The Tax Professionals Blog

Winning a noncash prize is exciting—but it’s not tax-free. Learn how the IRS determines the fair market value of prizes, and how winners can dispute overvalued 1099-MISC amounts.

New IRS bulletin updates 2025 state housing credit limits and sets fringe benefit valuations for employer aircraft use using updated SIFL rates. 

Can a lease buyout be tax-free? In this article, we break down IRS Code Sec. 61 and key case law to determine if cash and free rent from a lease surrender count as taxable capital gain income.

Highlights from IRS Bulletin 2025-15 include April federal rates and the annual Advance Pricing Agreement Program report for calendar year 2024.

Is sick pay taxable? It depends! Learn how employer vs. employee-funded sick pay affects taxes, W-2 reporting, and payroll withholdings. Plus, key details on third-party sick pay.