O'Bannon Anaya CPAs

06/22/2026

Welcome SUMMER 💦🫠

06/18/2026

https://www.thetaxadviser.com/issues/2026/may/trust-distributions-timing-tax-and-practical-considerations/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=15Jun2026

This article explains the basics of trust distributions, focusing on key concepts, relevant rules and elections, and planning choices that can help trustees manage taxes for both the trust and its beneficiaries.

06/17/2026

https://dontmesswithtaxes.com/added-summer-income-means-more-tax-considerations-for-all-age-filers/?fbclid=IwY2xjawSf0ABleHRuA2FlbQIxMQBicmlkETFiN0NBQ0VTUlE5N2taYVF4c3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHsr3NYWi0fFYJjiZWfPvZsewDU6CF8B8qdMiHV9TDvYvJjda-OzUs50oqMDN_aem_-HZcjDm4aFt0F4vknSroCg

Many young people take food service jobs during the summer. It’s a good way to learn about the working world. Regardless of your age, seasonal income also has tax implications.

06/16/2026

https://www.thetaxadviser.com/issues/2026/may/practical-sec-174a-tax-planning-in-the-post-obbba-landscape/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=16Jun2026

Before adopting the newly reinstated expensing of research and experimental expenditures, taxpayers should first consider the strategy’s broader tax effects.

06/12/2026

https://www.thetaxadviser.com/issues/2026/may/current-developments-in-taxation-of-individuals-part-3/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=12Jun2026

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.

06/11/2026

GO KNIGHTS GO!

06/10/2026

Did you know 🤔

With millions of fans backing favorites and a new 90% limit on loss deductions, your 2026 tournament strategy needs a substitution.

06/09/2026

https://www.journalofaccountancy.com/issues/2026/may/fifth-circuit-reverses-tax-court-on-limited-partner-definition/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=05Jun2026

The Fifth Circuit, overruling the Tax Court, held that for purposes of Sec. 1402(a)(13), “limited partner” means a partner in a limited partnership that has limited liability.

06/09/2026

GO KNIGHTS GO!!!

06/08/2026

https://www.thetaxadviser.com/issues/2026/may/startups-and-the-obbba-rethinking-c-corporation-vs-passthrough/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=08Jun2026

With enhanced Sec. 1202 gain exclusion, permanency of Sec. 199A, and other provisions, the calculus for entity choice has shifted.