IRS Changes Course on Conservation Easement Tax Settlements

The IRS has established an Office of Conservation Easements to centralize expertise and coordinate policy, enforcement and case resolution involving conservation and historic preservation easements. As part of the transition, the IRS has ended its uniform settlement initiative (announced on May 13, 2026) and withdrawn deadlines for accepting previously issued offers. Prior elections remain in […]

Demystifying like-kind exchanges

If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for […]

Canadian tariffs take effect September 8

U.S. businesses that export goods to Canada should prepare for tariffs taking effect Sept. 8, 2026. Canada will impose tariffs of 15%, 25% or 50% on certain U.S.-origin products, with rates varying by product. Affected sectors include agricultural equipment, appliances, dairy, electronics, pulp and paper, and steel. The measures apply only to goods originating in […]

The Right to Finality, what is that?

One of the items contained in the IRS’s Taxpayer Bill of Rights is the right to finality. Although finality may sound a little obscure, this right is critical if you’re being audited. For example, the IRS usually has a limit of three years from your filing date to assess additional tax (but it has unlimited […]

Rethink inventory management

For many businesses, inventory is one of the largest and most expensive assets to maintain. Beyond the cost of purchasing goods, businesses incur ongoing expenses related to storage, labor, insurance, transportation, obsolescence, depreciation and shrinkage. Excess inventory can also tie up cash that you could otherwise use to fund growth initiatives or other operational priorities. […]

Can You Deduct Long-Term Care Insurance Premiums? It Depends

Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health insurance under federal income tax rules. So if you buy a policy, your premiums are treated as medical expenses for itemized deduction purposes. But your total eligible medical expenses for the year must meet the 7.5% of adjusted gross income […]

Bonus depreciation deductions for businesses

Test your knowledge: Bonus depreciation deductions for businesses

Dos and don’ts when buying a home

Need to Prove You’re Tax Compliant? There’s a New IRS Tool

The IRS has launched a digitally authenticated Tax Compliance Report that taxpayers can access through their IRS Individual Online Accounts. A tax compliance report shows whether an individual has filed tax returns and paid taxes on time. The report helps protect privacy by not showing the individual’s income, dependents or filing status. You can securely […]

Make Your Business More Accessible — and Get a Tax Credit

Improving accessibility at your business may come with a valuable tax break: Eligible small businesses can claim the Disabled Access Credit for certain costs related to improving accessibility for individuals with disabilities. A business may qualify if, in the prior tax year, it had gross receipts of $1 million or less or no more than […]