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Mike Thrift

Marketing Manager

5259 postsView all authorsBack to All Posts
10 min read

Form 1099-DA: What Crypto Investors and Exchanges Need to Know About the IRS's New Digital Asset Tax Form

Form 1099-DA, the IRS's first dedicated information return for digital asset broker transactions, is being issued for tax year 2025 during the 2026 filing season. A practical guide to the broker definition, the DeFi carve-out, the 2025 gross-proceeds-only phase-in versus 2026 basis reporting, the wallet-by-wallet basis tracking rule, and how to reconcile the form to your own records before filing.

Mike Thrift

crypto-taxesirs-reportingdigital-assets
11 min read

Form 8283 Noncash Charitable Contributions: A Donor's Guide to the $5,000 Qualified Appraisal Threshold and IRS Substantiation Rules

Form 8283 is required when total noncash charitable contributions exceed $500. Above $5,000, donors need a USPAP-compliant qualified appraisal and three signatures on Section B; over $500,000 the full appraisal attaches to the return. Section 170(o) can claw the deduction back if the charity disposes of tangible property within three years, and the 40% gross valuation misstatement penalty has no reasonable-cause defense.

Mike Thrift

charitable-givingtax-deductionstax-compliance
12 min read

Form 8886 Reportable Transactions: The 75 Percent Penalty Hiding in Your Tax Return

Form 8886 discloses reportable transactions to the IRS. Missing it triggers a Section 6707A penalty up to $200,000 per year for entities and keeps the assessment statute open indefinitely on listed transactions under Section 6501(c)(10). This guide breaks down the five categories, the penalty math, filing mechanics, and the foreign currency loss trap that catches accidental filers.

Mike Thrift

taxtax-compliancecompliance
13 min read

Generation-Skipping Transfer Tax in 2026: How Grandparents Move Wealth to Grandchildren Without Paying Estate Tax Twice

For 2026 the One Big Beautiful Bill Act sets the GST exemption at $15 million per person ($30 million per couple), with a flat 40 percent rate on transfers to skip persons; this guide covers skip-person rules, direct skips, taxable terminations, automatic versus elective exemption allocation, and how dynasty trusts achieve a zero inclusion ratio.

Mike Thrift

taxtax-planningestate-planning
14 min read

The IC-DISC: How Closely Held Exporters Cut Federal Tax on Export Profits to 23.8%

The IC-DISC is the only permanent federal tax incentive dedicated to U.S. exporters that is available to pass-through entities. It routes export commissions through a tax-exempt paper corporation and back out as qualified dividends, cutting the effective federal rate on export profits from roughly 40% to 23.8% for closely held manufacturers, distributors, software vendors, and engineering firms.

Mike Thrift

taxtax-planninginternational-tax
13 min read

The IC-DISC Export Tax Strategy: How Closely-Held U.S. Exporters Cut Their Tax Rate on Foreign Sales to 20 Percent

An IC-DISC is a paper-only U.S. C corporation authorized by IRC Sections 991–997 that lets closely-held manufacturers, distributors, and growers convert qualifying export profit from ordinary income rates (up to 37%) into qualified dividend rates (20–23.8%), with typical setups producing $50,000+ in annual federal tax savings on $5M of qualifying export sales after Section 199A's 2026 sunset widened the rate spread.

Mike Thrift

tax-planningtax-complianceinternational-tax
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