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13 min read

Schedules K-2 and K-3 in 2026: The Domestic Filing Exception, the 1-Month Deadline, and the Foreign Tax Credit Trap

Schedules K-2 and K-3 pulled even purely domestic partnerships and S-corps into international tax reporting starting in 2021. This guide explains the 2026 filing rules, the four-condition domestic filing exception, the January 15 partner notification and February 15 1-month K-3 request deadlines for calendar-year filers, the $250,000 small entity carve-out added in 2024, and the per-partner, per-month penalty math for non-compliance.

Mike Thrift

taxtax-compliancepartnerships
13 min read

Schedule F: Farm Tax Reporting, Disaster Deferrals, and Income Averaging Explained

A practical walkthrough of Schedule F for farmers and ranchers, covering crop insurance deferral under Section 451, weather-related livestock relief (Section 451(g) and 1033(e)), Section 175 soil and water conservation deductions capped at 25% of farm gross income, Section 179 and bonus depreciation, and Schedule J income averaging using elected farm income across three base years.

Mike Thrift

schedule-ftax-planningself-employment-tax
14 min read

Schedule F Survival Guide: Crop Insurance Deferral, Section 1033(e) Livestock Sales, and Schedule J Income Averaging

Schedule F farm tax elections explained — crop insurance deferral under Section 451(f), weather-forced livestock replacement under Section 1033(e), Section 175 conservation deductions, the Section 464 prepaid-supply cap, the March 1 estimated-tax rule, and Schedule J three-year income averaging — with rules, deadlines, and worked examples.

Mike Thrift

taxtax-planningtax-deductions
14 min read

Sales Tax on SaaS, Streaming, and Digital Goods in 2026: A State-by-State Compliance Survival Guide for Software Vendors

By 2026, sales tax on SaaS and digital goods splits into three legal routes—tangible property, taxable service, or nontaxable intangible—plus a true-object test that turns on customer intent. This guide covers the 2026 Illinois, Maine, and D.C. changes, economic nexus thresholds, and when a voluntary disclosure agreement beats direct registration.

Mike Thrift

sales-taxsaasnexus
14 min read

Regulation D Rule 506(b) vs Rule 506(c): How Founders Pick Between the Quiet Round and the Public Pitch in 2026

Rule 506(b) and Rule 506(c) of Regulation D both allow uncapped private placements but differ sharply on marketing and verification. 506(b) bans general solicitation and permits up to 35 sophisticated non-accredited investors on a reasonable-belief standard; 506(c) permits public solicitation but requires reasonable steps to verify every purchaser is accredited. A March 2025 SEC no-action letter lets issuers rely on $200,000+ individual or $1 million+ entity minimum checks as the primary verification step.

Mike Thrift

fundraisingcapital-raisingstartup
14 min read

Personal Goodwill in M&A Asset Sales: How Martin Ice Cream and Norwalk Help Owners Avoid Double Taxation

Personal goodwill, anchored in the Martin Ice Cream and Norwalk Tax Court decisions, lets closely held C corporation owners shift a portion of an asset-sale price out of the corporate tax layer and onto the shareholder as long-term capital gain. This guide explains the doctrine, when it works, the documentation that survives an IRS audit, and the mistakes that have sunk allocations.

Mike Thrift

tax-planningmergers-and-acquisitionsc-corporation
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