of a Chapter 7 or Chapter 13 bankruptcy case is generally excluded from income. Also, it may be nontaxable if you can prove to the IRS that you were insolvent when your lender canceled your debt. In addition, forgiveness of certain student loans and cancellation of debt due to the borrower’s death or total disability are usually nontaxable. After a debt is canceled, your lender may send you a Form 1099-C detailing the amount. Contact us if you have questions.

The IRS is offering a limited-time settlement opportunity for eligible taxpayers involved in conservation easement dispu...
05/27/2026

The IRS is offering a limited-time settlement opportunity for eligible taxpayers involved in conservation easement disputes. A conservation easement generally restricts the use of property to preserve land or meet other conservation goals and may qualify for a charitable tax deduction based on the easement’s value. However, the IRS continues to challenge abusive transactions involving inflated valuations and deductions that far exceed the actual amount invested. Taxpayers who participate in abusive easement arrangements may incur penalties and must pay back taxes and interest. For details on the settlement relief: https://bit.ly/4wCoB1x

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax...
05/26/2026

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice specifically instructs you to do so, but keep a copy for your records. If you need to call the IRS, use the number in the upper right corner of the notice and have the letter and a copy of your tax return on hand. If you have questions, contact us. We can help you understand the notice and determine whether any action is needed. For more information from the IRS: https://bit.ly/4nv6ZQJ

Importers awaiting tariff refunds should ensure their banking information is up to date, because some payments are on ho...
05/25/2026

Importers awaiting tariff refunds should ensure their banking information is up to date, because some payments are on hold pending account verification. Approximately $35.5 billion in refunds is currently being issued to importers who filed for refunds after the U.S. Supreme Court ruled certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal. A May 12, 2026, court filing states that payments processed through the new online government portal (https://bit.ly/3PE2Lda ) will include interest on duties paid. To date, nearly 87,000 declarations have been validated, and over 8.3 million entries have been reprocessed to remove IEEPA duties.

The IRS and other federal agencies have proposed new rules that could expand employers’ ability to provide fertility ben...
05/24/2026

The IRS and other federal agencies have proposed new rules that could expand employers’ ability to provide fertility benefits to employees as early as plan years starting Jan. 1, 2027. If finalized, the rules would create a new category of “limited excepted benefits” for fertility care, allowing services such as IVF, fertility medications, and infertility diagnosis and treatment to be offered outside many Affordable Care Act requirements, if certain conditions are met. Plans could include a lifetime benefit cap of up to $120,000 per participant (adjusted for inflation). Premiums could be paid with pre-tax dollars, potentially reducing employer and employee tax liabilities.

The American Institute of CPAs (AICPA) has weighed in on the 2026 tax filing season. In a recent letter to the U.S. Sena...
05/23/2026

The American Institute of CPAs (AICPA) has weighed in on the 2026 tax filing season. In a recent letter to the U.S. Senate Finance Committee, it largely commended the IRS’s performance but mentioned that phone services were somewhat inconsistent. The AICPA letter also recommended ways the IRS can improve in future filing seasons. Specific ideas include enlisting the Joint Committee on Taxation to report biannually on the state of the federal tax system, hiring more professionals from the private sector and using taxpayer surveys to assess IRS performance. To see more AICPA recommendations, download the letter: https://bit.ly/4dmLkps

Do you care for a relative or someone else and receive Medicaid waiver payments (MWPs) as compensation? These payments a...
05/22/2026

Do you care for a relative or someone else and receive Medicaid waiver payments (MWPs) as compensation? These payments are generally tax-exempt. For you to exclude MWPs from income, the payments must be issued by your state’s MWP program, you need to live in the home with the Medicaid patient and you must not care for more than five or 10 patients (depending on their age) at a time. Even though MWPs are usually excluded from taxable income, you may receive a Form W-2 or Form 1099 reflecting the payments. Contact us for help reporting this income or view the IRS’s FAQs (https://bit.ly/4eI8zg6 ) for more information.

As the cost of gasoline continues to rise, President Trump is calling for a temporary suspension of the federal gas tax....
05/21/2026

As the cost of gasoline continues to rise, President Trump is calling for a temporary suspension of the federal gas tax. Currently, the national tax is 18.4 cents per gallon for gas and 24.4 cents per gallon for diesel. An average of 51 cents in taxes and fees is added to every gallon of gas, with some revenue going to the state levying the tax and the rest to federal coffers. On May 12, 2026, the average price of a gallon of regular gas is $4.50, up from roughly $3.14 a year ago, according to AAA. A cost reduction of 18.4 cents would lower the current average by around 4%. Note that a suspension of the tax requires Congress to pass legislation. Stay tuned.

The IRS categorizes a tax return containing inaccuracies that could lead to overstated credits or understated income as ...
05/20/2026

The IRS categorizes a tax return containing inaccuracies that could lead to overstated credits or understated income as “potentially abusive.” It labels a return as “fraudulent” if the taxpayer attempts to file using another person’s Social Security number or includes information that has no basis in fact. Participating in an illegal scheme to evade taxes can result in penalties, repayment of the taxes owed and possible criminal prosecution. Under its e-file program, the IRS may flag both types of questionable returns, and whistleblowers may report suspected violations. For additional information from the IRS: https://bit.ly/3So8OQY

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-...
05/19/2026

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-employed income over $400, such as earnings from mowing lawns or babysitting, must file an income tax return and may owe self-employment tax. If a teen works for an employer that withholds payroll taxes, the filing threshold is higher: $16,100 for 2026. In this case, the teen usually won’t owe income tax and may receive a refund if taxes were withheld. Contact us with questions.

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